Page 15 - LatAmOil Week 22 2022

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.

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