Page 21 - LatAmOil Week 49

LatAmOil NEWS IN BRIEF LatAmOil

In 2015, Taylor was appointed President of Parex maintain and build upon the strong performance concession in Salta is stable. As previously
and in 2017, he was promoted to President and and future potential of the existing operating announced, President is progressing with plan-
CEO. On behalf of shareholders, the Board of base and deliver our 2021 budget. In addition, ning and a feasibility study with a view to drill-
Directors and staff of Parex we extend our thanks we have confidence that his experience in suc- ing two or three vertical development oil wells
to Dave for his leadership and his many individ- cessfully applying best in class ESG approaches in 2021 in the Dos Puntitas field, part of the
ual contributions through his long and success- can be leveraged to steer the Company as it con- Puesto Guardian concession, and is in the pro-
ful tenure with the Company. siders the many significant opportunities that are cess of applying for the relevant environmental
“Dave has been a key member of the Parex emerging during this transformational period and location permissions. The last vertical well
team throughout the history of the Company. We for our industry,” said Foo. drilled in Dos Puntitas initially produced 250
are especially grateful for his steadfast leadership Parex Resources, December 07 2020 boepd.
through 2020, managing through the unprece- Production: Aggregate group net production
dented operating challenges of the COVID pan- has now reached 4,000 boepd with virtually an
demic and its related economic stresses. Parex PERFORMANCE even split between oil and gas. This is a current
is in excellent financial health and with a strong daily production rate and demonstrates the level
capital program planned for 2021 that is already President Energy that President, on present evidence, considers
underway. We extend our sincere best wishes to the wells can deliver. As such, this rate varies day
Dave and his family as he moves toward closing announces operations by day as wells go on and off-line. The average
out his long and successful career,” stated Wayne rate over time is a more valuable representation
Foo, Parex Board Chair. and production update of the production and these figures will be pub-
In connection with Taylor’s retirement, the lished at appropriate times.
Board carried out a thorough executive search AIM-listed President Energy, the energy com- Nevertheless, the general increase in produc-
process that considered the nature of the assets, pany with a diverse portfolio of production and tion, with no material increase in opex, will have
operations and financial strength of the Com- exploration assets focused primarily in Argen- a beneficial effect on the costs per barrel and the
pany, the challenges and opportunities facing the tina, has announced an operations and produc- bottom line of the Company, taking into account
oil and gas industry in the coming decade, and tion update. the base opex cost in the fields has already been
the significant strengths of the existing leader- Operations: The new compressor infra- largely covered by core production.
ship team. Based on those considerations, Parex structure at the Las Bases field has been com- President is now considering the most expe-
is pleased to announce that Imad Mohsen will be missioned and is in operation. The compressor dient long-term production levels for optimum
joining the Company as President and CEO with enables more gas to be delivered from the Com- field and reservoir management. Such consider-
an anticipated start date of February 1, 2021. pany’s Estancia Vieja gas wells. Accordingly, this ation will, inter alia, take into account the fluctu-
Mohsen, 47, is an engineering graduate of is the first time four wells in this field have been ation between Argentina’s domestic summer and
the Paris School of Mines (ENSMP). He joined able to produce together and are now flowing winter gas pricing and the ability to constrain or
Royal Dutch Shell in 1997 and rose through gas to market through President’s pipeline infra- increase each well’s production depending on all
technical assignments of increasing responsi- structure. The Company has identified potential prevailing circumstances.
bility and an assignment as Sustainable Devel- to drill further wells in that field. Prices: In relation to prices, the Company
opment Advisor before being appointed Private At the same time, the newly drilled LB-1001 notes the recent positive upward movement of
Advisor to the CEO in 2005. Following that (gas) well has been placed on production, with both the oil price and Argentina gas prices. The
assignment, in 2007 he moved to New Orleans, aggregate production from this well is currently latter is particularly welcome, since it coincides
Louisiana as Development Manager, Subsea ahead of expectation. The recently tested well with the Company materially increasing its gas
GOM from 2007 to 2011 and then to Cairo, LB-1, as yet not on stream, will be connected and output.
Egypt as General Manager, Operations for Shell placed into production before year end. Like- The oil price receivable by President for
Egypt JV (Bapetco) from 2011 to 2013. wise, the new well EVN-x1 is currently off-line December production is estimated at more than
In 2013, Mohsen joined Tulip Oil Holding, having a pump fitted. President will monitor the the $42 per barrel mark for the first time since
a private equity backed upstream company results from that well in due course with a view March with the current spot gas prices achieved
founded in 2010 to explore for and develop oil to drilling shallow appraisal and production gas in the first week of December being $2.10 per
and gas opportunities in Western Europe. After wells in the Las Bases field in 2021. Current cost MMBtu which prices fluctuate week by week.
initially serving as COO, he was appointed CEO projections per well, including artificial stimula- These prices permit the consideration of the
in 2015. Under his leadership Tulip had success tion are around $1mn. drilling expenditure in 2021 referred to above.
with near field, short cycle time exploration and The production from the Puesto Guardian President Energy, December 07 2020
development of gas in the challenging environ-
ment of the Dutch North Sea. This included a
significant exploratory discovery developed by
installation of an innovative, low cost, remotely
operated, unmanned production platform pow-
ered solely by renewable energy. Tulip is now the
4th largest producer in the Netherlands offshore.
In Germany, Imad oversaw a successful explo-
ration program in the Rhine Graben area in a
challenging regulatory regime with complex
environmental and social issues.
“We believe that Imad is a leader who can
engage the current Parex organisation to

Week 49 10•December•2020 www. NEWSBASE .com P21