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    CONOIL   NGCONOIL0003

CONOIL PLC

(CONOIL)
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Conoil : Angola Reports Slight Increase in Oil Production

09/30/2020 | 11:06am EDT

Angola slightly increased its oil production by 0.42 percent, compared to the quantity predicted last August, announced the National Oil and Gas Agency.

National Oil and Gas Agency's statistics are contained in a press release which put the oil production at 39.265 million barrels, with an average of 1.265 million barrels /day.

The figure represents an increase of 0.42%.

Previous forecast pointed to 1.260 million barrels per day.

As for the associated gas, the production was 94.228 million cubic feet, corresponding to an average of 3,040 MMSCFD, an increase of 9.63% above the forecast of 2,773 MMSCFD.

In August, the Angola LNG processing unit had a production of 4,692,514 BOE.

This value adds LNG, Butane, Propane and Condensates, corresponding to an average of 151,371 BOEPD.

Other operations

During the same period, there was also an average of 121,984 BOEPD (equivalent to a barrel of oil day), while for Propane reached 427,044 BOE (equivalent to a barrel of oil), equivalent to an average of 13,776 BOEPD.

Butane production was 283,910, an average of 9,158 BOEPD, with 200,070 BOE in Condensates, corresponding to an average of 6,454 BOEPD.

Still in the same period, Cabinda Association had a LPG production of 519,222 barrels, which corresponds to a daily average of 16,749 barrels.

As for oil, condensates and LPG, the production was 39,957,532 BOE, which corresponds to an average of 1,288,953 BOE (equivalent to a barrel of oil).

The operational efficiency of the facilities was 89%, against the 91% initially forecast.

Three rigs were in active activity, two drillships, namely Transocean Skyros (in block 32), Maersk Voyager (in block 17) and a land rig, IDECO 350 (in the FS / FST concession ).

Also work was carried out in seven wells, three for deep water development and four onshore light interventions. 42 meters were also drilled, due to the fluid loss problems that occurred in well MOS-W14 in block 32.

Copyright Angola Press Agency. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Financials
Sales 2020 117 B 287 M 287 M
Net income 2020 1 440 M 3,51 M 3,51 M
Net cash 2020 5 705 M 13,9 M 13,9 M
P/E ratio 2020 10,0x
Yield 2020 7,19%
Capitalization 17 696 M 43,1 M 43,2 M
EV / Sales 2019 0,11x
EV / Sales 2020 0,07x
Nbr of Employees 188
Free-Float 10,7%
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Last Close Price 25,50 NGN
Average target price 26,50 NGN
Spread / Average Target 3,92%
Managers and Directors
Kheterpal Hardeep Singh Managing Director & Director
Salam Ismail Ajani Finance Director & Executive Director
Michael Adenuga Chairman
Moses Ebietsuwa Omatsola Non-Executive Director
Michael Jituboh Non-Executive Director
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