Page 15 - LatAmOil Week 12 2023

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entity. Pursuant to the agreement, we agreed to
swap our operated 100% working interests in
the Fyzabad, San Francique and Barrackpore
producing blocks for the counterparty’s working
interest in the Rio Claro, Balata East and Balata
East Deep Horizons blocks for no cash consider-
ation with the asset exchange becoming effective
upon closing. The agreement remains subject to
certain closing conditions, including receipt of
applicable regulatory approvals and an extension
of the Rio Claro licence.
Touchstone Exploration, 24 March 2023

POLICY
Sembcorp Marine

issues update on

Recognised a net loss of $1.921mn ($0.01 per 2022 following receipt of all required regulatory Brazil investigation
basic share) in the quarter compared to net earn- approvals.
ings of $6.514mn ($0.03 per basic and diluted Formally executed an extension of the explo- Sembcorp Marine Ltd refers to the announce-
share) reported in the same period of 2021, prin- ration period of the Ortoire licence to July 31, ment it made on March 24, 2023, and would like
cipally driven by $6.323mn of impairment rever- 2026, allowing us to continue exploration activi- to update that it has clarified with the Comp-
sals (net of tax) recorded on December 31, 2021. ties on acreage that have not been deemed com- troller General of the Union (CGU) that the
Following the December Canadian and UK mercial. The gross 1,317-acre Coho area and the preliminary administrative proceedings for
private placements that raised net proceeds of gross 2,377-acre Cascadura area were previously investigations commenced by CGU against its
$12.269mn, we exited the quarter with a cash approved for commercial development in Feb- Brazilian subsidiary Estaleiro Jurong Aracruz
balance of $16.335mn, a working capital surplus ruary 2021 and March 2022, respectively. (EJA). The proceedings relate generally to past
of $4.992mn and a principal balance of $27mn Responsible operations remained a top prior- conduct investigated by the Brazilian author-
remaining on our term credit facility, resulting ity throughout 2022, as Touchstone had no lost ities in connection with Operation Car Wash,
in a net debt position of $16.008mn. time injuries and released its second sustainabil- of which the Company has previously made
Annual 2022 Financial and Operating High- ity report encompassing the 2021 year. We pro- announcements, the latest being the Circular to
lights: Commissioned and delivered natural actively responded to the June 2022 vandalism shareholders dated January 31, 2023.
gas from the Coho facility on October 10, 2022, incident that resulted in a crude oil spill and are Further, the CGU has not brought any civil
representing the first onshore natural gas field to pleased to report that all reclamation efforts were or administrative charges against the Company
come onstream in Trinidad in 20 years. completed in September 2022. or its subsidiaries. The Company will con-
Reported average daily production volumes Post Period-End Highlights: Net average nat- tinue to cooperate and work with the Brazilian
of 1,581 boepd, reflecting an 18% increase from ural gas volumes from Coho-1 were 900 boepd authorities.
2021. Relative to 2021, the 2022 annual increase and 864 boepd in January 2023 and February The Company will continue to monitor
was attributed to incremental natural gas pro- 2023, respectively. developments in Brazil with respect to the above
duction from the Coho-1 well, as average 2022 Daily crude oil sales averaged 1,286 bpd in and will make appropriate announcements in
crude oil and liquids production were consistent January 2023 with a realised price of $66.48 per the event of any material developments.
with 2021 levels. barrel and averaged 1,341 bpd in February 2023 Sembcorp Marine, 29 March 2023
Generated funds flow from operations of with a realised price of $67.14 per barrel.
$3.54mn (2021: $4.172mn) and an annual oper- National Gas Co. of Trinidad and Tobago Ltd Petrobras comments on
ating netback of $19.281mn or $33.42 per boe (NGC) notified us that they expect to be ready
(2021: $13.031mn and $26.55 per boe). to receive first natural gas from the Cascadura supplier engagement in
Recognised a net loss of $3.197mn ($0.01 facility on or about June 30, 2023. We remain on
per basic share) compared to net earnings of track to complete the Cascadura facility prior to sustainable practices
$5.719mn ($0.03 per basic and diluted share) this date to ensure production can commence
in 2021, primarily attributed to $6.323mn in as soon as NGC is in a position to receive first Petrobras informs that it was recognised as one
impairment reversals (net of tax) recognised natural gas. of the leading companies in supplier engagement
in the prior year based on increased forecasted We safely reached budgeted total depth of our by the international organisation CDP, formerly
crude oil pricing. Royston-1X sidetrack well on the Ortoire block known as the Carbon Disclosure Project, a ref-
We executed an incident-free $11.33mn on February 24, 2023. The well has been cased, erence in sustainability. The A- rating, referring
capital programme, primarily focused on com- and we expect to commence production testing to the 2022 cycle, was achieved in the Supplier
pleting the Coho natural gas facility and pro- in late March 2023. Engagement Rating (SER) aspect, a global index
gressing construction of the Cascadura natural In January 2023, we entered into an asset that evaluates the incentive of good environ-
gas and liquids facility. Cascadura facility con- exchange agreement for certain onshore Trin- mental practices and efforts to mitigate climate
struction operations commenced in October idad assets with a privately held Trinidadian change along the supply chain.

Week 13 29•March•2023 www. NEWSBASE .com P15