Enauta Restarts Well Production in Atlanta Field

Written by Roberta Souza

Published on 26/05/2022 at 22:07

Imagem ilustrativa de plataforma de petróleo / Foto de David Mark disponível no Pixabay

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The Oil Exploration Company Enauta Had Interrupted Production at the Atlanta Well for Adjustments

Enauta announced on the morning of this Tuesday, 24, that it has resumed production at well 7-ATL-2HP-RJS in the Atlanta field, Santos Basin. As we reported, Enauta had stopped extracting oil from the well to repair the production line on the surface of the well.

After these repairs, the Atlanta field well resumed production of about 11,500 barrels of oil daily, contributing to the total production of the company of up to 20,100 barrels of oil per day. Enauta is the local operator, with a 100% stake.

On Monday, 23, the company announced that it had concluded special negotiations for a possible sale of 50% of Atlanta to the Australian company Karoon Energy. In a statement, the operator of the Atlanta field well said that the proposal made by Karoon did not meet its expectations regarding pricing.

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Enauta Rethinks Sale of 50% of the Atlanta Field to Karoon Energy

Enauta announced on Sunday, 22, that it would not sell a 50% stake in the Atlanta Field well to Karoon Energy.

In a statement, the group said that the increase in oil prices, along with reducing risks of implementing the Definitive System (SD) in Atlanta, increased the production capacity of the Atlanta well and project capital. Additionally, actions aimed at extending the SPA (Early Production System), planned for 2024, have been enhanced. “The sale of stake would not be profitable for Enauta’s shareholders. The Definitive System currently represents the best opportunity for growth and profitability in Enauta’s project portfolio.”

The company states that Karoon was notified that the exclusivity period – which runs until May 31 – would not continue, on Saturday, 21.

Company’s Financial Report

Despite the rise in oil and natural gas prices in the first half of this year, driven by the Ukraine War, Enauta reported a total loss of R$ 98.3 million in the first quarter – a loss 521.5% higher compared to the same period in 2021.

According to the company, currency fluctuations were one of the factors contributing to the negative effect, influenced by the appreciation of the real against the dollar, which was 15% over the period.
On the other hand, Enauta’s total profit was R$ 629.6 million, an increase of 248.4% compared to the first quarter of 2021. In April of this year, the company announced dividend payments of R$ 450 million, starting on May 30.

About the Company

Enauta Participações S.A. is an oil exploration company. ENAUTA is the former QGEP Participações S.A., renamed in March 2019. The company manages Enauta Energia, formerly Queiroz Galvão Exploração e Produção S.A.

ENAUTA participates in 2 oil extraction blocks in the production phase. One of the blocks is located in the Manati garden, on the coast of Bahia, and the other in the Atlanta field, on the coast of Rio de Janeiro.

The company also has a 100% stake in 3 blocks in the northern region and a 50% stake in a block in the basin located in Santos. ENAUTA oversees these blocks, which are in the testing phase. Enauta also participates in another 13 testing blocks, which are used by other companies.

Enauta Restarts Well Production in Atlanta Field

The Oil Exploration Company Enauta Had Interrupted Production at the Atlanta Well for Adjustments

Enauta Rethinks Sale of 50% of the Atlanta Field to Karoon Energy

Company’s Financial Report

About the Company

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Enauta Restarts Well Production in Atlanta Field

The Oil Exploration Company Enauta Had Interrupted Production at the Atlanta Well for Adjustments

Enauta Rethinks Sale of 50% of the Atlanta Field to Karoon Energy

Company’s Financial Report

About the Company

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