Page 14 - LatAmOil Week 46 2022

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INVESTMENT
Petrobras concludes

bookbuilding procedure

for real estate receivables
certificates

Petrobras, following up on the release disclosed
on October 31, 2022, informs that it concluded
the bookbuilding procedure for the issue of
real estate receivables certificates (CRI), in
up to 3 (three) series, as part of the 1st (first),
2nd (second) and 3rd (third) series of the 67th
(sixty-seventh) issue of Opea Securitizadora
S.A. (Securitizadora), backed by book-entry
commercial notes of the Company’’s 2nd issue
(Emissão), without collateral and fiduciary
guarantees, for private placement, pursuant to
the terms of Comissão de Valores Mobiliários
(CVM) Instruction No. 400, CVM Resolution
No. 60 and other applicable legal and regulatory
provisions, resulting in the issuance of 3 (three) volumes of 1,272 bpd, representing a 10% a working capital deficit of $4.537mn and a
series for a total amount of BRL1,514,971.00 decrease relative to the preceding quarter and $28.5mn term credit facility balance, resulting
(one billion, five hundred and fourteen thou- a 5% decrease from the 1,333 bpd produced in in a net debt position of $27.037mn.
sand, nine hundred and seventy-one reais). the third quarter of 2021, as three key wells were Post Period-End Highlights: Delivered first
The offering will only begin after (i) the down in the quarter. natural gas from the Coho facility on October 10,
requirements set forth in the offering documents Realised petroleum sales of $9.933mn from 2022, with net October sales over 19 operating
have been met; (ii) the CVM grants registration an average crude oil price of $84.85 per barrel days averaging 7.3 mcf per day (1,212 boepd).
of the offering; (iii) the disclosure of the com- compared to $7.65mn from an average realised In conjunction with initial Coho production,
mencement announcement; and (iv) the final price of $62.37 per barrel in the comparative we sold the gathering pipeline from our Coho
prospectus is made available to investors, pursu- quarter of 2021. facility to the third-party natural gas facility for
ant to CVM Instruction 400. Generated an operating netback of $37.55 net proceeds of $1.2mn.
The final settlement of the operation is per barrel, a 17% decrease from the second Daily crude oil sales averaged 1,304 bpd in
expected to occur on December 5, 2022, quarter of 2022 and a 35% increase from $27.77 October 2022 with a realised price of $81.32 per
according to the schedule provided in the offer per barrel in the third quarter of 2021, with the barrel.
document. variances primarily attributed to movements in Clearing of the surface location expansion
This communication to the market is exclu- realised crude oil pricing. area has been completed at the Cascadura facil-
sively informative, in accordance with the legis- Recognised current income tax expenses of ity site.
lation in force, and should not be interpreted or $1.381mn in the quarter compared to $377,000 Paul Baay, President and CEO, commented:
considered, for all legal purposes and effects, as a in the third quarter of 2021, driven by $1.173mn “The focus of the third quarter was the com-
sales and/or disclosure material of the Commer- in supplemental petroleum tax (SPT) expenses pletion of the Coho natural gas facility which
cial Notes and/or of the CRI offering. based on our average realised oil price exceeding is currently on production, providing us with
Petrobras, November 16 2022 the $75.00 per barrel threshold in the period. our first natural gas revenues in October. Our
Our funds flow from operations was $290,000 base oil production continues to generate pos-
in the quarter compared to $1.073mn in the itive operating cash flows while we progress on
PERFORMANCE prior year equivalent quarter, and our year-to- construction of the Cascadura natural gas and
date funds flow from operations increased 1% liquids facility. Production from our Cascadura
Touchstone reports from the same period of 2021. discoveries will mark an inflection point for
Touchstone, both from a cash flow and pro-
Recognised a net loss of $778,000 in the quar-
Q3 2022 financial ter compared to a net loss of $51,000 reported in duction volume basis. As we plan for our next
the same period of 2021, principally driven by stage of production growth, we are targeting
and operating results higher current income tax expenses. further expansion of our onshore asset portfo-
Capital investments of $2.899mn primarily lio, through both the Trinidad 2022 onshore bid
Touchstone Exploration has reported its oper- focused on facility and pipeline expenditures round and by considering other licence acqui-
ating and financial results for the three and nine related to the Coho-1 natural gas facility and sition opportunities to expand our exploration
months ended September 30, 2022. investments directed to the Cascadura natural and development acreage in prospective areas
Q3 2022 Financial and Operational High- gas and liquids facility. in Trinidad.”
lights: Produced quarterly average crude oil Exited the quarter with cash of $8.732mn, Touchstone Exploration, November 10 2022

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