Atlanta may double production this year

Source: Brasil Energia

 

By: Bruno Postiga

 

 

Enauta completed the drilling of the third well of the early production system (EPS) of Atlanta field, in the Santos Basin. The well is being completed, and it is expected to start production in June.

 

“We want to ramp up and hope that this well can produce 10 to 11,000 barrels per day. The operation was a great success and concluded on time,” said Lincoln Guardado, CEO of Enauta, during a conference with financial analysts on Thursday (May 9).

 

In the first quarter, the field produced 12.3 thousand b/d by the two initial wells. With the third well in full operation, production will practically double. After that, the Constellation rig Laguna Star (QGOG) will be moved to replace the bottom pump in the first two wells.

 

Beginning in the fourth quarter, the consortium should decide on the continuation of the definitive system, which is scheduled for 2020, with investments of US$ 90 million. Enauta has a partner Barra Energia, with a 50% stake.

 

In the first three months of 2019, Atlanta received 72% of the Company’s investments (capex), around US$ 6.5 million. This year, Enauta expects to contribute US$ 65 million, 62% of which will go to the field.

 

Manati

 

The average gas production in Manati field was 3.3 million m³/d in the first three months of the year, compared to 4.6 million m³/d in the previous quarter. For 2019, the company estimates the average production at 4.1 million m³/d in the assets.

 

Besides the BS-4 block, in Santos, of which it is the operator, Enauta holds concessions in the Sergipe-Alagoas (6), Camamu (2); Espírito Santo (2); Pará-Maranhão (2); Foz do Amazonas (1) and Ceará (1) basins.

 

Financial results

 

Enauta has recorded net income of BRL 51 million in the first quarter, a 68% drop in comparison with the same period last year, when it reached BRL 159.1 m.

 

Net revenue, of BRL 207.3 million, represented a 74.5% growth in relation to the first quarter of 2018. The Atlanta field accounted for 57% of the company’s total revenues in the first three months of 2019.

 

Enauta closed the first quarter of the year with a cash balance of BRL 2 billion and net cash of BRL 1.7 billion.