Page 15 - LatAmOil Week 09 2022

LatAmOil NEWS IN BRIEF LatAmOil

Secondly, the increase in production was the the first two wells drilled in Salta in the current accountability for results.
direct result of successful drilling and workover programme have been in successful commercial Jordan Coleman, our hard-working COO
campaigns; in the Acordionero and Costay- production for over one week. for Latin America, will continue to work with
aco oilfields; combined with ongoing water- Well DP 2001, currently successfully com- Daniel during the transition. His future focus
flood optimisation throughout the Company’s mercially producing in the first phase of testing will centre on our Paraguay exploration project,
portfolio. will within the next 10 days undergo planned overseeing the business in the United States as
“After the many challenges in 2020 that the stimulation in two parts under the second phase well as providing such continuing support for
world faced, 2021 was a year of strong recovery of the production testing programme. Whilst Daniel as may be necessary.
for the energy industry and Gran Tierra. Our each well behaves differently there is no present Peter Levine, Chairman, commented: “Pres-
top tier, low-decline, onshore, conventional evidence to expect post stimulation anything ident has many things to look forward to in
asset base continued to prove its high quality materially contrary to the stated well perfor- 2022 from a very robust trading, shareholder
as the Company returned to strong growth in mance expectations in this well of approximately and strategic relationship base. The production
2021 in production, reserves, funds flow from 250 bpd. news today announced are welcome additions to
operations, free cash flow and after-tax NAV per Well DP 2003 is in an earlier stage of first Group cash flow. The future for President must
share,” said Gary Guidry, president and CEO. phase of production testing although it is already be driven by a dynamic, motivated and incen-
In addition, the Company’s total current clearly commercial. tivised operations and management team able
average production is approximately 30,000 bpd. As such testing will continue for a period of to capitalise on these attributes to expand the
The current production level demonstrates the time to optimise production and assess reservoir Group materially, particular in different geogra-
effectiveness of the Company’s water flooding capabilities, the drilling rig has moved to and is phies. Daniel’s appointment is a part of this strat-
operations. Also, Gran Tierra forecasts 2022 pro- in the process of setting up at well PG 13-1 at the egy and we welcome him to the Group.”
duction of 30,500-32,500 bpd, a 15-23% increase Puesto Guardian field within the Salta Conces- President Energy, March 1 2022
from 2021. sion, some 45 km away from the Dos Puntitas
Projects for the next months: Consequently, field. This well is planned to be a side track from PetroTal says production
this projected 2022 manufacture increase would an existing well location. Work is currently pro-
result from the drilling programme of 14-16 jected to commence this week with timing for levels have gone down due
wells in Acordionero; four to five in Costayaco, the drilling rig work approximately 21 days.
and three wells in Moqueta. Finally, Gran Tierra The benefit of the recent increased produc- to social unrest
plans to drill six to seven exploration wells in tion is already being felt in Salta where realised
2022. domestic prices are currently approximately $60 PetroTal advises that it has reduced production
“Looking to 2022, we are very excited for our per barrel. to ensure field safety and manage storage levels
planned development drilling programmes in Management update: The Company is due to social protests at PetroTal’s loading dock.
the Middle Magdalena Valley and Putumayo pleased to announce that it has recruited Dan- On February 28, 2022, a small group from
Basins in Colombia. And the restart of our iel Musri, an Argentine national, to the position the Asociación Indígena de Desarrollo y Con-
exploration drilling programme, in which we of CEO of President Argentina. Whilst it is a servación de Bajo Puinahua (AIDECOBAP)
expect to include our first exploration wells in non-main board position, Daniel has overall commenced gathering outside the Bretaña oil-
Ecuador,” said Guidry. responsibility for President’s operations in that field that led to access to the Company’s load-
Gran Tierra Energy, March 1 2022 country. Daniel, who joins us from Vista Oil ing dock being blocked. To ensure employee/
and Gas, the Mexico/Argentina public oil and contractor safety and minimise environmental
President Energy gas company, is a reservoir engineer by training risk, the Company has constrained its produc-
and, prior to Vista, worked for 10 years as Vice tion level to approximately 4,000 barrels per day
announces production President for Schlumberger in their Production (bpd) of oil, accumulating into field storage facil-
Management arm, and before that for 18 years at ities, while aiding in protest negotiations.
success in Argentina the large Argentine oil and gas company Perez ment of their demands from the government.
AIDECOBAP continues to push for fulfill-
Companc, rising from junior reservoir engi-
AIM-listed President Energy has provided an neer to asset manager. Daniel has been tasked AIDECOBAP claims they are being persecuted
operational and management update, including with reviewing all operations within President’s by the government for protesting their requests.
production success in Argentina. Argentinian business with a view to improving They are also requesting the establishment of an
Puesto Guardian Concession, Salta, Argen- the returns from these operations and ensuring indigenous trust to allow them to execute pro-
tina: The Company is pleased to announce that targets that are set are met with the appropriate jects whose funding was approved by the gov-
ernment in late 2020 to reduce the basic needs
gap in local communities. Lastly, AIDECOBAP
is also requesting that the government expedite
the formalisation of the Bretaña 2.5% social
fund, offered by PetroTal, into the Block 95
license contract.
For the second fortnight of January and all
of February 2022, PetroTal had been segregat-
ing the 2.5% social fund into a separate bank
account, but due to the current protests and
resulting production curtailment, no funds will
be allocated for the upcoming fortnight as per
the guidelines of the social trust.

Week 09 03•March•2022 www. NEWSBASE .com P15