Page 15 - LatAmOil Week 41 2021

LatAmOil NEWS IN BRIEF LatAmOil

Gran Tierra believes its prudent reservoir
management of Acordionero’s waterflood has
allowed the Company to restore this field’s pro-
duction to an average level of 14,427 bpd in the
third quarter of 2021, up 49% from one year ago,
and the highest quarterly average production
since the fourth quarter of 2019.
Acordionero’s current average production is
14,849 bpd.
Costayaco oilfield (100% WI): In March
2021, Gran Tierra commenced its infill devel-
opment drilling campaign to drill three oil pro-
ducers; this drilling programme was the first in
Costayaco since November 2019. The CYC-42
and CYC-43 infill oil wells were drilled during
March and April of 2021 and the CYC-44 infill
oil well was drilled in late April 2021.
All three of these successful new oil wells within 2% of revised Q3-2021 guidance of 9,697 was due to increased spending related to the
started production during the third quarter of and an 8% increase over Q2-2021 average pro- planned capex programme and a net increase in
2021 and drove a significant increase in Costay- duction of 8,839 bpd. PetroTal exited Q3-2021 accounts receivable.
aco’s average production to 6,292 bpd during the producing 15,131 bpd, an 89% increase over At September 30, 2021, accounts receiva-
third quarter of 2021, up 50% from 4,190 bpd in exit Q2-2021 production of 8,009 bpd. Q4-2021 ble from current oil sales, including VAT, were
the first quarter of 2021. production to date is 14,218 bpd, inclusive of $22mn, and accounts payable were approxi-
Costayaco’s current average production is approximately 5.4% of usual downtime. mately $37mn. Pursuant to contractual terms
even higher at 7,144 bpd. Well 8H Update: Well 8H continues to per- with suppliers, approximately $3.7mn (11%)
Moqueta oilfield (100% WI): During the form at exceptional levels. During the first 11 of the accounts payable balance is due after
third quarter of 2021, Gran Tierra completed days of October, 8H has averaged 7,485 bpd. As Q4-2021. Ongoing payments will be managed
a budgeted workover programme that was of October 11, 2021, the 8H well has produced from expected oil field revenues and internal
designed to optimise Moqueta’s waterflood, over 290,000 barrels at an estimated $45 per bar- cash resources. The Company maintains access
which may potentially increase the field’s ulti- rel netback and has now achieved payout on its to an additional $25mn from the bond issue for
mate oil recovery. $11.8mn capital cost. potential acquisitions and development drilling.
Suroriente Block (52% WI and Operator): At Well 7D Update: Well 7D continues to exceed Community Protest Update: Protests at
the Cohembi oilfield in the Suroriente Block, a management expectations from a deviated drill- Pump Station #5 have shut down the Northern
facility expansion programme is progressing, ing perspective. 7D is still averaging more than Peruvian Pipeline (ONP) and operations on
which is expected to allow additional produc- 1,300 bpd. Since commencement of production October 5, 2021. Since then, PetroTal has been
tion to be brought online in the fourth quarter in early May 2021, 7D has produced approxi- involved with both the government and commu-
of 2021. mately 400,000 barrels and has generated cash nities to help resolve the issue peacefully.
During the third quarter of 2021, a workover flow approximately double its capital cost since PetroTal supports the struggle of the indig-
rig was deployed to run larger pumps in some coming online five months ago. enous community and continues to promote a
oil wells. Well 9H Update: Well 9H has reached its peaceful and long-lasting resolution in the very
The Suroriente Block’s average WI produc- third week of drilling, is executing to plan, and near future, especially given the new Govern-
tion during the third quarter of 2021 was 3,513 trending slightly ahead of completion schedule ment’s public commitment to all the commu-
bpd, the highest average WI quarterly rate since with production commencement expected in nities of the Loreto Region where the Company
the fourth quarter of 2019. the last half of November 2021. operates.
Suroriente’s current average production2 is CPF-2 On Track: The final crude processing In the meantime, PetroTal continues to pro-
even higher at 4,189 bpd. phase for CPF-2 will be commissioned and oper- duce at normal rates, delivering oil to Station 1
Gran Tierra Energy, October 13 2021 ational by mid November 2021. It is expected to plus exports through Brazil, and expects to have
be fully operational by mid January, 2022. No sufficient oil storage to maintain operations dur-
PetroTal announces Q3-2021 additional COVID-19 delays have materially ing the disruption at Petroperu’s pipeline.
impacted the field since previously announced
Manuel Pablo Zuniga-Pflucker, President
operations and liquidity in late summer. and CEO, commented: “On behalf of PetroTal,
Brazil Route Proving Valuable: PetroTal I would like to thank all our employees and con-
update executed an oil shipment through Brazil in Q3, tractors for another outstanding quarter. We are
2021 for 226,000 barrels. PetroTal estimates it continuously reminded that alignment between
PetroTal, an oil and gas development and pro- may ship two cargos via the Atlantic route in the government, communities, and PetroTal
duction Company focused on the development Q4-2021. ensures an efficient continuance of PetroTal’s
of oil assets in Peru, has announced an opera- Strong Q3-2021 Exit Liquidity: At September value proposition. PetroTal continues to sup-
tions and liquidity update for Q3-2021, and 30, 2021, PetroTal had a cash position of approx- port negotiations between local communities
updates on the ongoing community protests at imately $58mn, of which $31mn is unrestricted, and government social profit initiatives. We are
pump station. $20mn is dedicated to accretive acquisitions and optimistic all stakeholders will find resolutions
Q3-2021 Production: PetroTal averaged oil $7mn is posted as collateral for commodity price in short order.”
production of 9,508 bpd for Q3-2021. This was hedges. The $16mn reduction in overall liquidity PetroTal, October 13 2021

Week 41 14•October•2021 www. NEWSBASE .com P15