Page 14 - LatAmOil Week 50 2022

LatAmOil NEWS IN BRIEF LatAmOil

Hupecol Meta owns the 639,405-acre CPO-11 established in 1969, jointly controlled by Petro-
block in the Llanos Basin in Colombia, com- bras and Dexxos Participações. It operates,
prised of the 69,128-acre Venus Exploration through its subsidiary Copenor (Companhia
area, operated by Hupecol, and 570,277 acres Petroquímica do Nordeste), in the segments of
which was 50% farmed out to Parex Resources methanol commercialisation and production of
by Hupecol. In total, the CPO-11 block covers methanol-derived products, notably formalde-
almost 1,000 square miles with multiple iden- hyde and hexamine.
tified leads and prospects expected to support Petrobras, December 6 2022
a multi-well drilling programme. Through its
membership interest in Hupecol Meta, Houston Borders & Southern
American now holds an approximately 16%
interest in the Venus Exploration area and an Petroleum reports programme towards development activities in
approximately 8% interest in the remainder of its core assets in Colombia. The Company plans
the block. extension of Falkland to drill 10 to 12 development wells in the Acor-
In the Venus Exploration Area, Hupecol Meta dionero oilfield in the Middle Magdalena Valley
now operates two producing wells, the Saturno Islands licences Basin. Acordionero’s 2023 plans also include
ST1 and Venus 2A wells. A 3D seismic acquisi- drilling pad extensions, expanded polymer
tion programme is planned to support future Borders & Southern Petroleum, the London injection pilots (after encouraging 2022 results),
development of the Venus Exploration Area. based independent oil and gas exploration com- and ongoing waterflood optimisation. In the
John Terwilliger, CEO of Houston Ameri- pany with assets offshore the Falkland Islands, is Putumayo Basin, Gran Tierra plans to drill 6 to 8
can, stated: “We are excited about the increase pleased to announce the extension of its Produc- development wells in the Costayaco oilfield and
of our interest in the CPO-11 block, the progress tion Licences PL018, PL019 and PL020, includ- 2 to 3 development wells in the Moqueta oilfield.
made by Hupecol Meta to date and the outlook ing the Darwin Discovery Area. The Company expects to execute its Colombian
for development of the block. Hupecol Meta’s The Licences were due to expire on Decem- development drilling campaign during the first
deep history of operating in Colombia is paying ber 31, 2022. After applying for a two-year half of 2023.
dividends with their securing permits to support extension, the Company has gratefully received Exploration: Approximately 30% of the
drilling and production operations and favora- confirmation from the Falkland Islands Govern- Company’s 2023 capital programme is expected
ble initial operating results on our first two wells. ment that the revised expiry date will be Decem- to be allocated to exploration activities and the
The commitment to move forward with a seis- ber 31, 2024. drilling of 4 to 6 exploration/appraisal wells
mic acquisition programme to support future Borders & Southern Petroleum, December 8 2022 in Colombia and Ecuador. Gran Tierra’s 2023
development of the block reflects our belief in exploration drilling is planned to follow up on
the potential of the block based on initial oper- the encouraging results from the Company’s
ating results on our first two wells.” PERFORMANCE 2022 exploration programme. The Company
Houston American Energy, December 9 2022 focuses its exploration programme on short-cy-
cle time, near-field prospects in proven basins
Petrobras reports Gran Tierra Energy with access to infrastructure.
announces 2023 guidance
Fully Funded Capital Programme Generating
on sale of stake in Gran Tierra Energy today announced its 2023 Case 2023 capital budget of $230mn is expected
Free Cash Flow2: Gran Tierra’s mid-point Base
petrochemical company capital budget and production guidance. to be fully funded from the Base Case 2023 mid-
2023 Budget – Low Case, Base Case, High point cash flow1 forecast of $295mn, based on an
Petrobras, following up on the release disclosed Case: Average Brent Oil Price, per barrel ($75.00, assumed average $85.00/bbl Brent oil price. The
on October 27, 2022, informs that it has started $85.00, $95.00). Total Company Production Company’s midpoint Base Case 2023 EBITDA3
today the binding phase concerning the sale of (bpd of oil): 32,000-34,000, 32,000-34,000, guidance of $465mn is well above the midpoint
all its equity interest, corresponding to 34.54% 32,000-34,000. Operating Netback ($mn): 380- of the Base Case 2023 capital budget of $230mn.
of the total capital, in the company Metanol do 430, 470-520, 550-600. EBITDA ($mn): 350-400, Gran Tierra remains focused on generating
Nordeste (Metanor), headquartered in Cama- 440-490, 510-560. Cash Flow ($mn): 230-280, strong free cash flow2, ongoing net debt5 reduc-
çari, in the state of Bahia. 270-320, 310-360. Total Capital ($mn): 210-250, tion via bond buybacks and shareholder returns
Potential buyers qualified for this phase will 210-250, 210-250. Free Cash Flow ($mn): 25, via share buybacks.
receive a process letter with instructions on the 65, 105. Number of Development Wells (gross): Control of Capital Programme: Gran Tierra
divestment process, including guidelines for due 18-23, 18-23, 18-23. Number of Exploration/ has 100% working interest in and operatorship
diligence and for submitting binding bids. Appraisal Wells (gross): 4-6, 4-6, 4-6. of the Company’s major assets in Colombia and
This disclosure is in accordance with Petro- 2023 Capital Programme – Profitable Pro- Ecuador. This full control gives the Company the
bras’ internal rules and with the special regime duction Growth and High Impact Exploration: flexibility to quickly optimise its development
for divestment of assets by federal mixed Gran Tierra has a large, diversified development and exploration programmes with changes,
economy companies, provided for in Decree and exploration portfolio in Colombia and either up or down, in oil prices.
9,188/2017. This transaction is aligned with the Ecuador. The Company’s planned 2023 capital Impact of Colombian Tax Reforms: After
portfolio management strategy and the improve- programme is a balanced programme between accounting for Colombia’s recently enacted tax
ment of the company’s capital allocation, aiming development and optimisation of existing assets reforms, Gran Tierra’s mid-point Base Case 2023
at the maximisation of value and greater return and potentially high-impact exploration. budget is expected to incur 2023 current taxes of
to Petrobras. Development: Gran Tierra expects to allo- approximately $110 to $130mn (payable in sec-
About Metanor: Metanor is a corporation, cate approximately 70% of its 2023 capital ond quarter 2024).

P14 www. NEWSBASE .com Week 50 14•December•2022