(Energy Analytics Institute, 16.Feb.2022) — Energy briefs including Frontera Energy anticipating Guyana exploration CAPEX of $110-$130mn in 2022 and CGX Energy anticipating further investments of $5-$10mn for the Berbice Deepwater Port Project; Kootenay Silver saying JV operator Aztec Minerals Corp. reported a broad, high grade, gold intercept in the first RC drill hole on the California target on the Cervantes property located in Sonora, Mexico; and the US along with 19 countries and the EU reaffirming their commitment to a Venezuelan-led negotiated solution to restore democracy in Venezuela.
LATIN AMERICA AND THE CARIBBEAN
Guyana
— Frontera anticipates its consolidated Guyana exploration CAPEX to be $110-$130mn in 2022 while CGX Energy anticipates further investments of $5-$10mn for the Berbice Deepwater Port Project. CGX is currently assessing several strategic ops to obtain additional financing to meet the costs of the drilling and infrastructure program, Frontera said 16 Feb. 2022 in an official stmt.
— Frontera, through its JV w/ CGX Energy Inc., seeks to build on its recent offshore positive results at the Kawa-1 exploration well on the Corentyne block, Frontera said 16 Feb. 2022 in an official stmt. The co. will spud its second commitment well, called Wei-1, in the 2H:22. The Wei-1 exploration well will be drilled in a water depth of approximately 580m and will target Campanian and Santonian aged targets identified in the western fan complex in the northwestern part of the Corentyne block.
RELATED STORY: Frontera Announces CAPEX and Production Guidance for 2022
Mexico
— Kootenay Silver said JV operator Aztec Minerals Corp. reported a broad, high grade, gold intercept in the first RC drill hole on the California target on the Cervantes property located in Sonora, Mexico. This is the first hole in the California target in the current program and represents a significant step out from a previous fence of holes that established a broad area of shallow oxide gold mineralization, Kootenay said 16 Feb. 2022 in an official stmt. The best hole from which graded a drill length of 160 meters of 0.77 gpt Au, 0.13% copper and 3.4 gpt silver, the co. said.
Venezuela
— The US along w/ 19 countries and the EU met 15 Feb. 2022 to reaffirm their commitment to a Venezuelan-led negotiated solution to restore democracy in Venezuela, the US Department of State announced 16 Feb. in a readout posted on its website. The participants in the talks “reiterated their willingness to review sanctions policies based on meaningful progress in the framework of these Venezuela-led negotiations,” according to the readout.
NORTH AMERICA
US
— Vulcan Materials Company (NYSE: VMC), the nation’s largest producer of construction aggregates, said gross profit rose 18% to $326mn, or $5.64/ton in the 4Q:21. Cash gross profit per ton improved 6% from the prior year to $7.41. The Y-O-Y earnings improvement was widespread across the co.’s footprint and resulted from both volume and price growth, as well as effective cost control, the Birmingham-based co. announced 16 Feb. 2022 in an official stmt. The 4Q:21 results included an $8mn unfavorable impact from selling acquired inventory after its markup to fair value as part of the USCR acquisition and a $15mn unfavorable impact from significantly higher diesel fuel costs.
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By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.
