Page 14 - LatAmOil Week 12 2021

LatAmOil NEWS IN BRIEF LatAmOil

Petrobras starts binding Securities Administrators (NI 51-101). increase of 9% over 3Q-2020 levels. Despite a
Corey Ruttan, President and CEO, com-
2020 reduced drilling programme that included
phase of Albacora and mented: “With the successful production test of only six of our planned 12 wells due to COVID-
our 183(1) Gomo well earlier this year and the 19 (and only two of those being exploration
Albacora Leste sales final investment decision on our Gomo trans- wells), the Corporation managed to more than
fer pipeline extension, we are well positioned to replace its produced reserves, which is a direct
Petrobras, following up on the release disclosed implement a large-scale Gomo development. indication of the high quality of our exploration
on November 17, 2020, informs the beginning of This represents a significant long-term oppor- drilling portfolio.
the binding phase regarding the sale of all of its tunity with 2P reserves of 3.3mn boe, risked “The Corporation has historically achieved
stakes in the Albacora and Albacora Leste con- best estimate contingent resource of 3.5mn boe significant conventional natural gas exploration
cessions, located predominantly in deep waters and risked best estimate prospective resource of and development drilling success from our assets
in the Campos Basin. 12.1mn boe. Our Gomo asset is a unique part located in the Lower Magdalena Valley. Since
Potential buyers qualified for this phase will of our portfolio with very low assessed geologi- 2013, we have added 771bn cubic feet of proved
receive a process letter with detailed instructions cal risk, analogous to many resource plays. This plus probable conventional natural gas reserves
on the divestment process, including guidelines incremental Gomo resource shows the potential (2P) from commercial success in 33 out of 37
for due diligence and the submission of binding to add an additional 19 mcf per day of productive drilled wells, representing a 31% compound
proposals. capability from the Gomo project over the next annual growth rate (CAGR) at an industry-lead-
About Albacora and Albacora Leste: The five years. On a risked best estimate basis, our ing three-year 2P finding and development cost
Albacora field has an area of 455 square km and Gomo reserves and resources have the potential of $0.84 per 1,000 cubic feet. With a portfolio of
is located in the northern area of the Campos to be approximately three times larger than our 162 identified prospects and leads containing
Basin, in water depths ranging from 100 to 1,050 core Caburé project.” mean unrisked prospective gas resource of 4.7
metres, at a distance of about 110 km from Cabo Alvopetro, March 23 2021 trillion cubic feet, according to the Corporation’s
de São Tomé, on the northern coast of the state 2019 third party resource report, we anticipate
of Rio de Janeiro. In 2020, Albacora produced an Canacol Energy reports many more years of successful exploration drill-
average of 23,200 barrels per day (bpd) of oil and ing resulting in the movement of gas resources
408,500 cubic metres per day of gas. Petrobras is 6% increase in EBITDAX into proven and probable reserves.”
the operator of the field with 100% stake. Financial and operational highlights of the
The Albacora Leste field has an area of 511.56 in Q4-2020 Corporation include: The Corporation’s conven-
square km and is located in the northern area tional natural gas proved developed producing
of the Campos Basin, in water depths ranging Canacol is pleased to report its financial and reserves (PDP) increased 10% since December
from 1,000 to 2,150 metres, at a distance of about operating results for the three months and year 31, 2019, totalling 277bn cubic feet at December
120 km from Cabo de São Tomé. In 2020, Alba- ended December 31, 2020. 31, 2020 (140% PDP reserves replacement ratio).
cora Leste produced an average of 30,900 bpd Charle Gamba, President and CEO of the The Corporation’s conventional natural gas total
of oil and 598,000 cubic metres per day of gas. Corporation, commented: “Canacol’s success proved plus probable reserves (2P) increased
Petrobras is the operator of the field with a 90% continued into 2020 despite the COVID-19 2% since December 31, 2019, totalling 637 bcf at
stake and the remaining 10% belongs to Repsol global pandemic. 2020 EBITDAX of $187.5mn December 31, 2020 (122% 2P reserves replace-
Sinopec Brasil. increased 12% over 2019 levels, and Q4-2020 ment ratio). The Corporation’s conventional
Petrobras, March 23 2021 EBITDAX continued to strengthen, posting an natural gas proved reserves (1P) increased 0.2%
since December 31, 2019, totalling 395 bcf at
December 31, 2020 (101% 1P reserves replace-
PERFORMANCE ment ratio). 1P and 2P finding and develop-
ment cost (F&D cost) were $1.18 per mcf and
Alvopetro announces results $0.84 per mcf for the three-year period ending
December 31, 2020, respectively.
of independent resource recycle ratio for the one- and three-year period
The Corporation achieved a 2.7x and 4.4x 2P
assessment for Gomo ending December 31, 2020, respectively. The
one-year recycle ratio was calculated based on
Alvopetro Energy announces the results of natural gas netback for the year ended Decem-
an independent assessment of the Company’s ber 31, 2020, of $3.57 per mcf, and the three-year
Gomo natural gas resource prepared by GLJ recycle ratio was calculated based on weighted
dated March 23, 2021, with an effective date of average natural gas netback for the three years
December 31, 2020. The GLJ Resource Report ended December 31, 2020, of $3.71 per mcf.
includes risked best estimate contingent resource The Corporation achieved a 2.1x and 3.2x 1P
of 3.5mn boe with a before-tax net present value recycle ratio for the one- and three-year period
discounted at 10% of $37.7mn and risked best ending December 31, 2020, respectively. The
estimate prospective resource of 12.1mn boe one-year recycle ratio was calculated based on
with a before tax net present value discount at natural gas netback for the year ended Decem-
10% $144.8mn. The GLJ Resource Report was ber 31, 2020 of $3.57 per mcf, and the three-year
prepared in accordance with the Canadian Oil recycle ratio was calculated based on weighted
and Gas Evaluation (COGE) Handbook and average natural gas netback for the three years
National Instrument 51-101 of the Canadian ended December 31, 2020, of $3.71 per mcf.

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