Page 14 - LatAmOil Week 06 2021

LatAmOil NEWS IN BRIEF LatAmOil

Rio Negro in 2017.
In terms of Salta, President’s realisable prices
in the Reserves report are calculated at $38 per
barrel on the basis of $50 Brent. By way of com-
parison actual realisable prices for Salta in Feb-
ruary are estimated at approximately $45.
Paraguay; The figures reported today prop-
erly and appropriately take no account of any
exploration resources in Paraguay which are
internally assessed at over 536 MMbo of Pmean
undiscovered oil-in-place.
President Energy, February 08 2021
Trinity Exploration issues
The amount received at closing is added to the ground are materially higher.
amount of $6.17mn paid to PUSAI on the date “We look forward to delivering on that poten- operational update for
the sale contract was signed, on October 2, 2020, tial in 2021, with a record actual and contingent
totaling $68.17mn. work programme announced on January 20, Trinidad and Tobago
In Uruguay, Petrobras operated, through including a prospective return to drilling in
PUDSA, in the fuel and lubricant distribution Puesto Guardian. This year’s work is supported projects in 2020
market, with a portfolio of assets that includes by more stable realisation prices in the markets
a network of 90 service stations, 88 of which are we serve combined with both federal govern- Trinity Exploration & Production, the inde-
in operation, 16 convenience stores, a lubricant ment and provincial investment incentives in pendent E&P company focused on Trinidad and
logistics terminal, an aviation kerosene plant and Argentina.” Tobago, has provided a full year trading update
delivery of marine Rio Negro: President will exercise its for 2020, guidance for 2021 and an update on
fuels to the main ports of the country, being entrenched legal rights to renew and extend its growth plans and opportunities for 2021 and
the second largest fuel distributor in Uruguay. It core Puesto Flores/Estancia Vieja concession beyond.
also acted in the distribution of liquid fertilisers, currently due to expire in November 2027, for a Bruce Dingwall, CBE, Executive Chairman
through two logistic storage terminals, being the further 10 years until November 2037 in accord- of Trinity, commented: “2020 was a successful
largest trader of liquid fertilisers in the country. ance with the relevant sections of the Argentine year for Trinity, notwithstanding the challenging
Petrobras, February 05 2021 Federal Hydrocarbons Law. circumstances, as we continued to consistently
These sections provide President definitive deliver on our operational and financial targets.
and inalienable right to extend the concession We not only met our production targets safely
PERFORMANCE term by successive periods of 10 years thereby but also delivered the fifth consecutive year of
giving President the time and ability in the future operating break-even below $30.00 per barrel.
President Energy to fully exploit the production potential of the To put this in context, over the past five years,
relevant areas.
despite a 6% fall in average oil price realisa-
announces reserves update Rio Negro with regard to such extension are whilst simultaneously reducing the operating
Concrete discussions with the Province of tions, Trinity has increased production by 27%
AIM-listed President Energy, the energy com- anticipated to take place later this year with break-even by 30%, resulting in a business with
pany with a diverse portfolio of production and a view to concluding the same before the year a robust production base and a strong margin.
exploration assets focused primarily in South end. Such extension will have a positive effect on Our success in delivering these results, despite
America has announced its updated reserves reserves as hydrocarbons during the prolonged the unprecedented backdrop, reflects the qual-
and contingent resources assessed as at Decem- period move from the contingent resources cat- ity of our assets, the strength of our team, and
ber 31, 2020. egories to the more definitive reserve categories. our unrelenting focus on operational efficiencies
Peter Levine, Chairman, commented: “The Definitions of both reserves and resources are set and innovation. This is complemented by main-
robust Group reserves and contingent resources out in the Glossary below. taining a strong balance sheet, which is essential
of President assessed as at the end of last year, Salta: In Salta, where the long-term Conces- as we develop strategic options to meaningfully
combined with the enshrined legal right to sion extends to 2050, President is in the prelimi- scale the business.
extend our all our Argentine licences, underlines nary stage of planning to finally return to drilling “Looking at the growth initiatives in front of
our production potential for years to come in a later this year with three new vertical production us, we see opportunity in two areas. Firstly, in
country with long term hydrocarbon needs. wells as well as 3D seismic data acquisition. In advancing current developments both onshore
“It is important to note that the reserves as at the event of success these would be the first new and offshore, and secondly, via the strategic
December 31, 2020, do not represent the total producing wells at the Puesto Guardian Con- partnerships we have recently entered into. This
of what is present and/or recoverable in the cession for nearly 10 years which is itself a tes- strategy is aimed at pursuing further low-cost
respective fields but only rather what are present tament to the long life of the current well stock. appraisal and exploration targets along-side the
and/or recoverable over the term of President’s These wells would complement the already firm development of transitional energy projects such
current licenses as at the audit date. In practise, drilling programme in Rio Negro in the first as micro LNG, wind and solar power.
the Company intends to exercise its legal right part of this year with the four committed wells “We proved the strength of our model during
to extend its Rio Negro licenses beyond their there within H1-2021 representing the highest the most difficult of circumstances in 2020 and
current terms and therefore as is discussed the number of individual wells drilled by President have ambitious plans to build on this during the
total present and/or recoverable reserves in the in any year since the Company first arrived in current year and beyond.”`

P14 www. NEWSBASE .com Week 06 11•February•2021