Page 16 - LatAmOil Week 16 2022

LatAmOil NEWS IN BRIEF LatAmOil

Ecuador Exploration: Gran Tierra expects to
drill 2-3 exploration wells in 2022, targeting mul-
ti-zone prospects near existing fields with access
to infrastructure. Gran Tierra’s first exploration
well in Ecuador is scheduled to spud in the third
quarter of 2022 on the Chanangue Block. Envi-
ronmental licenses for exploration drilling have
been granted by Ecuador’s Ministry of the Envi-
ronment for both the Chanangue and Charapa
Blocks, as well as for seismic activities in the
Charapa Block. Approval of the environmental
license for the Iguana Block is expected during
third quarter 2022.
Colombia Exploration: The Company is
also progressing its 2022 exploration campaign
in Colombia with the first exploration well aggregate incremental production from these President Energy
expected to be spud in the Putumayo Basin in four recompletions has been in the range of
early second half 2022 targeting multiple hori- 40-60 bpd, in line with pre-work expectations as announces operational
zons in a prospect between the Costayaco and previously advised.
Moqueta fields. Another one to two exploration In aggregate, this represents a production and strategy update
wells in the Putumayo are planned for second increase of approximately 10-15%, with gross
half 2022, as is one exploration well in the Mid- production across the Company’s fields now AIM-listed President Energy, the international
dle Magdalena Valley Basin. consistently averaging approximately 400 bpd. energy company, has provided an update on
Gary Guidry, President and CEO of Gran Further near-term production enhancement operational and strategy matters.
Tierra, commented: “Gran Tierra is in a strong activities are being prepared, with a target to Key Highlights, Salta Province, Argentina:
position for the continued development and increase production by a further 10% over the Testing at wells DP2001/2003 continues to pro-
enhanced oil recovery activities in 2022 to opti- coming months. gress, with both already having demonstrated
mise value from each of our assets. Gran Tier- In addition to this well activity, repairs to commercial production.
ra’s balance sheet has significantly strengthened access roads, upgrades to utilities, and facili- Side-track from the formerly producing well
since 2020 and paying off the entire credit facil- ties integrity work continues as planned, with PG 13-1 has been successfully drilled to a target
ity will be a major milestone for the Company. this work due to be completed before the end of depth of 3,512 meters. Management is confident
Looking to the end of the year, we are forecasting Q2-2022. Improved access will bring additional in its ability to bring this to production before the
a net debt to EBITDA ratio of under 0.8 times. well stock into the ongoing review process for end of May.
In addition, we plan to allocate capital to prior- potential future recompletions, and the facili- Well PE-8 has now been worked over and
itised, high-impact exploration drilling oppor- ties/infrastructure-based activity is designed to cleaned of accumulated sand with Swab results
tunities. Our waterflood programmes across all maintain baseline production on a consistent showing oil and gas production.
of our assets continue to perform well and we basis. Preparatory work for the drilling of the Par-
expect another strong year of free cash flow from This work is benefitting from the restructured aguayan exploration well continues with Pres-
these high-quality, low-decline assets.” Challenger Energy team, including a greater ident’s partner, OPIC, the subsidiary of CPC
Gran Tierra Energy, April 19 2022 level of in-country presence of the leadership Corp. of Taiwan, both having now confirmed a
team, which has been constrained to date by location known as Tapir 1.
international travel restrictions. The macro environment continues to sup-
PROJECTS & COMPANIES Eytan Uliel, CEO of Challenger Energy, said: port higher global oil prices, with a $2 per bar-
“The turnaround of our Trinidad and Tobago rel increase in prices receivable for Argentinian
Challenger Energy provides business unit is proceeding according to plan, April production with a projected upward trend
with good results seen thus far from the field later in year.
update on March/April well work underway since the completion of the Pursuant to increasing pricing and gas
Company’s restructuring and recapitalisation demand in Argentina, President is re-evaluating
recompletion programme in March 2022. The focus at Challenger Energy a Paleozoic deep gas prospect in the Martinex
remains on getting the basics right: maintaining del Tineo field within the Puesto Guardian Con-
AIM-listed Challenger Energy, the Caribbean stable baseline production, achieving incre- cession with a farm out process to start by end
and Atlantic-margin focused oil and gas com- mental production growth from the existing Q3-2022.
pany, with oil production, appraisal, develop- fields, maximising sales revenues and cashflow, In Louisiana, the Triche well is producing
ment and exploration assets across the region, and continuing to evaluate opportunities to in-line with expectations in the range of 180
has provided the following technical update: grow production through value accretive M&A barrels of oil plus gas with high value remain-
In late March 2022, the Company detailed opportunities.’ ing recoverable reserves internally assessed.
a near-term programme of recompletions of Challenger Energy has five producing fields Simmons well is also producing in line with the
underperforming and non-producing wells in Trinidad (Goudron, Inniss-Trinity, South expected 50 bpd of oil.
from its extensive well stock in Trinidad, focused Erin, Bonasse and Icacos), an appraisal project Increasing value of President’s holding, the
on production enhancement. (Saffron) and an exploration portfolio in the recently spun-off AIM company Atome Energy
Four recompletions have to date been com- South West Peninsula (SWP). Plc.
pleted, ahead of schedule and below budget. The Challenger Energy, April 20 2022 President Energy, April 20 2022

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