Page 13 - EurOil Week 31 2021

EurOil NEWS IN BRIEF EurOil

Croatia’s INA posts €71.1mn E.ON’s Czech companies on the Warsaw Stock Exchange on July
29 although the preliminary results were
consolidated net profit in record profit of CZK5bn in published after market closed. Year-to-date,
the company’s share price has grown 18.38%.
1H21 2020 PGNiG’s market cap is PLN36.7bn..

Croatian oil and gas company INA reported Energy companies EG.D and E.ON Energie,
a consolidated net profit of HRK534mn belonging to the E.ON Czech Republic Turkey nearing start of new
(€71.1mn) in the first half of 2021, reversing Group, posted a combined profit after tax
a net loss of HRK965mn a year earlier, of CZK5bn (€196mn) in 2020, up by about hydrocarbon exploration in
thanks to much higher operating revenue. CZK500mn year-on-year, as reported in the
The revenue increased by 31% y/y due to company’s annual report published on July Black Sea says ministe
rising oil and natural gas prices. 29.
“2021 continues to show a more The operating profit rose by 12% to Turkey is planning to start new exploratory
optimistic forward-looking environment, CZK4.2bn last year. drilling in the Black Sea in late 2021 or early
which is no surprise after unseen difficulties “In 2020, we completed negotiations 2022, Energy and Natural Resources Minister
that 2020 brought to the global economy,” with the Energy Regulatory Authority on Fatih Donmez has said.
INA’s CEO Sandor Fasimon said in press the terms of the fifth regulatory period. We Seismic research at the Sakarya Gas Field,
release posted on the website of the Zagreb have negotiated terms that are acceptable which extends to 11,000 square kilometres, has
Stock Exchange. to us and have thus set a stable economic been completed, according to the minister.
Net sales revenue increased to framework for our business for the next five “Turkey imports about 70% of the energy
HRK9.27bn in H1 from HRK7.08bn a year years,” EG.D Chairman Zdenek Bauer said, resources it needs and these include oil and
earlier. as quoted by the Czech News Agency. petroleum products as well as natural gas.
Earnings before interest, taxes, EG.D (former E.ON Distribuce) owns And Turkey imports 98% of the natural gas
depreciation and amortisation (EBITDA) and operates a distribution network in South it consumes, which is around 50 to 55 billion
turned positive at HRK1.24mn, compared to Bohemia and South Moravia, and operates cubic metres per year,” Donmez noted.
a negative HRK53mn in H1 2020. a network of gas pipelines in the South Turkey has claimed a discovery of 540 bcm
Capital expenditure increased by 20% y/y Bohemia region. of gas in the Sakarya field so far and says it will
to hit HRK221mn. E.ON Energie supplies electricity and be exploited by 2023 to alleviate the need for
Hungary’s MOL holds a 49% stake in natural gas to the end customers in the gas imports for the following 10 years. Analysts
INA and exercises management rights in the country, representing the second largest have noted there has been independent
company. player in the electricity market and the verification of the size of the discovered
fourth largest in the gas market in Czechia. resource.
Turkey lit the first Sakarya gas flare on July
Unforeseen delay at Turkey PGNiG sees net profit 28 in a ceremony attended by President Recep
Tayyip Erdogan.
appraisal well knocks UK Oil collapse nearly 90% y/y in to Turkey’s largest gas find. An initial 405 bcm
The Sakarya resource, say officials, amounts
& Gas’ share price of gas was announced by Ankara in 2020 after
exploration conducted using the drillship Fatih.
UK Oil & Gas’ share prices headed south Q2 In June, Turkey announced another 135 bcm
on August 2 after the company warned of The Norwegian oil and gas authorities of gas. Officials said it was identified in the
an unforeseen delay at the Basur-3 appraisal Poland’s listed oil and gas exploration and Amasra-1 well of Sakarya.ers off the coast of
well in Turkey, operated by Aladdin Middle production company PGNiG posted a net Scheveningen (The Hague).
East (AME). profit of PLN580mn (€126.9mn) in the
UKOG said AME is pausing drilling second quarter, which represented a fall of
until after the acquisition and processing 88.7% y/y, the company said in a market Sale of 25% in
of new seismic data to ensure a sidetrack filing on July 29.
is optimally located at the site. AME has The results are preliminary and subject to Vestmoldtransgaz to EBRD
planned a sidetrack hole to test the Garzan change when the company releases its half-
and Mardin targets, as the hole section year report on September 2. greenlighted
that contains the targets has been deemed Revenues jumped 43.3% y/y to
unsuitable for onward drilling, according to PLN10.43bn, PGNiG also said. Ebitda came The competition body in Romania cleared the
Dow Jones Newswires. in at PLN1.67bn, a fall of 77.2% y/y. sale of 25% of Vestmoldtransgaz, currently
“We concur with AME that the most Ebitda results by segment showed a jump fully owned by Romania’s Transgaz, to the
prudent course of action is to pause of 729.4% y/y to PLN1.41bn in exploration European Bank for Reconstruction and
commencing the sidetrack until new modern and production in Q2. In trade and Development (EBRD).
seismic can be incorporated to further derisk logistics, last year’s profit turned to a loss of The transaction consists of a capital
drilling and help achieve our objective,” PLN360mn. increase for Vestmoldtransgaz to which the
UKOG CEO Stephen Sanderson said. In distribution, ebitda grew 31.7% EBRD will contribute €20mn, according to the
UKOG holds a 50% interest in the project. y/y to PLN540mn while in generation, details disclosed by the two parties previously.
the expansion came in at 41.7% y/y to The deal was announced by the EBRD last
PLN170mn. August.
PGNiG’s stock gained 1.5% to PLN6.35 It includes a put option that allows the

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