Page 14 - LatAmOil Week 21 2022

LatAmOil NEWS IN BRIEF LatAmOil

INVESTMENT
Karoon Energy terminates

Exclusivity Agreement with

Enauta Energia regarding
Atlanta oil field acquisition

Karoon Energy has provided notice to Enauta
Energia to terminate the Exclusivity Agree-
ment entered into to undertake due diligence
and negotiations in connection with potentially
acquiring a 50% non-operated interest in the
Atlanta oil field, Santos basin, offshore Brazil.
Karoon has also withdrawn its conditional,
non-binding and incomplete offer in respect of
the potential transaction. (2020: $37.7 per barrel). oil (Q4 2021: 3,103 bpd of oil). 2022 average
Karoon was unable to complete the neces- Adjusted EBITDA of $19.8mn (2020: production will be influenced by the timing and
sary due diligence and conclude negotiation $12.1mn). Operating Profit (Before SPT, PT, outcomes of the drilling campaign.
of acceptable terms in respect of the potential Impairments and Exceptional Items) of $10.0mn Cash balance of $17.5mn as at March 31,
transaction during the agreed exclusivity period. (2020: $3.0mn). Sixth consecutive year of sub 2022 (unaudited) ($18.3mn as at December 31,
Given the material scale of the Atlanta project, $30.0 per barrel operating break-even with 2021). Average realisation of $83.1 per barrel for
undertaking and completing satisfactory due industry wide cost pressures increasing. Cash Q1-2022 (Q1-2021: $52.3 per barrel). 2022 aver-
diligence and maintaining acceptable terms and generated from continuing operations $12.6mn age production will be influenced by the timing
risk levels were considered vital by Karoon. (2020: $10.3mn). Cash flow used in investing and outcomes of the drilling campaign.
Karoon will continue to evaluate opportuni- activities $13.9mn (2020: $6.0mn). Year-end Jeremy Bridglalsingh, CEO of Trinity, com-
ties in line with its announced strategy of seeking cash $18.3mn (2020: $20.2mn). mented: “We are delighted with the Company’s
value-accretive, inorganic growth opportunities New 25-year Galeota Licence, Crude Sales performance during 2021 and look forward with
in the normal course of business. Agreement, Joint Operating Agreement, Con- confidence. The reinforced technical guidance
Karoon Energy, May 23 2022 version to 100% Working Interest. Lease Oper- for the upcoming drilling programme points
atorship Agreements renewed for 10 years on towards the potential for this to be an inflection
attractive terms. PS-4 acquisition completed - point for the Company as we commence the next
PERFORMANCE further enhancing Trinity’s contiguous acreage. stage of our growth, and we very much look for-
Positioned for Next Growth Phase: Dynamic ward to updating the market with further devel-
Trinity Exploration strategy for growth is underpinned by a strong opments in due course.
“Our ambition is to double production over
balance sheet and resilient and dependable cash
announces final results flow. Focus on maximising value from existing the next few years, and thereby generate suffi-
assets and through acquisitions and partner-
cient free cash flow both to fund future growth
for the year ended ships. Clearly defined, risk-mitigated strategy initiatives and deliver meaningful cash returns
to drive returns for shareholders through value for shareholders, and we believe that we now
December 31, 2021 growth and the potential to return cash. have the structure in place to deliver this chal-
Strengthened Board: Additions of Derek lenging target.”
Trinity, the independent E&P company focused Hudson and Kaat Van Hecke further strengthen- Trinity Exploration & Production, May 24 2022
on Trinidad and Tobago, has announced its final ing commercial, operational and wider industry
results for the year ended December 31, 2021. skill sets.
Trinity delivered another resilient perfor- Creation of Technical Committee: Focused POLICY
mance in 2021. The Group is now positioned on risk-mitigation and assurance of opportu-
to leverage its cash and asset base to drive value nities which can increase scale and optimise Petrobras on letter from the
and returns, with groundwork laid for near-term returns. Resumption of onshore drilling dur-
resumption of drilling, comprising a combina- ing H2 2022 is the first phase of this scaling up Ministry of Mines and Energy
tion of high angle and horizontal as well as con- process. Commenced planning for ambitious,
ventional low angle wells. This will be funded risk-appropriate exploration programme. To Petrobras informs that it received today a letter
from existing cash resources and is the first test the remaining material prospective onshore from the Ministry of Mines and Energy, request-
phase of an ambitious growth strategy designed resources, using 3D seismic to map leads with ing measures in order to call an Extraordinary
to maximise returns. potential to be fast-tracked to monetization. General Meeting, with the purpose of promot-
Highlights: Revenues of $66.2mn (2020: Exploring various options for the Galeota asset. ing the removal and election of a member of the
$44.1mn). Average production of 3,069 bpd of Post Period Highlights: Continued momen- Board of Directors, and appointing Caio Mario
oil (2020: 3,232 bpd of oil). Average price per tum into Q1-2022. Q1-2022 production levels Paes de Andrade, to replace José Mauro Ferreira
barrel received increased to $60.4 per barrel resilient with volumes averaging 3,013 bpd of Coelho.

P14 www. NEWSBASE .com Week 21 26•May•2022