b'Letter ofthe ManagingDirectorRudolf Elias Managing DirectorIn ways both inspiring andWhile some of our 2020 numbers are down challenging, 2020 was a landmarkfrom the prior year, they do represent a year for Staatsolie. In its course, wenimble and disciplined response to a market environment that saw oil prices fall from US$ hailed multiple major offshore oil69/bbltolowerthanUS$44/bblrealizedondiscoveries; we endured the effectsaverage. These conditions necessitated a of a pandemic, along with severelysharp decrease in operating costs and capital depressed oil prices around theexpenditures while maintaining our production and remaining at a lowest cost quartile world; and we also celebrated, onproducer. 13December,the40thanniversary Our investment in goldwe hold a 25% of our company. Through it all, I aminterest in the Merian gold mine under the proud of the resilience demonstratedSuriname Gold Project CV with Newmont by the people of Staatsolie.Suriname, LLC, and in 2020 we acquired a 30% interest in the UJV Pikin Saramacca withRosebel Gold Mines N.V.proved the value 2020 Results ofourdiversificationstrategy.TheyearsrisingFinancialresultsfor2020include: gold prices helped offset the reduced cashflowfromoiloperations.ConsolidatedgrossrevenuesofUS$432million, compared to US$ 500 million in 2019. SafetyIn 2020, the Total Recordable Injury Frequency EBITDA of US$ 316 million, compared to was0.55,slightlyhigherthanthe0.54recordedUS$ 368 million in 2019. in 2019, but overall, we continue to have a ProfitaftertaxofUS$71million,comparedtodownward trend over the past several years.US$ 120 million in 2019. DiscoveriesGold mine investments contributed US$ 135Despite the challenges of the COVID-19 million to EBITDA in 2020, compared to US$pandemic, the big news of 2020 was three 101 million in 2019. major offshore oil discoveries in Block 58 by ouroffshorepartnersApacheandTotal:MakaContribution to the Government of Suriname,Central-1 in January, Sapakara West-1 in April, consisting of taxes, dividend and royalties ofand Kwaskwasi-1 in July. These discoveries US$ 132 million, compared to US$ 172 aloneareexpectedtoproduceabout1.4million in 2019. billion barrels of oil equivalent resources over time,andtheyconfirmSurinameasamajor5'