Page 16 - LatAmOil Week 29 2022

LatAmOil NEWS IN BRIEF LatAmOil

Llanos Basin: Exploration Drilling Underway
in High-Potential Prospects. In the Llanos 34
block: Adding a third drilling rig, expected to
start spudding wells in early August 2022. In the
CPO-5 block: Drilling the Cante Flamenco 1
exploration well, located 4 km west of the Urraca
1 well, looking for hydrocarbon potential in the
Ubaque and Mirador formations, with Guada-
lupe as a secondary target.
H2-2022 work programme targets drilling
of 1-2 development wells to further accelerate
production growth in the Indico field, to be fol-
lowed by 3-5 high-potential exploration wells
(1-2 wells next to Llanos 34 to test the extension
of the Jacana field and 2-3 wells in the southeast-
ern part of the block).
In the Llanos 87 block (GeoPark operated,
50% WI): Obtained environmental license,
allowing exploration and delineation drilling
plus related infrastructure. Civil works and
other pre-drilling activities underway to spud drilling of 50-55 gross wells, including 18-22 Directors jointly with two experienced Execu-
the Tororoi exploration prospect in Q3-2022, to gross exploration/appraisal wells. Using a $95- tive Directors, Andrés Ocampo and Marcela
be followed by 1-2 exploration wells in Q4-2022. 100 per barrel Brent base case, GeoPark expects Vaca, bringing significant expertise to GeoPark’s
Oriente Basin: Three Drilling Successes in to generate a free cash flow of $250-2804mn, Board. GeoPark’s Board is now composed of six
H1-2022. In the Perico block (GeoPark non-op- equivalent to a 35-40% free cash flow yield. Free Independent Directors, representing 66.7% of
erated, 50% WI): Drilled and put on production cash flow funding incremental capital projects, the Board. The key Nomination and Corporate
the Yin 1 exploration well, currently producing debt reduction, increased shareholder returns Governance, Audit and Compensation com-
approximately 2,000 bpd of oil gross with a 1% and other corporate purposes. mittees continue to be composed exclusively of
water cut. Jandaya, Tui and Yin oilfields are cur- Debt Reduction and Balance Sheet Strength- Independent Directors.
rently producing 3,000 bpd of oil gross. ening: Repurchased $50.3mn principal of the GeoPark, July 21 2022
In the Espejo block (GeoPark operated, 50% 2024 Notes since January 1, 2022. Redeemed
WI): Completed the acquisition of 60 square km $45.0mn principal of the 2024 Notes in May
of 3D seismic. Obtained environmental license, 2022. Reduced gross debt by $200mn since April POLICY
allowing exploration and delineation drilling 2021, with additional deleveraging expected in
plus related infrastructure. Civil works currently H2-2022 at current market conditions. Cash in Petrobras comments
underway targeting to spud the Pashuri 1 explo- hand of $1226mn as of June 30, 2022 ($114.1mn
ration well in September 2022. as of March 31, 2022). on board of directors’
Putumayo Basin: Drilling Attractive Returning More Value to Shareholders:
Short-Cycle Prospects. In the Platanillo block Quarterly Dividend of $0.082 per share, or deliberations
(GeoPark operated, 100% WI): Initiated drill- $5.0mn, paid on June 10, 2022, representing a
ing of the Alea NW 1 exploration well, to be fol- 2.9% dividend yield. Accelerating discretionary Petrobras informs that, in an extraordinary
lowed by the Platanillo Norte 1 exploration well buyback programme, having acquired 1,045,940 meeting held today, its Board of Directors (BD),
in Q3-2022. Production and operations affected shares, or 1.7% of total shares outstanding for in a session attended only by its members who
for 15 days in May 2022 due to local community $13.6mn since January 1, 2022, while execut- were not nominated for a new election, fully
blockades against the Government. ing self-funded and flexible work programmes validated the analyses made by the Eligibility
Fast, Immediate and Aggressive Actions to and paying down debt. Obtained consent from Committee (CELEG) regarding the candidates
Minimise Emissions: Main fields in Llanos 34 2027 bondholders to reset and rebuild restricted nominated by the controlling shareholder and
block interconnected to Colombia’s national payments baskets, adding significant flexibil- minority shareholders for the company’s BD, as
power grid fully operational. Tua and Jacana ity to GeoPark’s long-term shareholder return per the minutes of the CELEG meeting of July
fields interconnected in May/June 2022. Tigana strategy. 13, 2022, as well as, by majority, the analysis
field interconnected in July 2022. Tua, Jacana Strengthened Corporate Governance and made by CELEG in the Committee’s meeting of
and Tigana fields represent approximately 80% Expertise: Shareholders voted for all five Direc- June 24, 2022.
of the Llanos 34 block’s production. The inter- tors standing for re-election and elected four The Board also deliberated, with the partic-
connection of Llanos 34 to Colombia’s national new Directors at the AGM held on July 15, 2022. ipation of all its members, by majority vote, on
power grid (about 70% hydroelectric) is a deci- Every Director received at least 77% of the votes, the convening of the Extraordinary General
sive catalyst to reduce carbon emissions and with a total of 65% of shares represented by Meeting, to be held on August 19, 2022. The
improve overall operational reliability. Solar proxies at the meeting. The two new Independ- call notice and the manual for participating
photovoltaic plant in the Llanos 34 block to be ent Directors and the two new Executive Direc- in the Meeting will be disclosed to the market
fully operational by early August-2022. tors were each elected with a 99% majority of tomorrow.
2022 Work Programme: Strong Cash Flow the votes cast. World-class, well-known oil and Facts deemed material on the subject will be
Generation. Self-funded 2022 capital expendi- gas finders and developers, Brian Maxted and disclosed to the market in due course.
tures programme of $200-220mn targets the Carlos Macellari join the Board as Independent Petrobras, July 18 2022

P16 www. NEWSBASE .com Week 29 21•July•2022