Page 16 - LatAmOil Week 13 2022

LatAmOil NEWS IN BRIEF LatAmOil

Karoon Energy signs Wieland is currently attending the Argentina Oil 1,274 bpd produced in Q4-2020. Realised petro-
and Gas Exhibition (AOG) in Buenos Aires, the leum sales of $8.212mn from an average crude
exclusivity agreement with most important industry event of its kind in the oil price of $66.81 per barrel compared to petro-
leum sales of $7.65mn from average realised
region.
Enauta Energia for Atlanta the country’s fifth-largest producer of natural ated an operating netback of $29.96 per barrel,
Partner for Argentina’s energy transition: As pricing of $62.37 per barrel in Q3-2021. Gener-
oilfield offshore Brazil gas, Wintershall Dea holds a strong position an 8% from Q3-2021 and a 116% increase from
in Argentina. A good starting position to fur-
the $13.90 per barrel in Q4-2020.
In light of an article that has appeared on a Bra- ther strengthen the focus on gas and to support Our funds flow from operations improved
zilian petroleum industry website and a related Argentina as a partner in the energy transition, to $1.291mn in the quarter compared to funds
announcement by Enauta to the B3 stock says Manfred Böckmann, Managing Director flow used in operations of $736,000 in Q4-2020.
exchange, Karoon Energy has announced that of Wintershall Dea in Argentina: “Our strategic Reported net earnings of $6.514mn ($0.03 per
it has submitted a confidential, conditional, focus on gas is not only aligned with our own basic and diluted share) compared to net earn-
non-binding and incomplete offer to Enauta so-called ‘Energy Transition Pathway’ but is also ings of $1.655mn ($0.01 per basic and diluted
Energia and signed an Exclusivity Agreement to in line with the Energy Transition Plan of the share) in the same period of 2020. Net earnings
undertake due diligence and enter into confiden- Argentine Energy Secretariat published at the in the fourth quarter included net impairment
tial negotiations, in connection with potentially end of 2021. The important role of gas in decar- reversals of $13.716mn, partially offset by associ-
acquiring a 50% non-operated interest in the bonising the national energy matrix by 2030 is ated deferred income tax expenses of $7.226mn.
Atlanta oilfield, Santos basin, offshore Brazil. clearly emphasised in this strategic paper.” Exploration and evaluation capital invest-
Karoon notes that its entry into the Exclu- Investing in promising projects: Investments ments of $2.946mn focused on completing and
sivity Agreement, which is valid until May 31, of up to €350mn are planned in Argentina over initiating production testing operations on the
2022, is consistent with its announced strategy the next four years. A major part of this will Royston-1 well drilled in Q3-2021 and submit-
of seeking value-accretive, inorganic growth be allocated to promising projects in the Neu- ting the required regulatory application for the
opportunities that can leverage off its existing quén and Tierra del Fuego regions, such as the Cascadura surface facility. Drilled three gross
position in Brazil. The Atlanta opportunity is just development of Fénix, a development project and net commitment wells on our legacy crude
one of several opportunities Karoon continues to expected to produce significant volumes of nat- oil properties in the quarter, representing our
evaluate in line with this strategy in the normal ural gas over 15 years. first infill development drilling since 2019.
course of business. Wintershall Dea, March 24 2022 Expanded our Trinidad-based term loan
The offer may be withdrawn or modified facility from $20mn to $30mn to fund our budg-
and does not oblige Karoon to proceed with eted Ortoire facility projects in 2022. We exited
the transaction. Karoon will keep the market PERFORMANCE the year with cash of $17.936mn, working capital
informed in accordance with its continuous dis- surplus of $6.925mn and $30mn drawn on our
closure obligations. Touchstone announces term credit facility, resulting in a net debt posi-
Karoon has a robust balance sheet with tion of $20.075mn.
$334mn of available liquidity as at December 31, year-end 2021 results Annual 2021 Highlights: Reported average
2021, current strong cash flows, a demonstrated daily crude oil sales of 1,342 bpd in 2021, a nom-
ability to access debt financing and has other Touchstone Exploration has reported its operat- inal 4% decrease relative to the 1,392 bpd pro-
funding options also potentially available to it if ing and financial results for the three months and duced in 2020 due to natural declines, reflecting
a transaction were to ultimately proceed. year ended December 31, 2021. strategic capital allocation on our Ortoire explo-
Karoon Energy, March 31 2022 Q4-2021 Highlights: Achieved quarterly ration programme. Production from our three
average production volumes of 1,336 barrels development wells drilled in Q4-2021 came
Argentina remains core per day (bpd), representing a 5% increase from online in Q1-2022.
region for Wintershall Dea

Wintershall Dea is changing its position in
Argentina: After selling its shares in the Aguada
Federal and Bandurria Norte shale oil blocks at
the beginning of this year, Wintershall Dea is
now concentrating all its efforts on the produc-
tion of natural gas in the country. With a share of
around 11% of the company’s total production in
2021, Argentina has contributed significantly to
Wintershall Dea’s global result.
“Our colleagues on site have been doing an
excellent job for many years. With a produc-
tion of around 66,000 barrels of oil equivalent
per day [boepd] in 2021, Argentina has con-
firmed its importance in our global portfolio.
Our Argentina business is an important con-
stant,” emphasises Thilo Wieland, the Executive
Board member responsible for Latin America.

P16 www. NEWSBASE .com Week 13 31•March•2022