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PETRO RIO SA
> HRT sold to glencore 178k -8,6MI loss with $63cost OIL POLVO
Post by
Rzbern on Oct 05, 2015 7:13am
HRT sold to glencore 178k -8,6MI loss with $63cost OIL POLVO
Dears Shareholders,
As report (02/24/2015) produced by DeGolyer & MacNaughton: Certification Assessment Report (12/31/2014). The Polvo field's reserves have reserves on december 31th 2014 contingent in 1P reserves called developed 5.72 million boe, which are reserves that the company can count on greater certainty, even with the inherent imprecision of the estimate, but without the need for new investments, or uncertainty and possibility of performing or not, as in the case of undeveloped reserves, probable and possible. With this reserve estimate, since the production reported by the company since the date indicated and considering also linearly without proper natural decline and based on adopting the last company's reported production, we came to the conclusion that Polvo will produce a maximum of 17 months from the last production being informed and thus reach the end of their efforts between December 2016 and January 2017.
Total 1P developed: 5,720,000 (Dec 2014)
-9,584 (Jan 2015) x 31 days= 297,104 boe
-9,185 (February 2015) x 28 days= 257,180 boe
-9,250 (Sea 2015) x 31 days= 286,750 boe
-8,981 (April 2015) x 30 days= 269,430 boe
-8,899 (May 2015) x 31 days= 275,869 boe
-8,914 (June 2015) x 30 days= 267,420 boe
-6,302 (July 2015) x 31 days= 195,362 boe
-7,247 (August 2015) x 31 days= 224,657 boe
Total 1P developed: 3,646,228 (August 2015)
3,646,228 / (7,247 x 30 days) =
3,646,228 / 217,410 = 16.77 months (17 ~)
Polvo ends of between december 2016 and January 2017
https://www.mzweb.com.br/petrorio/web/download_arquivos.asp?id_arquivo=2E944EB4-AE7F-4696-B0B6-65582FD0C405
https://ri.petroriosa.com.br/conteudo_en.asp?idioma=1&conta=44&tipo=32083
(*) CLARIFICATION: on the calculation of the cost of production Petrorio: Read carefully the last paragraph of the last page (page 48 of the ITR 2t15):
Petrorio said that sold the 178 thousand barrels per R $ 26.5 million it cost to produce 35.1 million?
let's to the accounts:
As informed if the cost is 35.1 million reais to produce the equivalent of 178,000 barrels, so the cost of production is equivalent to [R $ 35.1 million bbl /178.000 = R $ 197.19 / barrel, which divided by the dollar on 07.13.2015, R $ 3.13 = U $ 63.00 / barrel]. Value reported by the company in the last paragraph of the last page [pag.48] of ITR 2Q15, as picture above. If you count with 4.00, current price, the following is: (197.19 / 4.00 = U$49.29). Additionally they added that agreed to sell 178,000 barrels with a loss of 8.6 million reais? (26.5-35.1= -8.6)...Glencore is so nice. Very good friend of Petrorio.
US dollar price on 07.13.2015
% 13/07/2015 3.1303 3.1308 -0.9620 -0.030400
https://economia.uol.com.br/cotacoes/cambio/dolar-comercial-estados-unidos/?historico
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