VAALCO Energy, Inc anunciou que celebrou um contrato de compra e venda (“SPA”) para adquirir a Svenska Petroleum Exploration AB (“Svenska”), uma empresa privada de exploração e produção (“E&P”) com sede em Estocolmo , Suécia (a “Aquisição”). O principal ativo da Svenska é uma participação não operada de 27,39% no campo de produção de baobá em águas profundas no Bloco CI-40, na costa da Costa do Marfim, na África Ocidental.
A contraprestação bruta pela Aquisição é de US$ 66,5 milhões, sujeita aos ajustes habituais de fechamento, com data efetiva de 1º de outubro de 2023. O preço bruto de compra será parcialmente financiado por um dividendo pré-fechamento em dinheiro no balanço patrimonial da Svenska para o Vendedor com o saldo financiado por uma parte do caixa da VAALCO sem emissão de dívida ou capital próprio. A conclusão da aquisição está prevista para o segundo trimestre de 2024, com o prazo final dependente do recebimento final de todas as aprovações necessárias. A VAALCO atualmente estima que o caixa líquido devido no fechamento estará na faixa de aproximadamente US$ 30 a US$ 40 milhões, dependendo do momento.
George Maxwell, CEO da VAALCO, comentou: “Construir um portfólio diversificado de ativos de alto desempenho é um componente-chave da nossa visão estratégica. Acreditamos que esta aquisição melhora todos os aspectos-chave da nossa estratégia. Proporciona-nos diversificação adicional, forte produção e reservas a partir de um ativo de produção comprovada, oportunidade de valorização orgânica significativa que está bem definida, aumenta a nossa capacidade de gerar fluxo de caixa sustentável e continuar a devolver dinheiro aos acionistas. O campo Baobab na Costa do Marfim tem muitos paralelos com Etame em termos do perfil histórico de produção e como a vantagem é obtida através de campanhas de perfuração de desenvolvimento, o que significa que este é um tipo de activo que compreendemos bem. O campo foi significativamente reduzido por meio da perfuração de 24 poços de produção, cinco poços de injeção e um histórico de produção de quase 20 anos. A docagem seca planejada e a modernização do FPSO em 2025 nos posicionarão bem para o crescimento esperado da produção do programa de perfuração de 2026 e para futuras campanhas de perfuração nos próximos anos. Estamos em parceria com um grande operador e acreditamos que a nossa significativa experiência de desenvolvimento offshore na África Ocidental e a gestão bem-sucedida da nossa mudança de FPSO em 2022 fornecerão conhecimentos e experiência para ajudar a melhorar o sucesso futuro da Baobab. Estamos adicionando um ativo com forte produção atual e reservas a um preço muito atraente e usando uma parte do nosso caixa para financiar o negócio. Isto é altamente agregador em métricas-chave para a nossa base de acionistas e fornece outro forte ativo para apoiar o crescimento futuro.”
“Nossa visão estratégica tem se mostrado altamente bem-sucedida e a VAALCO está financeiramente mais forte, com mais reservas e produção, do que em qualquer outro momento de nossa história. Estamos em uma posição ainda melhor agora para crescer em 2024 e além. Continuamos sem dívidas bancárias e utilizaremos a nossa forte posição de caixa para financiar oportunidades de crescimento orgânico e inorgânico, à medida que continuamos focados no crescimento do negócio. A diversidade e a força dos nossos ativos são fundamentais e apoiam a nossa capacidade de aumentar de forma sustentável a nossa produção e reservas e gerar fluxo de caixa, ao mesmo tempo que devolvem valor aos nossos acionistas.”
Visão Geral da Aquisição A VAALCO adquirirá 100% do capital social da Svenska da Petroswede AB (“Petroswede” ou o “Vendedor”) na Aquisição com data efetiva de 1º de outubro de 2023. O valor bruto da Aquisição é de US$ 66,5 milhões, sujeito ao fechamento habitual ajustes, com o pagamento líquido em dinheiro a ser feito pela VAALCO no fechamento esperado em aproximadamente US$ 30 a US$ 40 milhões, dependendo de uma série de fatores, incluindo o momento do fechamento. A Aquisição está sujeita a uma série de condições habituais de fechamento, incluindo aprovações regulatórias e governamentais.
