Page 16 - LatAmOil Week 17 2021

LatAmOil NEWS IN BRIEF LatAmOil

in the Ministry of Mines and Energy’s (MME) capital expenditures for the period from April
Directive Nº 08, of April 19, 2021. 2020 through December 31, 2020. Pursuant to
The values corresponding to the signature the assignment agreement, Centaurus remedied
bonuses to be paid, in case of confirmation of its default under the UT Agreement with respect
the participation percentages in the terms above to the cash calls unpaid and cured its default
by the CNPE, will be of BRL1.2006bn for Atapu under the Loan Agreement.
and BRL2.1414bn for Sépia. Centaurus is an independent upstream oil
The expression of interest is in line with the and gas company with both conventional and
company’s Strategic Plan, focused on concen- unconventional oil and gas operations in Argen-
trating its resources in world-class assets in deep tina. The Company’s shares trade on the TSX
and ultra-deep waters. Venture Exchange under the symbol CTA and
Petrobras, April 28 2021 on the OTCQB under the symbol CTARF.
Centaurus Energy, April 28 2021
Centaurus sells interest in

Coiron Amargo Sur Este to PERFORMANCE

Pan American Energy PetroTal announces

Centaurus Energy announces that, through fourth-quarter and
its subsidiary in Argentina, Madalena Energy
Argentina , it is has entered into an agreement full-year results for 2020
To address the recent volatility of the Peruvian to sell its working interest in the Coiron Amargo
Sol, the Company has maintained low cash flow Sur Este petroleum block (CASE) to Pan Ameri- PetroTal is pleased to announce its results for
exposure to the currency, with Peruvian Sol can Energy, Argentine Branch (PAE), the opera- the year and the three months (Q4-2020) ended
accounting for an estimated 8% of operating tor of the block, and that the Company has exited December 31, 2020.
costs, 60% of Peruvian general and administra- its activity and involvement in Curamhuele, Pal- 2020 Highlights: Drilled and completed the
tive (G&A) costs, and 8% of capital expenditures. mar Largo, El Chivil and Coiron Amargo Norte. 6H well on schedule and within budget achiev-
2020 year-end results will be announced on David Tawil, Interim CEO of Centaurus ing a 10-day flush production average of approx-
April 22, 2021. Energy, commented: “As a result of the transac- imately 4,500 bpd. Successfully and seamlessly
Manuel Pablo Zuniga-Pflucker, President tions and activities, the Company has exited and reopened the Bretana field in late September
and CEO, commented: “Over the past month, monetised assets with relatively high develop- 2020 after COVID 19, social, and Northern Oil
we have been working closely with Petroperu to ment costs and limited or no current output, and Pipeline (ONP) maintenance related issues.
finalise hedging arrangements for the remaining allows Centaurus to move forward with a right- There was no additional downtime or related
barrels in the ONP. Working with their risk man- sized balance-sheet and a focus on production safety issues once startup commenced, with field
agement team has been seamless and we have activities in core conventional assets, with lower production rising back to approximately 11,000
an efficient working process to execute further cost, in a rising oil price environment.” bpd (pre-shutdown levels) 10 days later. Com-
derivative strategies together for future oil deliv- Pursuant to the transaction with PAE, Cen- pleted commissioning of the enhanced central
eries through the ONP. The total true-up reve- taurus will sell its remaining working interest production facilities (CPF-1), bringing overall
nue of around $31mn will be a welcome addition (29%) in the Coirón Amargo Sur Este block (the oil production capacity to between 16,000 and
to our 2021 liquidity.” Company previously sold 6% of its interest to 18,000 bpd.
PetroTal, April 20 2021 PAE, see below), with an effective date of Janu- Delivered a material lift in 2020 year ended
ary 1, 2021, in return for consideration with a 3P oil reserves with a lower 2P operating cost
reference value of more than $51mn, including: profile based on positive technical revisions,
INVESTMENT satisfaction of all amounts owed by the Com- historical well performance, and field cost reduc-
pany under the Loan Agreement between PAE tion initiatives. Concluded historic collaboration
Petrobras expresses interest and Centaurus, dated December 7, 2016 (the between the local Bretana residents and commu-
“Loan Agreement”), and termination of the nities, aligning their goals and objectives with
in Atapu and Sépia surplus Loan Agreement, and payment to Centaurus, the Company’s; and executed a route to market
over time, of a 2.5% Overriding Royalty Interest diversification strategy through Brazil with com-
Petrobras informs that today it expressed to (ORRI) over the net proceeds corresponding to parable margins to the ONP route.
the National Energy Policy Council (CNPE) its the 29% interest being assigned to PAE, totaling PetroTal produced 6,410 bpd and sales vol-
interest in the preferential rights in the Second $25mn. umes averaged 5,471 bpd, compared to sales of
Bidding Round of the Transfer of Rights’ Sur- The proposed assignment is subject to certain 2,327 bpd in Q3-2020. Indigenous communities
plus Volumes under the Production Sharing conditions precedent that are customary in this and government bodies reached agreements that
regime, pursuant to Law 12,351/2010 and Fed- type of transaction. will see increased funding for the local commu-
eral Decree 9,041/2017. Corporate Updates, Coirón Amargo Sur Este: nities, thereby allowing for the ONP to resume
The company’s Executive Board approved the On January 22, 2021, Centaurus transferred to full operations.
expression of interest in the preferential rights in PAE 6% of its working interest in CASE for an The Company’s stringent COVID-19 proto-
the areas of Atapu and Sépia with a percentage of amount of $8.4mn, with retroactive effect as of cols continue to ensure that the camp remains
30%, considering the parameters disclosed in the July 1, 2020. The $8.4mn represented the value safe.
CNPE’s Resolution Nº 05, of April 22, 2021, and of cash call requests relating to the operating and PetroTal, April 22 2021

P16 www. NEWSBASE .com Week 17 29•April•2021