• Obtained environmental licenses for the Tinigua Block which allows
• Entered into an agreement with a wholly owned subsidiary of Pacific Rubiales Energy Corp. ("Pacific Rubiales") whereby Pacific Rubiales acquired a 50 percent interest in the Tinigua Block (for details, please refer to the Company's press release dated
• Received an independent engineering evaluation prepared by
• Received approval from the Agencia Nacional de Hidrocarburos (the "ANH") for an extension of the phase 2 exploration program for the Tinigua Block to
• Completed road repairs to enable rig load transportation to the Tinigua drilling site.
• Fulfilled the phase 1 obligation under its exploration and production contract with the ANH by resuming and completing the evaluation of the Canelo Sur-2 well. The well test was deemed inconclusive and the well is currently suspended.
• Completed the acquisition of 3D seismic data at Pendare in CPO-13. The processing and interpretation of the data is in progress.
• Completed the acquisition of additional 2D seismic data in CPO-7. The interpretation of the data is in progress.
• Produced 35,165 barrels (gross) of oil from its extended production testing in CPO-7 and CPO-13 and sold 35,604 barrels.
Summary Financial Information:
|Three months ended |
|(US$, except shares and data per share)||2013||2014||2013|
|Loss per share||0.02||0.00||0.01|
|Weighted average shares||216,943,437||225,971,277||211,455,147|
|Cash and equivalents and short-term investments||13,195,300||16,211,758||28,695,901|
|Exploration and evaluation assets||79,398,125||75,831,820||63,180,871|
|Block deposits (short- and long-term)||5,316,009||5,278,208||5,129,566|
• Continue the extended testing of discoveries on the Llanos Blocks.
• Complete the3D seismic campaign at Atarraya and Pendare on the CPO-7 and CPO-13 Blocks, respectively.
• Appraise its Pendare and Atarraya discoveries.
• Drill two exploration wells at the El Tigre prospect in the fourth quarter of 2014 to appraise the Quifa SW extension onto the CPO-13 Block.
• Commence civil works to drill the first exploratory well on the Tinigua Block.
The Company, through its subsidiaries, is engaged in the exploration
for, and the acquisition and development of, oil and natural gas
Caution Regarding Forward-Looking Statements and Information:
Certain statements and information contained in this press release
constitute forward-looking statements and information (collectively "forward-looking statements") within the meaning of applicable securities laws. These statements
relate to future events or the Company's future performance. All
statements other than statements of historical fact are forward-looking
statements. The use of any of the words "anticipate", "intend", "plan",
"continue", "estimate", "budget", "targeting", "project", "expect",
"may", "will", "might", "should", "could", "believe", "predict" and
"potential" and similar expressions are intended to identify
forward-looking statements. Such statements represent the Company's
internal projections, estimates, expectations, beliefs, plans,
objectives, assumptions, intentions or statements about future events
or performance. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events
to differ materially from those anticipated in such forward-looking
statements. Management believes the expectations reflected in these
forward-looking statements are reasonable but no assurance can be given
that these expectations will prove to be correct and such
forward-looking statements included in this press release should not be
unduly relied upon.
In particular, this press release contains forward-looking statements
pertaining to the Company's future exploration and development
activities and the timing thereof, including the extended testing of
discoveries on the Llanos Blocks; the completion of the 3D seismic
campaign at Atarraya and Pendare on the CPO-7 and CPO-13 Blocks,
respectively; the appraisal of the Company's Pendare and Atarraya
discoveries; the drilling of two exploratory wells in the CPO-13 Block;
and the commencement of civil works to drill a first exploratory well
on the Tinigua Block. In addition, statements relating to "reserves" or
"resources" are by their nature forward-looking statements, as they
involve the implied assessment, based on certain estimates and
assumptions that the resources and reserves described can be profitably
produced in the future. The recovery and reserve estimates of
Actual results could differ materially from those anticipated in these
forward-looking statements as a result of certain risk factors and
uncertainties, including, but not limited to: general economic, market
and business conditions; risks related to the exploration, development
and production of oil and natural gas; the results of the Company's
exploration program; risks inherent in the Company's international
operations, including security and legal risks in
Readers are cautioned that the foregoing lists of factors are not
exhaustive. The forward-looking statements included in this press
release are expressly qualified by this cautionary statement and are
made as of the date of this press release. The Company does not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by applicable