RE: The prophets speak29 Jul 2022 08:19
· The latest four-day average production ending on July 3, 2022, was a record 22,376 bopd, with a peak production of 26,000 bopd. To accommodate sales availability, the Company expects to maintain production between 18,000 and 19,000 bopd with Brazilian exports increasing until the ongoing Northern Peruvian Pipeline ("ONP") repairs are completed, which is expected by September 2022;
· The final Brent oil price for the 719,961 barrel lifting from Bayovar, announced on June 16, 2022, was $114/bbl using the average ICE Brent oil price for the final ten days of June 2022, inclusive of usual pricing adjustments, thereby finalizing true up revenue of approximately $53.9 million, which is expected to be received in August 2022;
· Total cash at June 30, 2022 was $77.0 million, including $16.2 million of restricted cash. Estimated accounts receivable and accounts payable at the quarter end were approximately $88 and $50 million, respectively; and,