Interoil Exploration & Production is disposing of its stakes in a pair of Colombia licences in a move to cut financial liabilities at the loss-making Oslo-listed minnow.
has inked a deal to sell its interests in the Altair and COR-6 exploration
licences to Trayectoria Oil & Gas, which will pay $2 million in cash while
also relieving InterOil of exploration commitments on the tracts totalling $26
transaction, subject to approval by banks, bondholders and the Colombian
authorities, is expected to close within the next six months.
it also remains in dialogue with several parties for divestment of its stake in
Colombia’s LLA-47 licence.
which reported a loss of $7.1 million in the third quarter versus a $39.3
million profit a year earlier, has implemented a $10 million cost-cutting
programme, as well as asset sales, to get its finances back on track.