Page 13 - LatAmOil Week 05 2023

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INVESTMENT
Petrobras notes rating

confirmation by Fitch

Petrobras informs that the credit ratings agency
Fitch reaffirmed its rating at “BB-,” with stable
outlook, following Brazil’s rating. The stand-
alone rating was also reaffirmed at “bbb,” four
notches above the country.
The agency considers Petrobras’ ratings to
be linked to those of the sovereign given the
Company’s strategic importance to the country
and government control. Fitch considers that
the stand-alone rating reflects the Company’s
leverage profile, its proven reserves and its oper-
ational scale, comparable to investment-grade
international oil companies. performance in 2022, which continues to high- completed and brought into production in the
Fitch also pointed out that it expects the light the strength and resilience of our core Period.
Company to continue to generate positive free business. We delivered production for the year Initial production levels for the three wells
cash flow while investing enough to replenish its within guidance and we remain on-track to drilled in 2022 were on prognosis but subse-
reserves. progress our growth agenda in 2023. We sub- quent performance is lower than planned. Each
Petrobras, 31 January 2023 mitted an application in the 2022 Onshore and well drilled penetrated multiple oil-bearing
Nearshore Competitive Bid Round in January, horizons but is being produced currently from
Brazilian anti-trust we expect to have the reactivation of ABM-151 only a single interval. Trinity’s normal operating
onstream in February and we continue to tar-
practice is to recomplete these wells sequentially
authority approves the sale get further impactful wells, the most exciting of in different productive horizons, or to com-
which is our proposed deep onshore well on the plete multiple zones, which may improve and
of Maha Energy Brasil Jacobin prospect. extend production levels in due course. 31 Tier
“These are the first near-term growth catalysts 1 onshore wells are fully automated, resulting
Maha Energy has announced that the Brazilian we are pursuing, as we unlock the value in our in increased cost savings from reduced manual
anti-trust authority CADE has approved, with- portfolio. Coupled with that, our programme of interventions and workover preventions.
out restrictions, the sale of Maha Energy Brasil share buybacks reinforces our focus on creating Q4 2022 Financial Highlights: Average reali-
to PetroRecôncavo. and returning value to our shareholders. sation of $75.4 per barrel for Q4 2022 (Q3 2022:
The quota purchase agreement for the sale of “Trinity is pleased to have bid for the Bue- $84.3 per barrel) yielding a full year 2022 average
the entirety of Maha’s stake in its Brazilian sub- nos Ayres block as part of the 2022 Onshore of $84.9 per barrel (FY 2021: $60.4 per barrel).
sidiary was announced on December 28, 2022, and Nearshore Competitive Bid Round. Fol- Operating cash flow pre-tax and pre-hedg-
with its closing subject to other customary prec- lowing-on from the positive fiscal changes ing of: Q4 2022 $5.5mn (unaudited) (Q3 2022:
edent conditions, the approval by the Brazilian announced on 26 September 2022, the success of $8.6mn); FY 2022 $26.5mn (unaudited) (FY
anti-trust authority being one of them. this licensing round demonstrates that the Gov- 2021: $20.5mn).
Maha Energy, 27 January 2023 ernment is focused on stimulating the energy Low operating break-even, pre-hedging, Q4
sector which we expect will continue to provide 2022 $31.4 per barrel (Q3 2022: $32.2 per barrel)
additional growth opportunities for Trinity.” and $31.9 per barrel (unaudited) for the full year
PERFORMANCE Q4 2022 Operational Highlights: The Com- 2022 (2021: $29.2 per barrel). Cash balance of
pany maintained solid production performance $12.1mn (unaudited) as at 31 December 2022
Trinity Exploration over the year in line with guidance. versus $18.3mn (audited) as at 31 December
Q4 2022 sales volumes averaged 2,961 bpd 2021 and $16.5mn (unaudited) as at 30 Septem-
announces Q4 2022 of oil (Q3 2022: 2,990 bpd of oil). Full year 2022 ber 2022.
Completion of the share buyback programme
sales volumes totalled 2,975 bpd of oil (2021:
operational update 3,006 bpd of oil). announced on 20 September 2022 with 672,000
shares repurchased (1.7% of the Company’s
The Company maintained year-on-year pro-
Trinity Exploration & Production, the inde- duction through a combination of workovers, shares in issue) for $1.0mn. A further $1.0mn
pendent E&P company focused on Trinidad and recompletion activities and swabbing. During buyback was announced on 24 October 2022
Tobago, has provided an update on operations Q4 2022, one recompletion (Q3 2022: 3) and 27 and, during the Period, the Company repur-
for the three-month period ended December workovers (Q3 2022: 35) were completed, with chased an additional 400,000 shares (1.0% of the
31, 2022 (Q4 2022). The information contained swabbing operations continuing across onshore Company’s shares in issue) for $0.53mn.
herein has not been audited and may be subject and West Coast assets. A total of 19 RCPs and The buyback programme is ongoing. A fur-
to further review and amendment. 117 workovers were completed during 2022 ther 152,000 shares have been repurchased dur-
Jeremy Bridglalsingh, CEO of Trinity, com- (2021: 7 RCPs and 96 workovers). The third ing January 2023 (0.4% of the Company’s shares
mented: “Trinity delivered a robust operating well of the 2022 onshore drilling campaign was in issue).

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