Page 12 - NorthAmOil Week 30 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM injector well and is now injecting at a rate Distributable cash flow (DCF), a non-
of over 30,000 barrels of water per day into GAAP financial measure that represents the
Advantage announces the producing B-6 formation. The project amount of cash generated during the period
that is available to pay distributions, was
is the first intra-well water flood of its kind
second quarter 2021 in a deepwater subsea environment and is $268.0mn for second quarter 2021 compared
to $209.5mn for second quarter 2020. The
intended to increase overall production and
financial and operating recovery efficiency through the existing gain on asset sale has not been included
subsea producing wells. Talos holds a 65%
in DCF because it is not related to the
results and succession working interest (operator) along with partnership’s ongoing operations.
Kosmos Energy.
“Magellan remains focused on creating
plan Viosca Knoll block 960 was drilled to a true long-term value for our investors,
The Crown and Anchor sidetrack well at
announcing asset sales exceeding $700mn
Advantage Energy is pleased to report its vertical depth (TVD) of approximately 13,000 and repurchasing more than $80mn of equity
second quarter 2021 results including record feet and encountered approximately 50 feet of during the second quarter of 2021,” said
production of 50,011 boepd, a significant net TVD oil pay in the M62 Middle Miocene Michael Mears, chief executive officer. “Our
increase in free cash flow and accelerated debt target horizon. The project has moved to the strategic asset base continues to demonstrate
reduction. completion phase and will produce through strength throughout various business cycles,
Production from the winter drilling existing subsea infrastructure to the Marlin generating another quarter of solid financial
programme continued to exceed expectations tension leg platform, requiring nominal results. Magellan’s resilient business model
while gas prices remained elevated during additional tie-back costs, with first production and strong balance sheet position us well to
the quarter, with the payout of new wells targeted by late third quarter of 2021. Talos safely and efficiently deliver essential fuels for
averaging 8 months from the on-stream date. holds a 34% working interest in the project our nation as the economy recovers and for
Production was relatively stable through along with Beacon Offshore Energy (operator) many decades to come.”
the extreme heat event in June thanks to the and Ridgewood Crown & Anchor. MAGELLAN MIDSTREAM PARTNERS, July 29,
outstanding efforts of our field staff and robust TALOS ENERGY, July 26, 2021 2021
facility designs. Drilling and completions
activities resumed approximately 3-4 weeks
ahead of schedule made possible by an MIDSTREAM SERVICES
unusually brief spring breakup.
ADVANTAGE ENERGY, July 29, 2021 Magellan Midstream Ensign Energy Services
Talos Energy provides reports second-quarter 2021 and Nabors Industries –

update on recent drilling financial results announce the closing of the
operations and second Magellan Midstream Partners today reported sale of Nabors’ Canadian
net income of $280.4mn for second quarter
quarter production 2021 compared to $133.8mn for second drilling assets to Ensign
quarter 2020. The 2021 results included a
Talos Energy today announced preliminary $69.7mn gain primarily related to Magellan’s Energy Services
production estimates for the second quarter sale of a portion of its interest in the Pasadena
of 2021, successful first production from the marine terminal joint venture during the Ensign Energy Services and Nabors Industries
company’s Tornado Attic well and successful current period. are pleased to announce the completion
drilling of the company’s Crown and Anchor Diluted net income per common unit of the purchase by Ensign of the fleet of 35
well. was $1.26 in second quarter 2021, or $0.95 land-based drilling rigs owned by Nabors’
Talos estimates that average daily excluding the $0.31 favourable impact of Canadian subsidiary, as well as related
production for the second quarter of 2021 was the gain on asset sale, compared to $0.59 in equipment, inventory, and real property,
approximately 66,000 barrels of oil equivalent second quarter 2020. for a purchase price of CAD117,500,000
per day (boepd) net, ahead of company Diluted net income per unit excluding (approximately $93,250,000). All closing
expectations, and was approximately 69% oil mark-to-market (MTM) commodity-related conditions, including the receipt of a “no-
and 76% liquids. Estimated realised prices for pricing adjustments, a non-generally accepted action letter” from the Competition Bureau
the quarter, exclusive of hedges, were $64.28/ accounting principles (non-GAAP) financial confirming that the Commissioner of
barrel of oil, $22.28/barrel of NGLs and measure, was $1.38 for second quarter 2021. Competition does not intend to challenge the
$3.05/1,000 cubic feet of natural gas. These results exceeded the $1.15 guidance transaction, were satisfied.
Following successful drilling of the provided by management in late April RH (Bob) Geddes, Ensign’s president and
Tornado Attic well, announced in June 2021, primarily due to higher-than-expected refined chief operating officer, commented on the
Talos executed completion operations and products shipments, higher commodity prices acquisition: “We are thrilled to welcome our
achieved first production in mid-July 2021. that primarily benefited the partnership’s new employees to the Ensign team and look
The well is currently producing above the fractionation activities and value of its product forward to the smooth integration of both
previously estimated 8,000-10,000 boepd overages, as well as lower expenses primarily field and office employees. With our now
range. The company also increased injection due to timing. Previous guidance had already expanded high-spec drilling fleet in Canada,
rates in the structurally downdip Tornado included the expected gain on asset sale. we look forward to leveraging these strong

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