•Completed the acquisition of additional 2D and 3D seismic data in the CPO-7 and CPO-13 Blocks.
•Successfully completed a non-brokered private placement for gross proceeds of
•Entered into phase 2 of the exploration program on the CPO-13 Block, which includes commitments to drill three exploratory wells within the next three years.
•For the three months ended
•In the Tinigua Block, the ANH temporarily suspended the duration of the phase 2 exploration program until military support is secured, allowing
•Fulfilled the phase 1 obligations under its exploration and production contract with the ANH by resuming and completing the evaluation of the Canelo Sur-2 well on the PUT-2 Block. The Canelo Sur-2 well was abandoned and an impairment provision of
•Entered into phase 2 of the exploration program on the PUT-2 Block, which includes commitments to drill two exploratory wells and acquire, process and interpret 10 km2 of 3D seismic within the next three years.
•Pursuant to the Company's 10% rolling stock options plan, the Board of Directors has approved the grant of 280,000 stock options to Marcel Apeloig who was recently appointed to serve on the Company's Board. One half of the options will vest in one year and the other half will vest in two years from the date of grant. The options will expire in five years from date of grant and will be priced at the common share's market value at the end of the current blackout period.
Summary Financial Information:
Three months ended June
(US$, except shares and data per share)
Loss per share
Weighted average shares(1)
Cash and equivalents and short-term investments
Exploration and evaluation assets
Block deposits (short- and long-term)
(1) Total outstanding common shares as at
•Continue the extended testing of discoveries on the CPO-7 and CPO-13 Blocks.
•Complete the interpretation of the 3D seismic at Pendare on the CPO-13 Block. Based on encouraging preliminary results of the seismic data,
•Initiate an exploratory drilling campaign in Q4 2014 of up to four exploratory wells at the El Tigre area to appraise the Quifa SW extension onto the CPO-13 Block.
•Complete the interpretation of the 3D seismic at Atarraya on the CPO-7 Block and identify step out opportunities to appraise the Atarraya accumulation in Q1 2015.
•Commence civil works to drill the first exploratory well on the Tinigua Block.
•Conduct an updated surface and community survey of unexplored central and southwestern areas of the PUT-2 Block to initiate permitting processes.
The Company, through its subsidiaries, is engaged in the exploration for, and the acquisition and development of, oil and natural gas resources in
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 interpretation of the 3D seismic campaign at Atarraya and Pendare and the initiation of a drilling campaign on the CPO-7 and CPO-13 Blocks, respectively; the drilling of eight wells in the Llanos Blocks; the commencement of civil works to drill a first exploratory well on the Tinigua Block; and the initiation of permitting processes on the PUT-2 Block. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things: general economic, market and business conditions in
Actual results could differ materially from those anticipated in these forward-looking statements as a result of certain risk factors, including, but not limited to: general economic, market and business conditions; risks related to the exploration, development and production of oil and natural gas; 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 securities laws.