Page 15 - LatAmOil Week 22 2022
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LatAmOil                                    NEWS IN BRIEF                                          LatAmOil








       Furthermore, the letter informs that the delib-  PERFORMANCE             interventions and well workovers.
       eration by the Council of the Investment Part-                             Martin Hull, CEO of Echo Energy, com-
       nership Program will take place on June 2, 2022.  Echo Energy provides   mented: “The increase in production from the
         Facts deemed material will be disclosed to the                         Oceano field is clearly encouraging and is a fur-
       market in due course.               Argentina operational                ther demonstration of the significant potential
       Petrobras, May 30 2022                                                   that we believe exists within the Company’s
                                                                                Santa Cruz Sur assets. We continue our focus,
       Petrobras releases teaser           update                               as cashflow allows, on making targeted and
                                           Echo Energy, the Latin American-focused  cost-effective investments to drive production
       for the sale of UFN III             upstream energy company, has provided a oper-  performance and improving revenues in an
                                           ational update regarding the Company’s produc-
                                                                                environment of sustained elevated commodity
       Petrobras, following up on the release disclosed  ing Santa Cruz Sur assets onshore Argentina.  prices. We remain committed to building value
       on April 28, 2022, informs that it has started the   The Company confirms that daily natu-  for our shareholders and look forward to report-
       opportunity disclosure stage (teaser) regarding  ral gas production has materially increased in  ing further progress.”
       the complete sale of the Nitrogen Fertiliser Unit  the Oceano field, following a successful facili-  Echo Energy, May 30 2022
       III (UFN-III).                      ties maintenance and upgrading programme
         The teaser, which contains key information  focussed on improvements in efficiency, reli-  Borders & Southern
       about the opportunity, including the provision  ability and load capacity of the gas facilities at
       for the buyer to commit to the completion of  Oceano, which delivers gas to residential suppli-  announces audited
       the plant, as well as the eligibility criteria for the  ers. As part of the Company’s plan to increase
       selection of potential participants, is available on  production, the Oceano field was temporarily   results for 2021
       the Petrobras site.                 shut-in in April 2022 to allow for maintenance
         The main subsequent stages of the project will  and upgrades to the compressor and associated  AIM-listed Borders & Southern, the London
       be reported to the market in due course.  infrastructure.                based independent oil and gas exploration com-
         This disclosure is in accordance with Petro-  In Q1-2022, the Oceano field produced an  pany with assets offshore the Falkland Islands,
       bras’ internal rules and with the special regime  average of 1.72 mcf per day of gas (net to Echo)  has announced its audited results for the year
       for divestment of assets by federal mixed  and is now producing at an average rate of 2.63  ended December 31, 2021.
       economy companies, provided for in Decree  mcf per day of gas (net to Echo) over the 12   Summary: Cash balance on December 31,
       9,188/2017.                         days following the maintenance and upgrades.  2021: $714,000 (2020: $2.18mn). Administrative
         This operation is aligned with the portfolio  This represents an increase of 53% in daily gas  expense for the year: $1.1mn (2020: $1.0mn).
       management strategy and the improvement of  production at the Oceano field and markedly  Operating loss of $1.0mn (2020: $1.0mn). Farm-
       the company’s capital allocation, aiming at the  exceeds the Company’s expectations prior to the  out process continues.
       maximisation of value and greater return to  operations being undertaken.  Post year-end events: Extended Production
       society.                               Following post-maintenance commission-  Licences and Discovery Area through to Decem-
         UFN-III is a nitrogen fertiliser industrial  ing, total average daily gas production (net to  ber 31, 2022. Raised $1.8mn (before expenses)
       unit located in Três Lagoas, in the state of Mato  Echo) across the Santa Cruz Sur assets, for the 12  through the issue of 103,858,914 new Ordinary
       Grosso do Sul. The construction of UFN-III  days prior to 21 May 2022, increased to 8.4 mcf  shares. The total number of Ordinary shares in
       started in September 2011 but was interrupted in  per day being a 14% increase over the average  issue is now 587,957,318. The Open Offer for
       December 2014, with physical progress of about  daily gas production levels achieved in Q1-2022.  excess shares was significantly oversubscribed.
       81%. When completed, the unit will have a pro-  As previously announced, the Company  Currently evaluating different development
       jected urea and ammonia production capacity of  has identified an extensive programme of pro-  options, including an accelerated production
       3,600 tonnes per day and 2,200 tonnes per day,  duction enhancement opportunities across its  development.
       respectively.                       portfolio of assets at Santa Cruz Sur, including   Borders & Southern, May 31 2022
       Petrobras, May 31 2022              infrastructure and facility improvements, well
                                                                                Rockhopper Exploration
                                                                                announces full-year

                                                                                results for 2021

                                                                                Rockhopper Exploration, the oil and gas explo-
                                                                                ration and production company with key inter-
                                                                                ests in the North Falkland Basin, has announced
                                                                                its audited results for the year ended December
                                                                                31, 2021.
                                                                                  2021 Highlights, Sea Lion and the Falkland
                                                                                Islands: Definitive legally binding documents
                                                                                announced and, post-period, signed with Navi-
                                                                                tas Petroleum and Harbour Energy.
                                                                                  Navitas to acquire 65% interest in, and
                                                                                become Operator of, Rockhopper’s North Falk-
                                                                                land Basin licences.



       Week 22   02•June•2022                   www. NEWSBASE .com                                             P15
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