Interoil Exploration and Production ASA announced a new transaction which adds further momentum to the Company's exploration activity in Colombia. In addition, Interoil will invest in further development activity in Argentina. In Colombia, Interoil has signed a participation agreement with SLS and Quantum Resources for the drilling of up to two exploration wells in LLA-47, namely Jaca.x-1 and Malevo.x-1. This agreement is subject to Interoil's obtainment of the funding required to meet its obligations under the agreement. In Argentina, Interoil will invest in the re-opening of the remaining 19 wells in the Mata Magallanes Oeste ("MMO") oil field. The Company had earlier signed an agreement with Argentine drilling services company Velitec SA, for the re-opening of an initial 15 wells.