Page 17 - AfrOil Week 45 2021

AfrOil NEWS IN BRIEF AfrOil

The HSE performance throughout the pro- year to-date are exclusive of any effective date
gramme has been exceptional, and the project adjustments that will be made upon ratification.
has now exceeded 142,000 hours without a Lost TransGlobe Energy, November 3 2021
Time Injury (LTI) or recordable incident and is a
testament to the Polaris and Invictus teams.
The CB21 Seismic Survey generated nearly LOCAL CONTENT
200 direct jobs during the campaign for the local
Muzarabani and Mbire communities as well as NCDMB holds corporate
the procurement of goods and services from
local suppliers in keeping with the Company’s governance workshop for
strong local content policy. The Company also
implemented a student and lecturer attach- and Canadian sales of $36.82 per boe. Funds partner companies
ment programme from the local universities flow from operations of $12.4mn ($0.17 per
to develop and transfer skills in the oil and gas share) in the quarter. Third quarter net earn- The Nigerian Content Development and Mon-
industry. ings of $37.1mn ($0.51 per share), inclusive of itoring Board (NCDMB) has rounded off a
Invictus Managing Director Scott Macmil- a $31.5mn non-cash impairment reversal and a two-day Corporate Governance workshop for
lan commented: “The completion of the CB21 $1.3mn unrealised gain on derivative commod- companies that benefitted from its equity invest-
Seismic Survey is a significant milestone for ity contracts. Ended the third quarter with posi- ments or partnerships in project development.
the Company in our exploration programme tive working capital of $17.7mn, including cash Welcoming participants, the Director, Legal
in the Cabora Bassa Basin. The quality of the of $54.0mn; Services, Mohammed Umar hinted that work-
high-resolution seismic data we have acquired Operational highlights: Third quarter pro- shop was conceived by the Board to create a win-
is excellent and providing great insights into the duction averaged 13,342 boepd (Egypt 11,276 dow of discussions and feedback between the
petroleum potential of the basin. The Company bpd, Canada 2,066 boepd), an increase of 265 Board’s top management and affiliate companies
would like to acknowledge Polaris and the local boepd (2%) from the previous quarter, primarily where the Board has invested or partnered, with
Invictus and One-Gas teams for the outstanding due to well optimisation activities and new drill- a view to understanding the Board’s expectations
seismic campaign which has generated a fantas- ing in Egypt, partially offset by natural declines from their projects.
tic dataset and importantly was achieved with while awaiting the production start from new Also speaking, the Director, Finance and Per-
excellent health and safety performance with drilling in Canada. Production in October aver- sonnel Management, NCDMB, Isaac Yalah indi-
142,000 hours LTI and incident free. aged about 13,882 boepd (Egypt about 10,964 cated that the training was also geared to catalyze
“The seismic data processing and interpre- bpd, Canada about 2,918 boepd), an increase of businesses in Nigeria by providing a mechanism
tation is ongoing once completed will enable us 4% from Q3-2021. that would grow businesses in line with the
to identify and mature additional prospects and Ended the quarter with nil entitlement crude Board’s 10-year strategic roadmap. “This led the
leads. The better imaging over the giant Muzara- oil inventory, a decrease of 140.3mn barrels from Board to develop an investment policy and cre-
bani structure is very encouraging and once the Q2-2021. This decrease is due to an increase in ate the Commercial Ventures Department that
interpretation of the full dataset is completed, we sales volumes as a result of the Q3-2021 cargo will intervene in all of the Board’s commercial
expect to refine the location for the basin open- lifting, partially offset by a slight increase in and investment related activities”, he said.
ing Muzarabani-1 well which is scheduled to be production. He stated that as part of the initiative, a two-
drilled in H1-2022.” Drilled two development oil wells at West fold approach of looking into specialised pro-
Invictus Energy, November 3 2021 Bakr in the Eastern Desert, Egypt, both success- jects and how to intervene by lending support
fully encountering oil-bearing sands and placed to participants was put in place. He reiterated
on production. A third development oil well that this was in line with the key objectives of the
PERFORMANCE was spud at West Bakr subsequent to the quar- 10-year strategic roadmap to create 300,000 jobs
ter. Drilled one well at North West Gharib in the and ensure Nigerian Content grows to about
TransGlobe Energy Eastern Desert, Egypt. Drilled an oil exploration 70% by 2027. He disclosed that the training is
well on the SGZ-7B prospect at South Ghazalat to meet that objective and create sustainability
announces Q3-2021 results in the Western Desert, Egypt subsequent to the for the companies, develop a matrix for effective
quarter.
peer review and for collaboration.
TransGlobe Energy has announced its financial Corporate highlights: Amounts outstand- Delivering a keynote address on behalf of
and operating results for the three- and nine- ing under the Mercuria prepayment agreement the Executive Secretary, Simbi Wabote, the
month periods ended September 30, 2021. were repaid in full during the quarter. On Sep- Director, Planning, Research and Statistics, Pat-
Financial highlights: Third quarter sales aver- tember 27, 2021, the prepayment agreement was rick Obah commended all parties involved in
aged 14,868 boepd, including 307.5mn barrels amended to $10mn (undrawn) and extended to driving the vision of the workshop targeted at
sold to EGPC for net proceeds of $20.9mn and December 31, 2021, to coincide with the expiry the production sub-sector. Obah regretted the
one cargo lifting of 499.6mn barrels of entitle- of the Company’s remaining Brent crude oil prevalence of company failures in the country,
ment crude oil for net proceeds of $33.3mn (col- hedges of 150mn barrels. a situation the Board had to bring its affiliate
lected in August 2021). The overlift portion of The Company announced a merged conces- companies together, to analyze behavioral traits,
the cargo (about 221.7mn barrels) will be settled sion agreement with a 15-year primary term and demographic attitude and ability to incorporate
through future entitlement crude oil production improved Company economics on December 3, feedback. He enjoined participants to leave the
at West Gharib. 2020. The agreement is currently awaiting ratifi- workshop better equipped with the skills set to
Average realised price for Q3-2021 sales cation by the Egyptian Parliament but will have effectively manage the operations of their com-
of $60.85 per boe; Q3-2021 average realised a February 2020 effective date upon ratification. panies and to primarily promote local content.
price on Egyptian sales of $64.73 per barrel As such, the results achieved in Q3-2021 and NCDMB, November 8 2021

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