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    LKOH   RU0009024277

PJSC LUKOIL

(LKOH)
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LUKOIL : Enters Area 4 Project in Mexico

07/05/2021 | 03:12am EDT
ПРЕСС-РЕЛИЗ

Press Release

June [●], 2021

LUKOIL ENTERS HYDROCARBON PRODUCTION PROJECT IN THE SHALLOW WATER OF MEXICO

PJSC LUKOIL announces the entry into an agreement to acquire the 50% operator interest in the Area 4 project in Mexico (hereinafter - the Project) through the acquisition of the operator's holding company. The transaction value is $435 million plus expenditures incurred in 2021 as of the transaction completion date. The completion of the transaction is subject to certain conditions, including approval by the Mexican authorities.

The Project includes two blocks, 58 square kilometers in total, which are located 42 kilometers offshore Mexico in the Gulf of Mexico. The sea depth at the blocks is 30-45 meters. Two oil fields - Ichalkil and Pokoch - are located within the blocks. The recoverable hydrocarbon reserves of the fields amount to 564 million barrels of oil equivalent, more than 80% of which is crude oil.

The construction of production facilities is currently being finalized, and production of first oil is scheduled for the third quarter of 2021. The Project is developed in three phases, with a peak daily production rate estimated to be more than 115 thousand barrels of oil equivalent.

The Project is implemented under a production sharing agreement, which was signed in 2016 for a period of 25 years with the right for an extension for up to 10 years. The partner in the Project is PetroBal, the oil and gas subsidiary of Mexican conglomerate GrupoBAL, with the remaining 50% interest.

"LUKOIL considers Mexico a strategic region for the development of our international upstream operations. The new Project, where we will be the operator, is notable due to its considerable explored reserves and significant production potential. It naturally complements our existing portfolio of projects in the Gulf of Mexico", said Vagit Alekperov, President of PJSC LUKOIL.

Disclaimer

OAO Lukoil published this content on 05 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 July 2021 07:11:07 UTC.


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Financials (USD)
Sales 2021 113 B - -
Net income 2021 9 083 M - -
Net cash 2021 1 499 M - -
P/E ratio 2021 6,75x
Yield 2021 8,87%
Capitalization 58 295 M 58 517 M -
EV / Sales 2021 0,50x
EV / Sales 2022 0,50x
Nbr of Employees 101 374
Free-Float 55,3%
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Number of Analysts 12
Last Close Price 89,34 $
Average target price 101,14 $
Spread / Average Target 13,2%
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Managers and Directors
Vagit Yusufovich Alekperov President, Chief Executive Officer & Director
Pavel Lukoil Zhdanov Vice President-Finance
Ravil Ulfatovich Maganov Chairman
Roger Llewelyn Munnings Independent Director
Lyubov Nikolayevna Khoba Director
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