PetroNor returns to optimism
PetroNor E&P has posted EBITDA of $4.2 million for the first quarter of 2020, down from the $20.6mn posted for the same period in 2019. The company reported a net profit of $0.9mn, down from $10.2mn.
PetroNor has focused on cutting costs, while also working on expansion plans in West Africa. The company has stakes in the PNGF Sud producing asset in Congo Brazzaville and the Aje field in Nigeria.
During the first quarter, production from PNGF Sud was 23,320 barrels per day, from 22,247 bpd in the first quarter. Operating expenditure was $11.1 per barrel in the first quarter. Net production was 2,650 bpd during the first half, of which 2,390 bpd came from Congo Brazzaville.
Operator Perenco had been due to begin infill drilling on PNGF Sud in the second quarter but this has been pushed back. PetroNor expects this to take place in late 2020 or the first quarter of 2021. Payback time for the Litanzi drilling will be two years.
Work on Litanzi is intended to increase production from 1,000 bpd to 3,000 bpd. This will include the drilling of four wells, two producers and two injectors. Six infill wells are planned for the Tchendo field, where a wellhead platform will be installed this year. PetroNor also has an interest in PNGF Bis. Work was due to begin here in 2020 but is now expected in 2021. Development capital expenditure is $10 per barrel.
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