Page 11 - LatAmOil Week 04 2020

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The Corentyne licence area lies in the eastern section of Guyana’s offshore zone. It is adjacent to Block 58, a field in Suriname’s offshore zone. Apache Corp. (US) reported in early January that it had found crude oil and gas condensate in the Maka Central-1 well at Block 58.
Demerara, meanwhile, lies north-west of Corentyne, close to the western edges of the Stabroek and Orinduik blocks.
ExxonMobil (US) and its partners have reported multiple oil discoveries at Stabroek and began extracting light sweet crude in December 2019. Tullow Oil (UK-Ireland), by contrast, has been disappointed to find heavy crude at Orinduik.
CGX and Frontera have arranged to use the Ralph Coffman, a jack-up rig owned by Valaris (UK), to drill at both Corentyne and Demerara. They had originally hoped to spud a well at
Corentyne in September 2019, but they pushed the target date back after rescheduling their work programme for the block.year. ™
Ralph Coffman jack-up rig (Photo: Westwood Energy)
Trafigura takes 6% stake in President Energy
THE global commodities trader Trafigura has taken a 6% stake in President Energy, a Lon- don-listed producer that has oil and gas assets in Argentina and Paraguay.
The deal, which will see Trafigura invest up to $10mn, will help the oil firm to reduce its net debt, President Energy said in a press statement. According to the terms of the deal, the com- modities trader will initially take a $4mn stake at GBP0.0404 a share, following which it has the option to take potential further subscriptions worth $6mn, the statement added.
“The practical effect of both the subscrip- tions and conversions announced today will
immediately reduce debt by a minimum of nearly $6mn and potentially nearly $15mn,” said Peter Levine, President’s chairman.
“We welcome Trafigura as a significant stakeholder in President,” he said, adding that the firm expected to be free of all existing third- party financial debt within the next 18 months.
“Trafigura is very pleased to become a sig- nificant and, we hope, [a] long-term commit- ted shareholder in President, a company with a proven and strong management team, a defined strategy and in our view, great potential,” said Martin Urdapilleta, the company’s general man- ager in Argentina.
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ARGENTINA/PARAGUAY
Estancia Vieja field in Argentina (Photo: President Energy)
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