Page 17 - NorthAmOil Week 49

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM at $985mn is evidence of our success on the New York Stock Exchange (NYSE) or
this front, despite continued pressure on any other applicable existing trading market
Talos Energy announces commodity prices compared to pre-COVID for the common shares in Canada or the
United States (ATM offering). The formal
levels.”
successful borrowing base borrowing base redetermination process, establishment of the ATM programme,
In conjunction with the company’s fall
which is effective for a 25-month period, is
redetermination results, Talos elected to complete an audit of its consistent with the intent to do so announced
reserves as of September 30, 2020 to update
by the company in conjunction with its
updated audited reserves its previously disclosed pro forma, unaudited decision to proceed with Keystone XL in
reserves as of June 30, 2020. Additionally,
March 2020. While not a component of the
figures and revised fourth- below are sensitivity tables providing PV-10 company’s base funding plan, it provides
values highlighting substantially higher
additional financial flexibility in support of
quarter 2020 operational reserve values at increasing oil prices TC Energy’s consolidated credit metrics and
capital program, including the Keystone XL
relative to the September 30, 2020 SEC price
and financial guidance assumptions. pipeline project, and may be activated if and
As of September 30, 2020, Talos had
as deemed appropriate.
Talos Energy today announced that its proved reserves of 177.6mn boe, comprised TC ENERGY, December 07, 2020
borrowing base has been successfully of 68% oil, 75% liquids and 76% was proved
reaffirmed at its current level of $985mn developed. The PV-10 of proved reserves Third Coast Midstream
following the company’s semi-annual was approximately $2.4bn. The reserves and
redetermination process. Separately, Talos associated PV-10 are audited by NSAI and announces sale of its
provided updated reserves figures as of are fully burdened by and net of all plugging
September 30, 2020 audited by Netherland, and abandonment costs associated with the East Texas gathering and
Sewell & Associates, Inc. (NSAI) as well as properties included in the reserves report.
updated operational and financial guidance TALOS ENERGY, December 07, 2020 processing business to J.
for the fourth quarter of 2020.
The borrowing base under the company’s Global Energy Midstream
reserves-based lending facility has been MIDSTREAM
reaffirmed at its current level of $985mn. As Third Coast Midstream today announced that
of November 30, 2020, Talos maintained over TC Energy establishes on December 4, 2020, a subsidiary completed
$300mn of liquidity. the sale of its East Texas gathering, processing,
President and chief executive officer at-the-market equity and fractionation business (3CM East Texas)
Timothy S. Duncan commented: “Consistent to J. Global Energy Midstream. 3CM East
with the redetermination process in the programme Texas consists of a 710-mile oil and gas
spring, our bank group has once again shown gathering system, a 23-mile inbound liquids
strong support for our business despite the TC Energy today announced that it pipeline and a 12-mile outbound liquids
challenging macro-economic conditions has established an at-the-market equity pipeline, three cryogenic gas processing
and unique circumstances the Company programme (ATM programme) that allows plants with a combined 50mn cubic feet per
has experienced this year. Our 2020 capital the company to issue common shares day of capacity, a 11,300 bpd of fractionation
program was focused on lower-risk, shorter- from treasury (common shares) having an capacity, 4,000 bpd of trucking capacity, and a
cycle projects that provided impactful aggregate gross sales price of up to CAD1.0bn, rail system, which connects to Union Pacific,
conversions to our Proved Developed or its US dollar equivalent, to the public from that has 3,000 bpd of rail capacity.
Producing reserves and immediately time to time, at the company’s discretion, “Third Coast Midstream is pleased to
bolstered the collateral value of our business. at the prevailing market price when sold announce the sale of 3CM East Texas to J.
The reaffirmation of the borrowing base through the Toronto Stock Exchange (TSX), Global,” stated Matt Rowland, President
and Chief Executive Officer of Third Coast
Midstream. “This sale is one of the final steps
in Third Coast Midstream’s plan to divest its
onshore assets and focus on its core Gulf of
Mexico midstream infrastructure business. I
would also like to congratulate the J. Global
team on the acquisition. We look forward
to working with them to ensure a smooth
transition.”
“This has been a fantastic opportunity for
J. Global Energy Midstream LLC which will
be led by Avery Plank, who has accepted the
challenge to develop this new venture. The
acquisition of the East Texas gathering and
processing facilities represents a tremendous
value to the shareholders and has greatly
enhanced our capacity in supply and trading

Week 49 10•December•2020 www. NEWSBASE .com P17