LatAm Briefs: Payara Progressing, Inpex Divestment In Venezuela

(Energy Analytics Institute, 2.Sep.2021) — Energy briefs from the Latin America and Caribbean region including: ExxonMobil progressing its Payara project in Guyana for start-up in 2024 and Japan’s Inpex divesting assets in Venezuela, and much more.

Argentina

Argentina Lithium & Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTC: PNXLF) named Mr. Miles Rideout as its new VP of exploration, the co. revealed 30 Aug. 2021 in an official statement. Rideout has 34 years of experience in advanced exploration practice, responsible business management, scientific team building, and mining integration with local communities and indigenous peoples. In recent positions, Rideout has directly managed the acquisition and exploration of dozens of lithium properties in northern Argentina.

— Brazil’s Mines and Energy Minister Bento Costa Lima Leite de Alburquerque warned of the repercussions of the country’s worst drought since 1930, saying the country would need to turn increasingly to imports amid low water levels at its main hydropower reservoirs. Alburquerque, in a video posted to the ministry’s twitter accounted on 31 Aug.2021, called on citizens and businesses alike to do their part in trying to reduce their energy consumption.

Chile

— Solaris Resources Inc. (TSX: SLS) (OTCQB: SLSSF) named Ms. Sunny Lowe as CFO, effective 1 Oct. 2021. Lowe brings over 20 years of capital markets, finance, and international accounting, tax and risk management experience. In her most recent role with an Ecuador-focused exploration and development co., Lowe went beyond the traditional duties of her role as CFO to become a driving force in the completion of a feasibility study, engagement with Ecuadorian gov’t to advance project permitting, and negotiation of an Investor Protection Agreement and Exploitation Agreement, that contributed to the co.’s successful acquisition by an intermediate producer, Solaris announced 30 August 2021 in an official statement.

Golden Arrow Resources Corporation (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF) received approval from the TSX Venture Exchange to commence a normal course issuer bid to acquire up to 10,132,012 of its common shares, being equal to 10% of the public float as of 10 Aug. 2021, Golden Arrow announced 27 Aug. 2021 in an official statement. The bid starts on 1 Sep. and will end on the earlier of 31 Aug. 2022, or at such time as the bid has been completed or the bid is terminated at the co.’s discretion.

Guyana

ExxonMobil’s third project in Guyana’s prolific Strabroek Block, Payara, is being progressed for start-up in 2024. The Hull of the FPSO Prosperity arrived in Singapore in early Aug. 2021. ExxonMobil has six drillships now operating offshore Guyana with recent discoveries at Uaru-2, Longtail-3 and Whiptail, the co. said in late Aug. on social media. Yellowtail is the fourth project identified by ExxonMobil and it will develop the Yellowtail and Redtail fields in the Stabroek Block. The project is in its final concept design stage, the co. said. The FPSO will be a processing capacity of around 220,000 b/d. ExxonMobil looks to make a FID in 2022 and the project is on track for start-up in 2024.

Mexico

Borr Drilling Limited (NYSE and OSE: BORR) secured a Letter of Award (LOA) for the premium jack-up drilling rig “Mist” from an undisclosed operator in Southeast Asia, the co. said 2 Sep. 2021 in an official statement. The program is expected to start in Nov. 2021 and last around seven months plus options. The net start-up cash cost for the rig is expected to be $1.75mn, Borr said, adding that the LOA is expected to be converted into a contract shortly, and will increase the co.’s contracted fleet to 15 rigs.

— GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) revealed results of six diamond drill holes from the El Orito area in its Los Ricos North project. Hole LRGO-21-062 intersected 1.2m of 1,197 g/t silver equivalent (AgEq) contained within 73.7m of 101 g/t AgEq, the co. announced 25 Aug. 2021 in an official statement.

Venezuela

— Japan’s Inpex Corp sold interest in two Venezuelan oil and gas assets to Caracas-based Sucre Energy Group, wire agency Reuters reported on 27 Aug. 2021, citing three people familiar with the deal.

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By Ian Silverman, Aaron Simonsky and Jared Yamin. © Energy Analytics Institute (EAI). All Rights Reserved.