Page 14 - LatAmOil Week 34 2022

LatAmOil NEWS IN BRIEF LatAmOil

levels not seen since the oil price collapse of subject to certain confirmations from the Gov-
PIPELINES & TRANSPORT 2015.” ernment of Guyana relating to the petroleum
Shawcor leadership will share further details agreement for the Corentyne Block and final
Shawcor awarded $500mn regarding the expected economic impact of this approval from the TSXV.
contract award in due course.
In addition, the Company announces that the
pipe coating contract in ented, global material sciences company serving previously announced on April 16, 2021, and
$19mn convertible loan outstanding to Frontera,
About Shawcor: Shawcor is a growth-ori-
south-east Mexico the Infrastructure, Energy and Transportation May 28, 2021, and originally maturing on June
markets. The Company operates through a net-
30, 2022, has been extended to July 31, 2022, and
Shawcor today announced that its pipe coating work of fixed and mobile manufacturing and then subsequently to September 30, 2022, to
division (Pipeline Performance Group, or PPG) service facilities. Its three business segments – allow for the completion of the Agreement. The
has received a formal contract valued at approx- Composite Systems, Automotive & Industrial Loan Extension remains subject to final TSXV
imately CAD500mn from Transportadora de and Pipeline & Pipe Services – enable respon- Approval.
Gas Natural de la Huasteca (TGNH), the Mex- sible renewal and enhancement of critical infra- Update on Wei-1 Exploration Well: The
ican subsidiary of TC Energy Corp., to supply structure while lowering risk and environmental Company also announces that the Joint Ven-
pipe coating services on the Southeast Gateway impact. ture, through CGX Resources Inc., operator of
Pipeline project (SGP), an offshore natural gas Shawcor, August 18 2022 the Corentyne Block, has entered into a defin-
pipeline in south-east Mexico. itive agreement with Maersk Drilling Holdings
In support of this project, which reached Singapore Pte for the use of the Maersk Dis-
a final investment decision (FID) this month, INVESTMENT coverer to drill the Wei-1 exploration well. As
Shawcor will mobilise facilities and apply con- previously announced on August 23, 2021, the
crete weight coating to approximately 706 km CGX Energy announces Company had elected to exercise its option for
of 36-inch diameter pipe that will connect the a second well from the definitive agreement on
TGNH facilities in Tuxpan, Veracruz offshore conditional approval from the Kawa-1 well announced on April 22, 2021.
to Coatzacoalcos, Veracruz and onward to Dos Lastly, the Company announces that the Joint
Bocas, Tabasco. Facility mobilisation will start TSXV for agreement to Venture has received the required environmen-
in Q3-2022 with coating expected to begin tal permitting for spudding and drilling of the
early in 2023 and take approximately one year amend JOA on Corentyne Wei-1 exploration well from the Guyana Envi-
to complete. The work will be conducted from ronmental Protection Agency (EPA).
a high-capacity concrete coating facility which block About CGX Energy: CGX Energy is a Cana-
Shawcor will re-establish in Altamira, Mexico. dian-based oil and gas exploration company
John Highams, PPG’s Vice President of Stra- CGX Energy is pleased to provide an update to focused on the exploration of oil in the Guy-
tegic Projects, commented: “Shawcor’s ability to the agreement to amend the Joint Operating ana-Suriname Basin and the development of a
utilise its experience from the mobilisation and Agreement (JOA) originally signed between deep-water port in Berbice, Guyana.
execution of the Sur de Texas-Tuxpan trans- CGX and a subsidiary of Frontera Energy Corp., CGX Energy, August 22 2022
mission line, completed in 2018, provides TC joint venture partners in the Petroleum Pros-
Energy with the assurance to deliver this world- pecting License for the Corentyne block off- Gran Tierra Energy
class project safely and reliably.” shore Guyana, on January 30, 2019, as amended,
Kevin Reizer, PPG President, added: “This effectively farming into the Corentyne block and announces new credit
project reinforces the trend of increased large securing funding for the Wei-1 exploration well
project activations we are seeing globally, and as previously announced on July 22, 2022. facility
coupled with the recently announced Scarbor- As of today’s date, the Company has received
ough Gas Export Pipeline will return Shawcor’s TSX Venture Exchange conditional approval for Gran Tierra Energy today announced that it
conventional offshore pipe coating activity to the Agreement. The Agreement still remains has, through its wholly owned subsidiaries Gran
Tierra Energy Colombia LLC and Gran Tierra
Colombia Inc. entered into a credit facility of up
to $150mn.
The facility replaces Gran Tierra’s previ-
ous credit facility that had a borrowing base of
$150mn. The new facility is with Trafigura, a
market leader in the global commodities indus-
try, and has a final maturity date of August 15,
2024, which may be extended to February 18,
2025, if certain conditions are met.
Highlights of the new facility include: An
initial commitment of $100mn with a potential
option of up to an additional $50mn. The loan
is secured by the economic rights over certain
contracts together with Gran Tierra’s Colombian
commercial establishment, and Interest payable
on the facility is based on a SOFR risk-free rate
plus a margin of 6.00% per annum.

P14 www. NEWSBASE .com Week 34 24•August•2022