Mar 12, 2020
Enauta registered the mark of 10 million barrels of oil produced by the Atlanta Field, which positioned the company as the 6th largest oil and gas producer in Brazil at the end of 2019, according to data from the ANP. Such numbers solidify the Consortium’s decision to continue with the development of the Field’s Definitive Production System, which can almost double the production capacity from the current 30,000 to 50,000 barrels of oil per day. In 2021, the Consortium plans to drill another well to maintain production in the Field’s Early Production System (SPA).
Another positive aspect concerns the price of Atlanta oil. The average discount applied to Brent, varied between US $ 8 and US $ 11 per barrel, already including logistics costs, and in early 2020 it had a cargo negotiated with a premium for Brent, even after considering the costs of transporting the oil to the refinery.
Enauta remains confident in the potential of the Sergipe-Alagoas Basin, due to the progress of the exploratory interpretation. With the acquisition of three more blocks in September 2019, together with partners, the oil company has a 30% stake in a total of nine blocks in the area, whose main oil system is similar to that of other discoveries made in Suriname, French Guiana and on the West African coast, where prospects have been identified with material volumes of oil resources. The forecast is to start exploratory drilling in the area in early 2021.
The Company’s total production reached 2.5 million boe in 4Q19, equivalent to an average daily production of 27.3 thousand boe, an increase of 35% in relation to 4Q18 and 24% in relation to 3Q19.
EBITDAX grew 16.7% in 2019 compared to 2018, even with non-recurring revenues of R $ 193.51 million recorded in 2018 and a net non-recurring impact of R $ 119.4 million2 in 2019. On a comparable basis, the EBITDAX margin rose 18 basis points.
In the quarter, net income totaled R $ 102.1 million, reflecting a higher operating result offset by higher exploratory expenses and a lower financial result.
For the year of 2019, Management proposed total dividends of R $ 300 million, or about R $ 1.14 per share. This amount already includes the minimum dividend stipulated in the Company’s bylaws and is subject to approval by the Meeting on April 16, 2020.
1- R $ 193.5 million: R $ 45.9 million related to the FPSO agreement and R $ 147.6 million related to the sale of the BM-S-8.
2- R $ 68.2 million expense related to interventions in the Atlanta Field wells and a positive adjustment of R $ 187.6 million referring to IFRS16.