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Studied: Power Engineering, Exploration Technology, Worked Upstream, Midstream, Downstream in Oil and Gas, Pipelines, Drilling, Refineries. Regardless of our desire for clean energy, oil makes things and is the building block of any economy. From production to transport to refining its the... More
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  • N-Sand Play In PutuMayo Heats Up Bidding In Suroco, PetroAmerica Merger 2 comments
    Jul 14, 2014 3:11 PM | about stocks: SROYF, PTAXF-OLD

    It looks like July 14, 2014 that 90% of the shareholders have voted to accept the friendly PetroAmerica offer, and reject the hostile Vetra Offer. Now its up to the courts to approve it.

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    + Pending Court Approval (now granted 07/15/2014)

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    Stocks: SROYF, PTAXF-OLD
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  • VultureofValue
    , contributor
    Comments (28) | Send Message
     
    All in one place. Colombia's greatestest hits.
    PRVAF- may be a great bottom play.
    PTAXF - cant go wrong with Guistra.
    Thanks again.
    16 Jul 2014, 10:47 PM Reply Like
  • tullii
    , contributor
    Comments (163) | Send Message
     
    Author’s reply » Based on current projections for production to the end of 2014, Petroamerica expects to exit the year with a production rate of more than 7,400 barrels oil equivalent per day ("boepd") of working interest production (before royalties).
    Production from the Suroriente Block that was previously halted on July 13, 2014 (refer to the Company's August 19, 2014 press release) due to regional community blockades, has resumed.
    Petroamerica Oil Corp. (TSX-V:PTA) provide an update on production activities in the Putumayo Basin, guidance on the production for 2014 and announce the issuance of a new and updated corporate presentation.

     

    Production Guidance

     

    Based on current projections for production to the end of 2014, Petroamerica expects to exit the year with a production rate of more than 7,400 barrels oil equivalent per day ("boepd") of working interest production (before royalties). The total combined 2014 annual average production for the Llanos and post-closing Putumayo properties (after the July 15, 2014 closing date of the Suroco Energy Inc. transaction, annualized) is expected to be 6,600 boepd of working interest production (before royalties). This guidance is below original 2014 expectations, primarily due to the extended production restrictions in the Putumayo properties that have been in effect since July 13, 2014. These restrictions are in the process of being lifted and the projections presented here assume that normal production operations and oil evacuation will be restored in the Putumayo properties by October 1, 2014.

     

    Petroamerica's cash position as at August 31, 2014 was US$64 million and based on capex and cash flow projections for the remainder of the year, the Company expects to exit 2014 with a cash balance of over US$60 million.

     

    Over the next 6 months, the Company expects to execute an extensive exploration drilling campaign of up to seven exploration wells targeting high impact conventional structures and low-side fault closures in the Llanos Basin, and N Sand prospects in the Putumayo Basin. Production guidance, work program and capital spending amounts for 2015 will be issued in early December 2014.

     

    Suroriente Block Production (15.8% Working Interest)

     

    Production from the Suroriente Block that was previously halted on July 13, 2014 (refer to the Company's August 19, 2014 press release) due to regional community blockades, has resumed. Production is not yet at the pre-interruption level, as all operational activities required to reach such production levels are still underway. An agreement to lift the blockade in the area of the Corporation's Suroriente oil fields was ratified by local and national government and community representatives on September 19, 2014.

     

    Furthermore, an expanded environmental license for the Suroriente Block permitting the construction of additional well pads, production facilities and drilling activities for the Suroriente fields received final regulatory approval on September 5, 2014. This license had formerly been appealed, unsuccessfully, by one of the affected communities.

     

    The Quinde field resumed normal production operations on July 23, 2014 and a number of Cohembi wells were reactivated in late August. Average Suroriente production for the months of July and August was 5,725 gross barrels of oil per day ("bopd"), or 906 bopd working interest share. Production for the first 23 days of September has averaged 8,648 gross bopd (1,369 bopd working interest share), despite some recent downtime for the Quinde-4 and Quinde-6 oil wells due to submersible pump failures. A service rig is currently on site replacing the pump for the Quinde-6 well, and will commence the replacement of the pump for Quinde-4 immediately afterward.

     

    VETRA Exploracion y Produccion Colombia S.A.S, as the operator of the Suroriente block, is continuing to work closely with local and national government representatives to avoid additional events of this nature and to restore all of the Suroriente oil fields to full production.
    Article TagsPetroamericaCanada... America FinanceOperations UpdateProduction Update
    25 Sep 2014, 09:30 AM Reply Like
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