Hammer Shark: Oil production drops 5%

Dommo Energia reported that oil production at the Hammer Shark Field reached 169,536 barrels in November 2019, resulting in a 5% drop over October.

On the day the company warned that it could stop paying the charter of fpso OSX-3 signed with OSX 3 Leasing BV in the next oil trading, the company’s shares fell 61.20% on Tuesday (03/12), to R$ 3.10, after falling 23.17% the day before.

For the company, this default may be necessary to to avoid any risk of liquidity restriction while completing the liquidity restriction plan Revitalization. “Based on the company’s projections, together with a abundance of caution necessary due to the risky nature of our dommo Energia believes it may need to use a larger portion of the of its oil sales revenue to complete the revitalization, which ultimately believes to be in the interests of all parties involved,” he said.

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