Hi all
Should be some news about Atlanta within a month so I thought it opportune to look at the possibilities.
Here is were things stand
https://brazilenergyinsight.com/2021/09/02/enauta-may-be-closer-to-being-able-to-bring-two-new-partners-to-the-atlanta-project/
Here is the Enauta 2Q21 earnings release
https://api.mziq.com/mzfilemanager/v2/d/58581687-ef6b-4185-99f8-7189e4d08a71/f2b1de94-70f6-1faa-a1e8-11079a9ddfb0?origin=1
Note the following from report above.
2Q 2020 production (100% basis) was 25.2 kbld (p5) and lifting costs were $US15.3/bl at this production rate (p6). Also note their "Shell" sales deal.
SALES
All the Atlanta oil is purchased by Shell, through a Crude Oil Sales Agreement (COSA), with a
netback price FOB agreement i.e., with all logistics costs already included. On April 29, 2021,
Enauta and Shell signed a new oil sales agreement effective May 1, 2021 and ending at year
end 2022, that provides for a fixed discount of less than USD 1 per barrel in relation to Brent.
The Field is renowned for the quality of its oil which is in high demand, and sought by multiple
international clients, particularly Singapore in the second quarter. Its premium quality and
low sulfur content make this type of oil highly sought after as bunker and fuel oil for power
(p6)
Some nice metrics there and all sorts of possibilities with cross ownership arrangements.
Personally (no special knowledge) I see us offering say 20% to 40% of Bauna as part of any buy in
and an in principal agreement to co-develop Neon.
Exciting times ahead!
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