Page 15 - LatAmOil Week 17 2022
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LatAmOil                                    NEWS IN BRIEF                                          LatAmOil








       To mitigate  against  potential  recurrences,                            plus probable plus possible (3P) reserves by 53%
       the Company is upgrading in-field power                                  and 39%, respectively, to 78mn and 147mn bar-
       infrastructure including installation of a new                           rels of oil;
       transformer and several generator-sets in the                              Material progression of 2P after tax net pres-
       Company’s primary producing fields. In addi-                             ent value discounted at 10% (NPV-10) reserve
       tion, other planned facilities and infrastructure                        value per share of $1.23, up 62% from 2020;
       upgrade works continue, so as to improve day-                              Generated 2021 proved (1P) and 2P reserve
       to-day production integrity and operational                              replacement ratios of 457% and 816%, respec-
       resilience. The objective of this work is to protect                     tively; and,
       and maximise the Company’s cash generating                                 Created the framework for a social trust
       capacity.                                                                representing 2.5% of production, to create long
         Eytan Uliel, CEO of Challenger Energy, said:                           standing alignment between communities and
       “During the first quarter of 2022, our Trinidad                          government, with a view to minimising social
       and Tobago operations generated a cash operat-                           downtime, maximising social profitability, and
       ing surplus, based on production that averaged                           developing community projects that will have a
       around 360 bpd, and realised oil prices across the                       significant positive impact near the Company’s
       quarter averaging approximately $83 per barrel.                          Bretaña oilfield.
       This encouraging first-quarter result reflects a                           Manuel Pablo Zuniga-Pflucker, President
       renewed focus on routine operations, stringent                           and Chief Executive Officer, commented: “2021
       cost control, and the committed efforts of every-                        will be remembered for many significant oper-
       one in the Challenger Energy team.                                       ational, commercial and financial milestones
         “I’d also note that both average production                            achieved by the PetroTal team. When uncon-
       and realised prices achieved in the first quarter                        strained, PetroTal is the largest crude oil pro-
       of 2022 are considerably below the levels we are                         ducer in Peru and our management team is
       seeing as we start the second quarter, where the  that Guyana receives the best price for each cargo  well aware of the responsibilities and delivera-
       Company is benefitting from continued strong  from both the Liza and Unity Gold crudes. The  bles that accompany that stature. Our goals for
       oil prices globally and higher production. The  forecasted price for this first lift of the Unit Gold  2022 are very clear, and given the tailwind of a
       increased and more stable base line produc-  crude for Guyana is $106 per barrel.  robust commodity price environment aiding us,
       tion we are currently enjoying has been gained   Government of Guyana, April 23 2022  we believe the Company can add tremendous
       through a targeted work programme aimed at                               value. Having met our original goal of 20,000
       production enhancement, made possible due to   PetroTal announces 2021   bpd, the team is now focused on achieving a new
       the successful completion of our restructuring                           production target of 25,000 bpd with minimal
       and recapitalisation in March 2022.  year-end financial and              social downtime. I would like to thank PetroTal’s
         “We have more production accretive work                                shareholders, directors, employees, and con-
       being planned for the coming quarters and I look   operating results     tractors for their continued support and I look
       forward to reporting on further improvements                             forward to keeping the market updated on the
       as the year progresses.”            PetroTal, an oil and gas development and pro-  Company’s progress throughout the remainder
       Challenger Energy, April 27 2022    duction company focused on development of oil  of 2022.”
                                           and gas assets in Peru, has announced its finan-  PetroTal, April 28 2022
       Government of Guyana                cial and operating results for the year and three
                                           months (Q4-2021) ended December 31, 2021.
       receives first entitlement          Achieved production of 8,966 barrels per day
                                              2021 Significant Milestones and Highlights:  PROJECTS & COMPANIES
       lift from Liza Unity FPSO           (bpd) of oil and sales of 8,449 bpd, up 58% and   BW Energy proceeds with
                                           48%, respectively, from 2020;
       The Government of Guyana has announced that   Recorded a 5th straight quarter of production   phased development
       it will be receiving its first entitlement lift of the  growth; reaching 10,147 bpd in Q4-2021 from
       Unit Gold crude from the Liza Unity Floating  9,508 bpd in Q3-2021;      of Maromba, agrees to
       Production Storage and Offloading (FPSO) pro-  Achieved a four-year Company target of
       duction platform during the period of April 23rd  20,000 bpd in mid-December 2021 under-  purchase FPSO
       to 24th. The usual lifting entitlement amount of  pinned by strong production rates from the
       1mn barrels of oil will be loaded onto the vessel  newly drilled 8H and 9H wells in late Q3-2021  BW Energy has decided to proceed with the
       MV DIMITRIOS by the terminal operator.  and Q4-2021 that each reached over 8,500 bpd,  Maromba development project offshore Bra-
         The first cargo of Guyana’s lifting entitle-  respectively;            zil and signed an agreement to purchase the
       ment was sold to ExxonMobil Sales and Supply   Generated record net operating income  FPSO Polvo from BW Offshore. The FPSO will
       following a competitive bidding process by the  (NOI) and EBITDA in 2021 of $105mn and  be upgraded and redeployed on the field. The
       five companies, inclusive of the covertures of the  $90mn, up approximately 3.6x and 5x, respec-  development plan is based on an initial drilling
       Stabroek Block. The ExxonMobil affiliate bid was  tively, from 2020;     campaign of three wells with planned first oil in
       the best on the pricing differential for the crude   Generated record funds flow provided by  2025 and a second campaign with a further three
       and this lift will incur no marketing fee by the  operations(a), before changes in working capital  wells in 2027. The investment decision is subject
       lifter. This lift is a one-off arrangement for the  of $86.7mn, up over 5x from 2020;  to certain conditions precedent, including com-
       company. The GoG will be working to ensure   Grew proved plus probable (2P) and proved  pletion of the project financing.



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