Oslo-based Interoil Exploration & Production has posted a net loss before tax for 2007 of $35.2 million despite rising production and revenues that rose 68 percent to $69.4 million.A small loss was registered for the final three months of the year, a quarter in which eight of nine wells drilled in Peru and Columbia became producers. Production was up 38 percent over the year.
In Angola, meanwhile, Angolan state champion Sonangol has invited InterOil onto the highly prolific onshore Cabinda North blocks. InterOil will pay a $33 million signing fee and social projects contribution ahead of securing a 21 percent stake.
A survey has started across 1,450 square kilometres of war-torn land, and a well is due by 2009.
Source: Scandoil
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