Page 14 - LatAmOil Week 31 2022

LatAmOil NEWS IN BRIEF LatAmOil

Paul Baay, President and CEO, commented: $42.5mn in contingent payments, depending on
PIPELINES & TRANSPORT “The completion of the Coho facility and pipe- future Brent prices and asset development.
line will be a significant milestone for Touch- This disclosure is in accordance with Petro-
Touchstone to commence stone, as it will represent our first natural gas bras’ internal rules and with the provisions of
the special procedure for assignment of rights
production and is expected to double our cur-
pre-commissioning and rent production on a boe basis. Throughout this on exploration, development and production
process we have encountered challenges that of oil, natural gas and other fluid hydrocarbons,
commissioning of Coho gas have provided us valuable knowledge to stream- provided for in Decree 9,355/2018.
This transaction is in line with the compa-
line the construction of the Cascadura facility.
facility and pipeline missioning process, we will need to balance the improved allocation of its capital, aiming to
ny’s portfolio management strategy and the
“During the pre-commissioning and com-
Touchstone Exploration has summitted a notice system with the well, pipeline and Central block maximize value and provide greater return to
to residents in the community that the Coho gas facility. We will keep all stakeholders informed society. Petrobras is increasingly concentrating
facility and pipeline will commence pre-com- of our progress, and I would personally like its resources on assets in deep and ultradeep
missioning and commissioning operations. to thank our shareholders for their contin- waters, where it has shown a great competitive
Pursuant to the Coho Certification of Envi- ued patience as we proceed to full commercial edge over the years.
ronmental Clearance, residential notification is production.” About Peroá Cluster: Petrobras holds 100%
required to be made a minimum of five business Touchstone Exploration, August 3 2022 stakes in the Peroá and Cangoá fields, located
days prior to the commencement of operations. in shallow waters, whose average production
The Coho area is located in the Ortoire block, from January to June 2022 was about 572,000
where Touchstone has an 80% operating work- INVESTMENT cubic metres per day of non-associated gas, and
ing interest and Heritage Petroleum Company 100% stakes in the BM-ES-21 exploratory block,
Limited holds the remaining 20% working Petrobras concludes the located in deep waters, where the Malombe dis-
interest. covery is located.
The pre-commissioning of the gas facility and sale of E&P assets in About 3R Petroleum: 3R Petroleum Óleo e
pipeline consists of testing all electronics, alarms, Gás SA, a company listed on B3’s New Market,
and operating systems in the facility, testing of Espírito Santo is a company focused on the redevelopment of
the flare and emergency shutdown systems, as mature and producing fields. The redevelopment
well as purging air from the system using inert Petrobras, following up on the release disclosed of offshore fields is carried out by 3R Petroleum
nitrogen gas. Subsequent to these operations, on January 29, 2021, informs that yesterday it has Offshore SA, formerly OP Energia Ltda.
system commissioning operations will com- finalized the sale of all its stakes in the producing Petrobras, August 3 2022
mence, which entails the introduction of natu- fields of Peroá and Cangoá, and in the BM-ES-
ral gas from the Coho-1 well into the facility and 21 concession (Malombe Discovery Evaluation Credit agreement of
pipeline in a step rate manner, officially bringing Plan) jointly called Peroá Cluster, located in the
the system onstream to the Central block natural Espírito Santo Basin to the company 3R Petro- $500mn for the acquisition
gas facility. leum Offshore SA, previously called OP Energia
Coho-1 will commence production fol- Ltda. of the Potiguar Cluster
lowing completion of the commissioning and The transaction was concluded with payment
pipeline handover process, with the expectation at sight of $8.07mn to Petrobras, already with 3R Petroleum Óleo e Gás SA informs its share-
that production will increase over time to 10 the adjustments provided for in the contract. holders, investors and the market in general
mcf per day (1,667 boepd) gross, 8 mcf per day The amount received yesterday is in addition to that, on this date, its wholly-owned subsidi-
(1,333 boepd) net. Touchstone will provide fur- the $5mn paid to Petrobras when the purchase ary 3R Lux, a private limited liability company
ther information once production is optimized and sale contract was signed. In addition to this (société à responsabilité limitée) formed under
through the system. amount, Petrobras is expected to receive up to the laws of Grand Duchy of Luxembourg, reg-
istered with the Luxembourg Register of Com-
merce and Companies (Registre de commerce
et des sociétés, Luxembourg) under number
B-268764, entered into a financing transaction
with financial institutions and the lead arranger
Morgan Stanley Senior Funding Inc., as lenders,
in a committed amount of $500mn, by means
of the execution of a “Credit and Guarantee
Agreement” entered into by and among the
Borrower, the lenders, the Company and certain
subsidiaries of the Company, UMB Bank, NA, as
administrative agent, and TMF Group New York
LLC, as collateral agent, which will be guaran-
teed (garantia fidejussória) by the Company and
certain subsidiaries of the Company, and will be
secured by certain (i) receivables, (ii) shares, and
(iii) concessions emerging rights of certain sub-
sidiaries of the Company.

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