First Quarter 2021
The Company secured a USD 60 million loan financing and USD 10 million equity investment with leading Brazilian investment bank BTG Pactual.
The Tie-3 oil producing well has tested a combined 628 BOEPD, (549 BOPD, 0 BWPD and 470 MSCFPD of gas) from the Itaparica and Agua Grande reservoirs. The Sergi reservoir was not tested at this time.
Daily oil & gas production for Q1 2021 averaged 3,742 BOEPD (Q1 2020: 3,288 BOEPD)
Revenue of USD 15.8 million (Q1 2020: USD 11.2 million)
Operating netback of USD 11.0 million or USD 33.80 per BOE (Q1 2020: USD 7.9 million or USD 27.91 per BOE)
EBITDA of USD 10.2 million (Q1 2020: USD 6.4 million)
Net result of USD 5.5 million (Q1 2020: USD 3.2 million)