b'Cash out in 2019 for capital expenditures amounted to US$ 227 million, with US$ 199 million for the Upstream of which approximately US$ 94 million was for the Nearshore Drilling Project.Merian gold mine production in 2019 was 524,000 ounces of gold and reported 3.5 million ounces of gold reserves at December 31, 2019. Staatsolie has a 25% interest in the Merian gold mine.Merians gross property, plant and mine development at December 31, 2019 was US$ 1,079 million. The operation includes the Merian 2 open pit and the Maraba open pit. The Maraba pit was added in January 2018 and the Merian 1 pit is expected to be added in 2021. Brownfield exploration and development for new reserves is ongoing. In 2019 the Merian mine was certified for the first time as ISO 14000:2015 compliant.In the coming years, Staatsolie expects to have the opportunity to make additional and profitable investments in oil production, requiring further funding through debt and equity. As the local market is not large enough to facilitate such funding Staatsolie decided to do a first international listing on the Dutch Caribbean Secuities Exchange in Curacao. In January 2020 Staatsolie launched a new bond offered in Suriname and Curaao. The step towards the DSCX listing has allowed Staatsolie to offer its existing bondholders an improved investment instrument that is listed, and therefore more easily tradable and more liquid. At the same time, it allowed investors residing outside of Suriname the first chance to participate in Staatsolies funding program, which has also broadened our investors base. The purpose of the bond issue was to raise US$ 150 million; US$ 100 million to refinance the current local Staatsolie Bond 2015-2020, and US$ 50 million to execute new projects, including the investment in the Pikin Saramacca mine of IAMGOLD Rosebel Goldmines, with commercial production expected to start in April 2020. Investors could purchase 5.5 years or 7 years bonds with respective coupon rates of 7% and 7.5% per annum.The bond issuance was closed on March 23, 2020 and US$ 195,067,000 was raised, securing both the refinancing of the Staatsolie Bond 2015-2020 and the funds to acquire the 30% participation in the Pikin Saramacca mine. For our investment program 2020-2027 a total of US$ 1,053 million will be required of which the majority, US$ 903 million, will be generated from own cash flow from operations. The remaining US$ 150 million has been secured by the new bond issued in March 2020. This investment amount does not include investments in the offshore.US$ US$ million million172195 contributed to the Governmentin new bonds issued March 2020US$ of Suriname in 2019227 millioncommitted to Capex in 2019 524,000US$oz 1,053 millionMerian goldmine productionanticipated need for 2020-2027(100%) in 2019. investment program 1125% our equity share.'