Page 16 - LatAmOil Week 11 2020

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NEWS IN BRIEF
LatAmOil
Simon Potter, Chief Executive Officer, com- mented: “In February, as part of a co-ordinated funding strategy toward drilling of Persever- ance-1, we put in place an GBP8mn facility for a zero-coupon, second-ranking convertible bond, provided by a substantial Bahamian-based inves- tor. At that time we drew down the first tranche of that facility (GBP2.43mn), with four further tranches remaining available to us in April-July 2020 if we so choose. This gave us immediate cash to help manage our front-ended cash-flow needs whilst providing us a high degree of finan- cial flexibility in order that we could respond to operational needs as they arise and react to real-time drilling outcomes to ensure a full and comprehensive evaluation of our prospects as we drill.
“Materially increasing the size of the facility with the same investor on an immediate, uncon- ditional basis is, in and of itself, a tremendous boost for the project. Moreover, for the Com- pany to achieve this in the face of the decline in oil price and the global adverse impact of the COVID-19 virus is an enormous vote of con- fidence in the Company, our planned drilling activity and the robust nature of our prospects. Notwithstanding current turmoil in the world’s financial markets and the disruption associated with the COVID-19 virus, including interrup- tion to our drilling schedule, the project team remains together, focused and intent on delivery. I look forward to updating shareholders further over the coming weeks.”
Bahamas Petroleum Co., March 17 2020
INVESTMENT
Petrobras on E&P assets in the Espírito Santo Basin
Petrobras, following up on the release dated January 15, 2020, announces the beginning of
the binding phase regarding the sale of its entire interest in two sets of offshore concessions, called Golfinho Cluster and Camarupim Clus- ter, located in deep waters, in the Espírito Santo Basin, in Espírito Santo state.
Qualified parties for this phase will receive a process letter with instructions on the divest- ment process, including guidelines for due dili- gence and submission of binding proposals.
Golfinho Cluster is located at a water depth between 1,300 metres and 2,200 metres, com- prising the fields of Golfinho, oil producer, and Canapu, non-associated gas producer, and the BM-ES-23 exploratory block. The average total production of the fields between 2018 and 2019 was 15,000 bpd of oil and 750,000 cubic metres per day of gas.
Camarupim Cluster is located in a water depth between 100 metres and 1,050 metres, comprising the unitised fields of Camarupim and Camarupim Norte, both producers of non-associated gas.
Petrobras has 100% stake in the Golfinho and Camarupim Clusters concessions, with the exception of the BM-ES-23 exploratory block, in which it holds a 65% majority stake, in partner- ship with PTTEP (20%) and Inpex (15%). Petro- bras is the operator in all concessions.
Petrobras, March 18 2020
Petrobras adjusts teaser
for non-binding phase of
Gaspetro stake sale
Petrobras, following up on the press release dis- closed on February 27, 2020, regarding the sale of its entire 51% stake in Petrobras Gás (Gaspetro), announces the postponement of the deadline to qualify potential buyers for the non-binding phase for April 30, 2020.
The adjusted teaser is available on Petro- bras’ website. The main subsequent stages of
the project will be reported to the market in due time.
Gaspetro is a holding company with equity interests in several natural gas distribution com- panies, located in all regions of Brazil. In 2019, the total volume of gas distributed was 29mn cubic metres PER day, serving about 500,000 customers through a distribution network of more than 10,000 km of gas pipelines.
Its corporate structure is formed by Petro- bras, with 51% of the shares, and Mitsui Gás e Energia do Brasil, which holds the remaining 49% of the shares.
Petrobras, March 18 2020
Petrobras reports beginning
of binding phase for E&P
assets in Pelotas Basin
Petrobras, following up on the press release dis- closed on December 23, 2019, announces the beginning of the binding phase related to the sale of part of its interest in exploratory blocks belonging to the BM-P-2 concession, located in the Pelotas Basin deep waters, in the state of Rio Grande do Sul.
Petrobras and Total are partners in this con- cession and each has a 50% stake, with Petrobras as the operator. It will be a joint divestment, between 30% and 65% of participating interest and Petrobras will remain the operator of the concession.
Potential buyers qualified for this phase will receive a process letter with detailed information on the divestment process, including guidelines for due diligence and submission of binding proposals.
The BM-P-2 Concession is located in the Pelotas Basin deep waters , in water depths between 1,000 metres and 2,000 metres, and was acquired by Petrobras (100% interest) in 2004 in the 6th Bidding Round of the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Total became a partner with the acquisition of a 50% stake in 2013.
Currently, the concession contemplates the exploratory blocks P-M-1269, P-M-1271, P-M- 1351 and PM-1353 and is strategically posi- tioned in relation to the 17th Bidding Round announced by the ANP, scheduled for 2020, in which blocks from the Pelotas Basin shall be offered. This concession presents a reduced exploratory commitment with the potential to prove significant volumes and establish a posi- tion in a new exploratory frontier.
Petrobras, March 16 2020
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