Page 15 - LatAmOil Week 31 2021

LatAmOil NEWS IN BRIEF LatAmOil

President Energy fully active, with three operated drilling rigs and
three workover rigs in Colombia.
announces operations and rels: Revenue of $165.6mn. Operating Profit of
Strong Free Cash Flow from Profitable Bar-
corporate update $19.2mn/Net Loss of $2.5mn. Operating Net-
back of $74.2mn/Adjusted EBITDA of $60.5mn
AIM-listed President Energy, the energy com- (both including protective cash hedge losses of
pany with a diverse portfolio of hydrocarbon $35.7mn). Capital expenditures of $34.4mn.
production and exploration assets focused pri- Accelerating Production and Cash Flow:
marily in South America as well as Atome, a Full-year 2021 work programme of $125-
new green hydrogen and ammonia company, 140mn, targeting 38,000-40,0002 boepd aver-
provides an operational update in relation to its age production and operating netbacks of
Petrobras is also committed to reducing its oil and gas activities in Argentina and Paraguay $340-390mn assuming Brent at $60-65 per
indebtedness and, in this second quarter, it as well as the contemplated listing of Atome on bbl. H2-2021 production expected to average
reached a gross debt of $63.7bn, 10.3% lower the London Stock Exchange. 39,000-42,000 boepd (excluding the potential
than last quarter. This value is below the forecast Highlights: The new oil treatment plant at production from the H2-2021 exploration drill-
for 2021 ($67bn) and very close to the goal of the Puesto Flores field, Rio Negro, Argentina ing programme). H2-2021 drilling programme
reaching $60bn, initially foreseen for the end of is fully operational with savings in line with includes exploration prospects in the CPO-5
2022. Adjusted Net Debt/EBITDA reached 1.49x expectations at approximately $4 per barrel. At (GeoPark non-operated, 30% WI) and Llanos
at the end of the second quarter, the best mark Puesto Guardian, Salta Province, Argentina, 94 (GeoPark non-operated, 50% WI) blocks.
since the third quarter of 2011, when leases were drilling programme to start October. Targeted Successful Debt Reduction and Cost Savings:
not yet part of debt. initial projected new oil production of 120 cubic $85.0mn of cash & cash equivalents as of June 30,
“The results achieved this quarter stem from metres per day with no material increases in 2021. Strategic deleveraging executed in April
our resilience, focus on the best assets and our infrastructure or opex costs giving significant 2021 resulted in significant debt reduction with
ability to adapt. I also highlight the strong delev- benefit to bottom line. extended maturities and lower cost of debt.
eraging, the achievements with the portfolio Reprocessing of 202 square km 3-D seismic Continuous Portfolio Consolidation and
management process and, last but not least, the at the Pozo Escondido field, Puesto Guardian Management: Peru: Executed agreement to
substantial dividend payment in recognition Concession, Salta now in progress with results transfer the Morona block contract and oper-
of our shareholders. We will work to make this expected in November in time for any follow on atorship to PetroPerú. Brazil: Manati gas field
percentage payment increase even more over drilling that may be identified. divestment process expected to close by the
the years”, said the Chief Financial and Investor Paraguay farm-out on track to receive regu- end of 2021. Brazil: REC-T-128 block farm-out
Relations Officer, Rodrigo Araujo. latory approvals by end of the current quarter. closed during May 2021. Argentina: initiated
The operating results were also highlighted Atome spin off and listing on the standard list a process during May 2021 to evaluate farm-
by the average production of 2.8mn barrels of of the London Stock Exchange on track for later out/divestment opportunities. Asset manage-
oil equivalent per day (boed), 1.1% above the this year. ment restructuring initiative providing cost
first quarter, with the pre-salt fields contributing Peter Levine, Chairman, commented: “We improvements.
with 1.96mn boed, equivalent to 70% of the total. have much to look forward to in the coming GeoPark, August 4 2021
These results confirm the company’s successful months, with at least three distinct initiatives,
portfolio management strategy, by reducing Salta, Paraguay and Atome that could each have Gran Tierra Energy
presence in businesses with low adherence to its a material impact on the Group. The market can
asset portfolio to reallocate resources to higher expect an increasing level of newsflow as we announces Q2-2021 results
productivity projects and assets, maximising the move towards the final part of the year.”
return on capital employed. President Energy, August 4 2021 Gran Tierra today announced the Company’s
This year, up to July 31, the cash inflow from financial and operating results for the quarter
the sale of assets reached $2.8bn. Besides the GeoPark reports ended June 30, 2021.
signature of the Gaspetro sale, we concluded the Key Highlights, End of Colombian Block-
following operations in the period: the public Q2-2021 results ades Affecting Gran Tierra: As previously
offering of the remaining stake in BR, the sale of announced by Gran Tierra on May 17, 2021, a
the Frade and Dó-Ré-Mi oilfields, of the Rio Ven- GeoPark, a leading independent Latin Ameri- number of protests and blockades across Colom-
tura Pole, of the Mangue Seco 1, Mangue Seco 2, can oil and gas explorer, operator and consoli- bia impacted several key transportation routes
Mangue Seco 3, and Mangue Seco 4 wind farms, dator with operations and growth platforms in throughout the country, resulting in the tempo-
of Petrobras Uruguay Distribución (PUDSA), of Colombia, Ecuador, Chile, Brazil and Argentina, rary shut-in of some of Gran Tierra’s wells and
BSBios, and of the remaining 10% stake in NTS. reports its consolidated financial results for the oil fields.
These resources will allow for increased invest- three-month period ended June 30, 2021. Though these blockades were not directed at
ments in promising projects such as, for exam- Highlights, Oil and Gas Production and Gran Tierra, these events caused the Company
ple, the development of the Búzios oilfield, in Operations: Consolidated oil and gas produc- to implement temporary production curtail-
the Santos Basin pre-salt, the largest deepwater tion of 36,489 boepd, impacted by managed ments during May and June 2021.
field in the world. It is a world-class asset, with curtailments due to extensive protests and As a result of the blockades, approximately
substantial reserves, low risk, which allows for demonstrations that affected overall logistics 597,000 bbl of oil production were deferred
doubly resilient oil and gas production, with low throughout Colombia. Production restored by during the Quarter and Gran Tierra does not
carbon intensity and low costs. the end of Q2-2021. Drilling and field operations expect any negative impact on the Company’s
Petrobras, August 4 2021 normalised by the end of Q2-2021 and currently oil reserves.

Week 31 05•August•2021 www. NEWSBASE .com P15