A principal participação na licença da Svenska é uma participação operacional não operada de 27,39% (30,43% pagando juros) na licença CI-40, que inclui o campo de produção de Baobab, localizado em águas profundas offshore na Costa do Marfim. O campo é operado pela CNRL, que detém uma participação operacional de 57,61% no projeto, com a companhia petrolífera nacional, Petroci Holding, detendo os restantes 15% de participação operacional (10% dos quais são realizados pelos outros parceiros licenciados). O campo Baobab está localizado a 30 quilómetros da costa da Costa do Marfim, em profundidades de água que variam entre 900 e 1.300 metros. Baobab consiste em cinco unidades de reservatório distinguíveis em sequências do Albiano Médio a Superior. O campo foi descoberto em Março de 2001 com o poço Baobab 1X e um segundo poço, o Baobab 2X, foi perfurado em 2002 para avaliar o campo. A produção comercial do campo começou em Agosto de 2005. Até à data, ocorreram quatro campanhas de perfuração em Baobab, sendo que a mais recente incluiu quatro poços de produção e dois poços de injecção de água. Todos os poços estão ligados a quatro manifolds submarinos conectados a um FPSO. A produção bruta acumulada do campo foi de aproximadamente 150 MMBOE, uma parte dos volumes estimados de mais de um bilhão de barris de petróleo equivalente inicialmente existentes.
A produção atual do campo Baobab é de aproximadamente 4.500 WI BOEPD, com reservas 1P WI CPR na Data Efetiva de 13,0 MMBOE (99% de petróleo) e reservas 2P WI CPR de 21,7 MMBOE (97% de petróleo). Estes valores de reserva reflectem actividades de desenvolvimento actualmente sancionadas; no entanto, o CI-40 tem uma pista de crescimento significativa com potencial de desenvolvimento incremental no campo Baobab, bem como no campo próximo de Kossipo, que deverá proporcionar um aumento material à reserva e aos volumes de produção, apoiando a produção a longo prazo do activo no final da década de 2030.
O valor de aquisição representa um múltiplo de avaliação atraente de US$ 5,12 por reservas de CPR 1P WI do BOE, ou US$ 3,06/BOE de reservas de CPR 2P WI com base no valor bruto total. Ajustadas para refletir o caixa líquido esperado devido no fechamento da VAALCO, provavelmente na faixa de US$ 30 a US$ 40 milhões, essas métricas poderiam reduzir para US$ 2,31/BOE e US$ 1,38/BOE, respectivamente. Em um valor por WI BOE corrente, ao preço de compra bruto, isso equivale a cerca de US$ 14.800 por WI BOE corrente e tão baixo quanto US$ 6.700 por WI BOE corrente na extremidade inferior da faixa de pagamento líquido esperado em dinheiro, substancialmente abaixo do atual mercado implícito da VAALCO valor em 28 de fevereiro de 2024 de cerca de US$ 19.900 por WI BOE corrente.
O CI-40 tem uma longa história de produção e reservatórios com riscos significativamente reduzidos. Com quase 20 anos de produção até o momento, o FPSO está planejado para sair da estação no início de 2025 para manutenção planejada e trabalhos de atualização para permitir que o FPSO continue a produzir até o final da licença de campo estendida esperada em 2038. O escopo O trabalho de atualização do FPSO está sendo finalizado. Espera-se que a produção do Baobab seja reiniciada em 2026, seguindo o programa de trabalho do FPSO. Além disso, espera-se que um programa de perfuração de desenvolvimento totalmente avaliado comece em 2026, visando a base de reserva provável incremental significativa no campo. A VAALCO vê um risco geológico reduzido relacionado com este programa de perfuração e os parceiros da joint venture já iniciaram a encomenda de certos itens de perfuração de longo prazo. Outras futuras fases de perfuração ainda não foram sancionadas, mas existe um potencial incremental significativo tanto no próprio campo de Baobab, como no desenvolvimento próximo de Kossipo, que também foi avaliado por dois poços perfurados em 2002 e 2019.
A licença CI-40 tem prazo inicial até meados de 2028, com a opção contratual de estender o prazo da licença em 10 anos, até 2038. Dadas as atividades de desenvolvimento associadas à atualização do FPSO e ao futuro programa de perfuração, os parceiros licenciados estão atualmente em discussão com os órgãos governamentais relevantes na Costa do Marfim para garantir a extensão antecipada da licença no CI-40. A licença CI-40 tem um regime fiscal atraente, com um limite de cost oil de 80% das receitas, um aumento de 25% no capex de desenvolvimento para fins de recuperação de custos e (em níveis de produção razoavelmente esperados) uma participação de 53% no lucro do contratante. Não existe qualquer delimitação de actividades dentro da licença CI-40, o que significa que qualquer investimento dentro do bloco (por exemplo, o futuro desenvolvimento de Kossipo) pode ser recuperado em termos de custos a partir da produção existente através da licença mais ampla.
Além da licença CI-40 na Costa do Marfim, a Svenska possui atualmente uma participação operacional de 21,05% na fase inicial da descoberta de Uge na concessão OML 145 na Nigéria, juntamente com os parceiros ExxonMobil (21,05%), Chevron (21,05%), Oando (21,05%) e NPDC (15,80%). Existem compromissos mínimos relativamente a esta licença e não está actualmente planeada nenhuma perfuração ou desenvolvimento.
Source: Vaalco
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