Page 24 - LatAmOil Week 46

LatAmOil NEWS IN BRIEF LatAmOil

Continued to focus on discretionary cost reduc- to 1,050 metres, at a distance of about 110 km sold in the Brazilian exploration concessions and
tions, with operating costs on a per barrel basis from Cabo de São Tomé, on the northern coast oilfields.
decreasing by 10% and general and adminis- of the state of Rio de Janeiro. In October 2020, A 10% down payment ($332,664) has been
trative expenses declining by 9% relative to the Albacora produced an average of 36,400 barrels received from EnP and the payment of the
third quarter of 2019. per day (bpd) of oil and 606,000 cubic metres per remaining 90% ($2,993,980) is contingent
Recognised a net loss of $703,000 ($0.00 per day of gas. Petrobras is the operator of the field upon the approval of ANP, which is expected in
share) compared to a net loss of $1.053mn ($0.01 with 100% participation. December 2020.
per share) in the third quarter of 2019 despite a The Albacora Leste field has an area of 511.56 The net proceeds of the transaction will be
47% reduction in petroleum revenues between square km and is located in the northern area used for the payment of previously announced
the corresponding periods. of the Campos Basin, in water depths ranging acquisition costs, Capex to fund work programs,
Maintained financial flexibility, exiting the from 1,000 to 2,150 m, at a distance of about 120 and general working capital purposes.
quarter with cash of $7,673,000 and raising gross km from Cabo de São Tomé. In October 2020, Richard F. Gonzalez, Chief Executive Officer
proceeds of approximately $30.3mn via a private Albacora Leste produced an average of 30,000 of Petro-Victory, commented: “This sale allows
placement completed on November 12, 2020. bpd oil and 703,000 cubic metres per day of gas. us to reposition Petro-Victory’s production
Paul R. Baay, President and Chief Executive Petrobras is the operator of the field with a 90% portfolio during the global pandemic, by provid-
Officer, commented: “The Board’s focus remains stake and the remaining 10% belongs to Repsol ing the capital required to increase our working
on our Ortoire property, where exploration Sinopec Brasil. interests and oil production in our core portfolio
activities to date have significantly exceeded Petrobras, November 17 2020 of high margin producing assets.”
expectations. Our base crude oil production Petro-Victory Energy, November 12 2020
continues to cover our operating costs, allowing Petro-Victory Energy
us to direct our capital exclusively to our ongo-
ing exploration programme. The oversubscribed to sell non-operated POLICY
private placement completed post period end
places us in a strong position to continue the exe- assets in Brazil Petrobras comments
cution of our Ortoire drilling, production testing
and tie-in operations. We are currently drilling Petro-Victory Energy has entered into a binding on Liquigás sale
our fourth exploration well, Cascadura Deep-1, Purchase and Sale agreement with EnP Ecossis-
and we are in the process of finalising a nine- temas Energéticos Holdings (EnP) for the sale of Petrobras, following up on the release disclosed
month extension to the exploration phase of the non-operated assets held by the Company for a on November 19, 2019, informs that the Admin-
Ortoire licence. Alongside this, we continue to consideration of $3,326,644. istrative Council for Economic Defense (CADE),
negotiate a natural gas sales agreement with the The sale is comprised of: a 50% non-operated in a Court session held on this date, approved the
National Gas Company of Trinidad and Tobago. working interest in 5 onshore exploration con- sale of Liquigás Distribuidora, a wholly-owned
I look forward to updating our shareholders as cessions, as previously announced on October subsidiary of Petrobras, to the acquiring group
operations progress.” 26, 2018, in the State of Espírito Santo, Brazil. composed of Itaúsa, Copagaz-Distribuidora de
Touchstone Exploration, November 13 2020 Included in the five exploration concessions Gás and Nacional Gás Butano Distribuidora, by
is Block ES-T-487, where the company and its signing an Agreement on Concentration Con-
operating partner, IMETAME Energia, success- trol (ACC).
INVESTMENT fully drilled the 1-VID-ES (Vida) exploration The agreement was proposed by Itaúsa, Cop-
well, as announced on April 7, 2020; option agaz and Nacional Gás and aims to meet the
Non-binding phase of to purchase a 50% operating interest in three competitive concerns identified by CADE.
The decision will be published in the Federal
onshore oil fields (Lagoa Parda, Lagoa Parda
Albacora and Albacora Norte and Lagoa Piabanha) in the Espírito Santo Official Gazette according to CADE’s regulatory
Basin, as previously announced on November term.
Leste sale underway 25, 2019, for the same proportional amount paid the transaction is still subject to compliance with
In addition to this approval, the conclusion of
to Petrobras.
Petrobras, following up on the release disclosed The consideration is the refund of 7.5% other usual precedent conditions. The amount of
on September 25, 2020, informs the beginning deposit paid, in the amount of US $702,933 and BRL3.7bn, subject to adjustments, will be paid to
of the non-binding phase regarding the sale of all the assumption of all existing debts and liabili- Petrobras on the transaction closing date.
of its stakes in the Albacora and Albacora Leste ties associated with the working interests being Petrobras, November 18 2020
concessions, located predominantly in deep
waters in the Campos Basin.
Potential buyers qualified for this phase will
receive instructions on the divestment process,
including guidelines for the preparation and
submission of non-binding proposals, as well
as access to a virtual data room containing addi-
tional information about the concessions. The
main subsequent stages of the project will be
reported to the market in due course.
The Albacora field has an area of 455 square
km and is located in the northern area of the
Campos Basin, in water depths ranging from 100

P24 www. NEWSBASE .com Week 46 19•November•2020