Page 16 - LatAmOil Week 34 2022

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2022 Mid-year Reserves Exercise: NPV-10 independent reserves evaluation, which rein- Cascadura wells will commence immediately,
values increased 164% for 1P and 79% for 2P forces the significant value of our Colombian following the required notifications and condi-
reserves. and Canadian assets.” tions set out in the approved CEC. The National
The recent drilling campaign in Rio Cravo Arrow Exploration, August 24 2022 Gas Company of Trinidad and Tobago Ltd
(Tapir Block, Colombia) was very successful, (NGC) has begun activity in the field to com-
resulting in the Company finding four more mence the construction of the 1.7-km, 20-inch
hydrocarbon accumulations and increasing its PROJECTS & COMPANIES pipeline to the Cascadura facility.
1P oil reserves from 236mn barrels to 853mn Paul Baay, President and CEO, commented:
barrels of oil. These results allow Arrow to bet- Touchstone announces “This is a major step forward for the Cascadura
ter understand the continuity of the reservoirs project as we progress from the exploration
in RCE and provide a foundation for the next approval of Cascadura CEC phase to the development and production phase.
phase of exploitation and material reserve addi- It has been a thorough process, but the positive
tions at RCE. Touchstone Exploration has announced that outcome now allows us to establish a clear and
Total Arrow reserves increased from 3.04mn on August 16, 2022, the Company received a measurable five-year development plan for the
boe to 3.56mn boe for 1P, and from 7.42mn boe Certificate of Environmental Clearance (CEC) discovery. We are working with our local con-
to 7.86mn boe for 2P. to conduct development operations within the tractors, and construction is underway at local
2022 Mid-Year Reserves Summary: The sum- Cascadura area of the Ortoire block from the fabrication shops for various aspects of the facil-
mary below summarises Arrow’s reserves as of Trinidad and Tobago Environmental Manage- ity with all major facility components already
June 30, 2022, as presented in the reserves report ment Authority. Touchstone has an 80% oper- delivered to Trinidad. We will provide updates
prepared by BouryGEC, an independent qual- ating working interest in the Ortoire block, on the project milestones as we move forward.”
ified reserves evaluator. The figures in the fol- with Heritage Petroleum Company holding the Touchstone Exploration, August 17 2022
lowing tables have been prepared in accordance remaining 20% working interest.
with the standards contained in the most recent The CEC approves the construction of a DOF Group reports on
publication of the Canadian Oil and Gas Eval- multi-well surface production facility with a
uation Handbook (COGEH) and the reserve designed production capacity of 200mn cubic extension and award of
definitions contained in National Instrument feet per day of natural gas, 5,000 barrels per
51-101-Standards of Disclosure for Oil and Gas day (bpd) of associated liquids and 200 bpd of multiple contracts with
Activities (NI 51-101). In addition to the sum- produced water, with a storage capacity of 8,800
mary information disclosed in this announce- barrels of liquids on the Cascadura A wellsite. Petrobras
ment, more detailed information will be In addition to the facility, the CEC includes the
included in Arrow’s reserves evaluation report drilling of eight wells at two well pads (Casca- DOF is pleased to announce that Petrobras has
on certain properties as at June 30, 2022, to be dura B and C) and the establishment of asso- extended the contracts and awarded new long-
filed on SEDAR and posted on Arrow’s website. ciated pipelines and infrastructure within the term charter and service contracts to Norskan
Marshall Abbott, CEO of Arrow Exploration Ortoire block. Offshore and DOF Subsea Brasil Servicos for the
Corp., commented: “Arrow delivered an increase Construction of the Cascadura surface vessels; Skandi Chieftain, Skandi Olympia and
in volumes and values in all reserve categories. facility and associated infrastructure required Skandi Commander.
We are pleased with the results of the BouryGEC to bring on production from our two existing All contracts include vessels and ROVs and
are for a period of three years.
The contracts on Skandi Chieftain and
Skandi Olympia have been extended until end of
2022 and both vessels will thereafter commence
the new three-year contracts.
The contract for Skandi Commander has
been extended until November 2022, and the
vessel will then be utilised on the PIDF project
for DOF Subsea Brasil on their current contract
with Petrobras until August 2023. Thereafter the
vessel will commence its three-year contract,
combining ROV and AUV capabilities.
The gross value of the extensions and the firm
period of the new contracts exceeds $253mn.
All three new contracts have two-year optional
extensions.
Mons S Aase, CEO of DOF, said: “I am very
excited about these new IMR contracts with
Petrobras. Together with the already announced
extension of the PIDF project, these awards
underpin our position as market leader within
IMR in Brazil. I am also very happy to see that
the Skandi Commander will mobilize an AUV
for the duration of the contract.”
DOF Group, August 22 2022

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