Page 20 - AfrOil Week 47

AfrOil NEWS IN BRIEF AfrOil

shareholders in mind.”
Nine months to September 40, 2020, Oper-
ations Highlights: Average entitlement produc-
tion of 6,646 boepd, an increase of 90% from
the nine months to September 30, 2019 (3,501
boepd), and 64% higher than average produc-
tion during FY 2019 (4,062 boepd) due to strong
production levels mainly from South Disouq,
which delivered gross production of 48.6mn
cubic feet (1.376mn cubic metres) per day of dry
gas and 467 bpd of condensate (51.4 mcf per day
PERFORMANCE Bireno interval with highly productive Douleb or 1.456 mcm) equating to 4,710 boepd net to
to be produced in the future; Multiple workover SDX.
Panoro Energy reports activities performed during quarter and contin- Existing full year production guidance is
uing into Q4, all completed safely and without maintained across all assets at 6,000-6,250
on Q3-2020 results incident; Two liftings, one international and one boepd, which is 48-54% higher than 2019 actual
domestic, totalling 104,705 barrels during the production and existing full year capex guidance
Panoro Energy reported total revenues of quarter is also maintained at $26.2mn, the majority of
$7.59mn in the third quarter of 2020, with posi- Panoro Energy, November 23 2020 which has already been incurred.
tive EBITDA of $2.45mn. Numerous operational SDX Energy, November 19 2020
initiatives are expected to increase Panoro’s SDX Energy announces
net production in the upcoming quarters, and
seismic reprocessing at Dussafu has confirmed financial and operating COMPANIES
potential for a threefold increase in hydrocarbon
volumes at the Hibiscus field offshore Gabon. results for 9M-2020 NOC chairman receives
Financial Highlights: Gross revenue exclud-
ing hedging income from continuing operations SDX Energy has announced its unaudited finan- Spanish ambassador
of $16.1mn for the first nine months of 2020 cial and operating results for the nine months
derived from five international and five domes- ended September 30, 2020. Mustafa Sanalla, Chairman of the Board of
tic oil liftings; Eightfold increase in EBITDA in Mark Reid, CEO of SDX, commented: “I am Directors of National Oil Corp. (NOC), received
Q3-2020 versus Q2-2020, reflecting higher oil pleased to report another strong period of pro- on November 19, 2020, His Excellency the
prices realised despite higher operating costs duction and cash generation from our portfolio Ambassador of the Kingdom of Spain to Libya
linked to workovers in Tunisia; Operating cost in what remains a challenging period for busi- Javier García-Larrache and his accompanying
of around $17 per barrel of oil produced for the nesses globally. delegation in the presence of Member of the
nine months to September 30, 2020, impacted by “Despite this, we reiterate our production Board of Directors for Exploration and Pro-
high levels of workover activities in Tunisia; Net guidance for 2020 and feel that we are in a very duction Abulgasem Shengeer and Manager of
income after tax for the nine months to Septem- strong position to continue our excellent cash International Co-operation Office Salah Ben Ali.
ber 30, 2020, of $1.2mn, principally from real- generation with approximately 90% of reve- At the beginning of the meeting Sanalla wel-
ised and unrealised gains on crude oil hedges of nues being derived from our fixed price gas comed Ambassador García-Larrache and his
$8.6mn. contracts. Our discovery at the SD-12X well accompanying delegation to this visit and indi-
Gabon: In Gabon, quarterly production of in Egypt towards the beginning of the year is cated that he is proud of the bilateral relations
15,449 bpd gross on average, slightly below last quickly being developed with initial production between the two countries in the oil field, stat-
quarter’s record high, with peak production lev- expected in Q1-2021. ing that NOC is seeking to expand the mutual
els exceeding 20,000 bpd; At Dussafu, seismic “Growth remains a key focus for the Man- co-operation horizons in the energy sector.
reprocessing completed, potential for material agement team at SDX and we were pleased to Sanalla added: “We are happy with our part-
increase in hydrocarbon volumes at Hibiscus announce the identification of c.233bcf of close nership with the Spanish company Repsol and
up to three times as large; Material cost and time to infrastructure resource in drill-ready pros- there has been a commercial exchange between
savings through an alternative development plan pects at our South Disouq concession. In Q2- Libya and Spain in the oil and its derivatives field
for the Hibiscus/Ruche area using jack-up rigs and Q3-2021, the Company will drill the Ibn that exceeded $7.5bn during the last three years.
in place of a wellhead platform; $100mn gross Yunus-2 development well to accelerate produc- NOC wishes to raise the commercial exchange
in capital savings as compared to previous con- tion from our existing discovered reserve base. rates in oil and gas field and we appreciate and
cept; Break-even for next development phases Immediately following this, the Hanut pros- are thankful for the role that Repsol has been
of approximately $25 per barrel; One crude oil pect will target 139 bcf [3.936bn cubic metres] playing through its cooperation with us in capa-
lifting in the third quarter, sold at $46 per barrel of the 233 bcf [6.598 bcm] of newly identified bility building and sustainable development
with operating costs of $19.6 per barrel resource and in 2022, two further wells will tar- aspects.”
Tunisia: 5,000 bpd gross target achieved dur- get another 40 bcf [1.13 bcm]. In line with our Shengeer also pointed out that the Libyan
ing October and current production steady at ongoing focus on shareholder value creation, oil sector needs the return of Spanish service
these levels; Tunisian quarterly production of we continue to assess the optimum allocation of companies because of their capability and
3,261 bpd gross on average, with production capital, whether that be investment into organic long expertise in this field in order to meet the
being impacted by replacement of two ESPs; or inorganic growth projects, or returning cap- requirements of the sector in training and other
Guebiba 10 side-track successful, confirmed ital to shareholders. Our final decision on this aspects to develop the Libyan personnel.
oil in two reservoirs, on production in lower will always be taken with the best interests of National Oil Corp., November 19 2020

P20 www. NEWSBASE .com Week 47 25•November•2020