The largest independent oil producer and explorer in Colombia is Canadian domiciled Pacific Rubiales (OTCPK:PEGFF). It is also the second largest oil producer by proven reserves and daily production after Colombian government controlled Ecopetrol (EC). Like its peers, its share price has failed to perform on the back of investors becoming more risk averse and avoiding investments in what are perceived to be high-risk operating environments. Pacific Rubiales has also been affected by the gyrations of the Colombian peso, which has fallen in value because of a strengthening U.S. dollar and ongoing Colombian government policy aimed at reducing its value.
There has also been growing speculation that Pacific Rubiales will lose the license for...
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