Page 14 - LatAmOil Week 29 2022

LatAmOil NEWS IN BRIEF LatAmOil

INVESTMENT
Petrobras reports on

payment of remuneration

to shareholders

Petrobras, following up on the releases disclosed
on May 5, 2022, and June 20, 2022, informs that
it is carrying out today the payment of the 2nd
installment of the remuneration to shareholders
approved by its Board of Directors in a meeting
held on May 5, 2022.
The gross amount distributed today corre-
sponds to dividends of BRL1.857745 per out-
standing common and preferred share, based
on the shareholding position as of May 23, 2022.
Credit instructions: The payment will be
made by Banco Bradesco SA, the depositary
institution of the book- entry shares issued by dates are available on Petrobras’ website. severe torrential rains in the last two weeks of
Petrobras. All shareholders whose registration The main subsequent steps of the sale pro- June 2022, which caused several days of down-
is duly updated will have their rights automat- cesses of these three refineries will be informed time due to electrical failures and safety-related
ically credited to their bank accounts on today’s to the market in due course. total field shut downs.
date. For shareholders with shares under custody Petrobras, July 15 2022 Total oil sales in Q2-2022 amounted to
at B3, the payment will be made through their 31,170 barrels, representing approximately a
respective brokers. 5% increase over Q1-2022, with a gross realised
Further information can be obtained at any PERFORMANCE average price per barrel sold of $97.45, represent-
Bradesco branch or by the phone 0800-7011616. ing approximately a 17% increase over Q1-2022.
For ADR holders, payment will take place as Challenger Energy provides As noted above, especially severe weather
of July 27, 2022, through JP Morgan Chase Bank, conditions were experienced in the last two
Petrobras’ ADR depositary bank. update on Q2-2022 weeks of June 2022, and resulted in the Company
Dividends and IOE not claimed within three being unable to deliver approximately 800 bar-
(3) years from the date of payment (July 20, operations in Trinidad rels of oil for sale prior to the close of the second
2022) will prescribe and revert in favor of the quarter. However, this unsold inventory will be
company (Law 6404/76, art. 287, sub II, item a). AIM-listed Challenger Energy, the Caribbean realised early during Q3-2022.
Petrobras, July 20 2022 and Atlantic-margin focused oil and gas com- Revenue received by the Company from oil
pany, with oil production, appraisal, develop- sales (being gross revenues less Government
Petrobras extends deadline ment and exploration assets across the region, royalties and mandatory source deductions
and adjustments applicable under the relevant
has provided the following update on its Trini-
for sale of refining and dad and Tobago business unit’s operating results licences), amounted to approximately $1.4mn
in Q2-2022. This represents average net revenue
for Q2-2022:
logistics assets 34,159 barrels, equating to approximately 375 approximately 15% increase over Q1-2022.
Total gross oil production for Q2-2022 was to the Company of $45.15 per barrel sold, an
Petrobras, following up on the release disclosed barrels of oil per day (bpd of oil), representing In total, the Company’s operations in Trin-
on June 27, 2022, informs that it has extended an approximately 6% increase over Q1-2022 idad and Tobago generated an (unaudited)
the deadlines for participation in the sale pro- (358 bpd of oil). pre-tax operating cash surplus in Q2-2022 of
cesses of Refinaria Abreu e Lima (RNEST), in The increase in average daily gross produc- approximately $400,000 (Q1-2022: $200,000).
Pernambuco, Refinaria Presidente Getúlio Var- tion is principally attributable to a focused effort This surplus is stated after field operating costs,
gas (REPAR), in Paraná, and Refinaria Alberto on maintaining baseline production. It is noted in-country G&A and other Trinidad expenses,
Pasqualini (REFAP), in Rio Grande do Sul, as that the Company’s 2022 work programme, but before corporation and other taxes (includ-
well as the logistics assets integrated to these which is focused on near-term production ing supplemental petroleum tax, where applica-
refineries. enhancement activities (as announced in RNS ble). It is noted however that, given the extent of
Potential buyers will have by July 29, 2022 to dated June 7, 2022) is to be executed in phases carry-forward tax losses in Trinidad and Tobago,
express interest in participating in the sales pro- over the coming months, and thus the expected the Company is currently largely shielded from
cesses, and must sign the Confidentiality Agree- impact of this work on production is not yet corporation taxes.
ment and Compliance Statement by August 12, reflected in the production rates achieved dur- Note 1: Oil sales are predominantly made to
2022. ing Q2-2022. Heritage Petroleum Company Ltd, the Trini-
The teasers, which contain key information It is further noted that notwithstanding the dadian national oil company (NOC), who then
about the assets and the eligibility criteria for the increase in total oil production, the quarterly apply certain deductions and adjustments before
selection of potential participants, with the new result was adversely impacted by especially payment of funds to the Company.

P14 www. NEWSBASE .com Week 29 21•July•2022