Page 14 - LatAmOil Week 06 2023

LatAmOil NEWS IN BRIEF LatAmOil

financed from current cash reserves and operat- lightweight vessels such as the FCS 7011, allows
PERFORMANCE ing cash flow. a continual flow of personnel to and from the
The capital programme includes the follow- offshore platform in safety and comfort, making
Arrow Exploration provides ing: 134 square km 3D seismic programme; transfer as easy as crossing the street.
Aqua Helix also features a VEEM Gyrosta-
10-well drilling programme including 3 C7 wells
update on operations and at RCE, each expected to add initial 300-500 bpd bilizer, which reduces roll motions up to 70%,
net to Arrow, 3 wells at CN, each expected to add working alongside the vessel’s (retractable) bow
2023 capital budget initial 300-500 bpd net to Arrow, 2 Gacheta wells thrusters, ensures outstanding DP performance.
The vessel offers a viable and safe alternative
at RCE, each expected to add initial 200-400 bpd
Arrow Exploration, the high-growth operator net to Arrow, 2 wells at Oso Pardo, each expected to surfer and helicopter transfers. Her ability to
with a portfolio of assets across key Colombian to add initial 300-500 bpd net to Arrow; Infra- transport up to 122 passengers at a time over
hydrocarbon basins, has provided an operations structure including Road and pad at CN, Water greater distances offers optimal cost-efficiency.
update including its 2023 capital budget. disposal well conversion at RCE. Expected pro- As may be expected, the vessel is fast, too.
Operations Update, Drilling Rig Arrives at duction rates are indicative only and there is no Thanks in part to her lightweight, aluminium
Rio Cravo Este Multiwell Pad: The contracted guarantee the wells will be successfully drilled construction, she can sail at speeds of up to 40
1,500 HP drilling rig has arrived at the multiwell and put on production. knots.
pad at Rio Cravo Este (RCE). Arrow is poised Arrow Exploration, 01 February 2023 Aqua Helix is anticipated to commence work
to spud the first of three low risk infill wells, in the coming weeks.
RCE-3, within the next five days. These wells are Damen, Compagnie Damen, 03 February 2023
expected to take 12 days to drill and a further 10
days to bring on-stream. Arrow expects RCE-4 Maritime Monegasque PetroTal announces
and RCE-5 will be drilled immediately following
RCE-3. As previously reported, these infill wells announce two-year FCS 7011 significant increases in
have similar productivity potential to RCE-2 and
RCS-1 which are currently producing 850 bpd contract in Brazil 2022 year-end oil reserves
of oil net combined, well above forecasted rates.
The Company is planning to drill two addi- Damen Shipyards Group and Compagnie PetroTal has announced the results of its 2022
tional wells into the Gacheta Sandstone reser- Maritime Monégasque (CMM) have recently year-end reserve evaluation (NSAI Report) by
voir in the fault bounded RCE structure. RCE-2 announced a two-year offshore support con- Netherland, Sewell & Associates for the Bretana
tested rates exceeding 700 bpd of oil gross from tract for Damen Fast Crew Supplier (FCS) 7011 oil field, operated 100% by PetroTal.
the Gacheta Sandstone. Dedicated Gacheta wells Aqua Helix. The vessel will transport personnel Highlights: Increases to Net Present Value
would likely spud in Q4 2023 after three Car- to and from offshore platforms in support of an (discounted at 10%, or NPV-10) after tax, per
rizales Norte (CN) wells have been completed. oil & gas decommissioning project. Aqua Helix share values to $0.90 per share (CAD$1.23 per
Carrizales Norte Operations: Arrow contin- arrived in Brazil on 26th January, where she was share), $1.75 per share (CAD$2.29 per share),
ues construction of the road, pad and cellars for welcomed with a ceremony at Pier Mauá in Rio and $2.86 per share (CAD$3.47 per share) for
the three planned CN wells. The road and pad de Janeiro. 1P, 2P, and 3P categories, respectively.
are expected to be complete in mid-February Robin Segaar, Sales Manager at Damen, said: Significant increases in all reserve catego-
and the wells are expected to be drilled imme- “During the design phase of the FCS 7011, we ries: Proved (1P) reserves increased by 21%
diately following RCE-5 and the mobilisation of considered the Brazilian market a strong fit for to 45.4mn barrels. NPV-10, after tax is $0.8bn
the rig to the new pad. this vessel, due to its geography and concentra- ($17.27 per barrel); Proved plus Probable (2P)
3D Seismic Project, Tapir Block: As previ- tion of offshore assets. We’re very pleased, there- reserves increased by 24% to 96.7mn barrels.
ously reported, Arrow has commenced the 134 fore, to have this opportunity to demonstrate the NPV-10, after tax is $1.5bn ($15.60 per barrel);
square km 3D seismic project on the Tapir block. potential of Aqua Helix in this prime location of and Proved plus Probable plus Possible (3P)
The 3D seismic project is scheduled to be com- offshore activity.” reserves increased by 14% to 168mn barrels.
pleted in Q1 2023. CMM is a market leader in Fast Offshore NPV-10, after tax is $2.5bn ($14.69 per barrel).
Workover Programme: Arrow is continuing Support vessels and operates a fleet of Damen Strong results for various key year-end 2022
to recomplete existing wells that display addi- Sea Axe fast oil spill response vessels in Brazil. reserve-based metrics: 2022 reserves life index
tional production upside in unperforated zones. This has given the company confidence in the for 1P and 2P reserves, are approximately 10
This programme has been successful in both the suitability of the FCS 7011 vessel’s Sea Axe bow and 22 years, respectively, using a much higher
RCE field and the Oso Pardo Field. The Com- for operations in the region. assumed production run rate of 12,200 barrels
pany is also considering additional perforations Christophe Vancauwenbergh, CEO at CMM, per day (bpd) of oil compared to approximately
on RCS-1 once RCE-3, RCE-4 and RCE-5 are said: “We are very pleased with the Sea Axe’s 7,300 bpd of oil in the prior year; Robust 2021
completed and on production. performance in Brazilian waters. It has proven production reserves replacement ratios of
Current Production and Cash Balance: Aver- to reduce slamming and fuel consumption sig- 179% and 418% for 1P and 2P reserves, respec-
age January Corporate production was approx- nificantly at high speeds, while increasing safety tively; Original Oil in Place (OOIP): Increases
imately 1,800 boepd. Short-term outages due to and comfort onboard.” of 33%, 14%, and 2% to 329, 445, and 632mn
weather at Ombu and Pepper impacted produc- Both Damen and CMM are committed to barrels, respectively, for the 1P, 2P and 3P cases;
tion rates. providing safe, reliable and sustainable offshore Increased 1P, 2P and 3P total booked well counts
At December 31, 2022 Arrow’s cash balance logistics solutions. An essential component in in 2022 by 4, 7, and 7 wells to 21, 29, and 36 wells,
was approximately $13mn. Aqua Helix’s arsenal is her Ampelmann S-type respectively; and 2P recovery factor continued to
2023 Capital Budget: The approved 2023 cap- motion compensated walkway. This ener- increase in 2022 to 24% (from 22% at year-end
ital budget for Arrow totals $32mn and is to be gy-efficient system, designed specifically for 2021) even after the 2P OOIP increased by 14%.

P14 www. NEWSBASE .com Week 06 08•February•2023