Global Leader in International Oil and Gas Industry News

posted in:

Parex Resources announces La Casona light oil discovery, third quarter results and October production of 12,400 bopd

Wednesday, Nov 14, 2012

Parex Resources Inc. ("Parex", the "Company" or "we") (TSX:PXT), a company focused on oil exploration and production in Colombia and Trinidad is pleased to announce a light oil discovery, La Casona-1 on the El Eden Block. We are also providing financial and operating results for the three months ended September 30, 2012 ("third quarter"), including an oil discovery in the Las Maracas Gacheta Formation. Furthermore, with October production of 12,400 bopd, Parex has made significant progress towards its 2012 exit rate guidance of 13,000-14,000 barrels of oil per day ("bopd"). An update of the Company's operations is also provided below. All amounts herein are in United States dollars unless otherwise stated.

For the fourth quarter of 2012, Parex currently plans a self-funding capital investment program of approximately $45-$50 million and a 2012 exit rate of 13,000-14,000 bopd.

In early 2013, after evaluating the results of ongoing exploration and appraisal activity, and finalizing partner budgets, Parex expects to be in a position to update shareholders on 2013 capital expenditure plans and production guidance.

Capital Expenditure Activity

Parex expects that for the remainder of 2012, it will fund Colombian capital activity based on (gross) three drilling rigs and two service rigs (approximately 60 percent working interest). In Trinidad, the Company's capital program will be based on one service rig (83.8 percent working interest) and the commencement of a 2D seismic program (50 percent working interest).

Source: Marketwire

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Oil & Gas News

FX Energy to test seventy meter gas interval at Tuchola-4K well 16-04-2014
DNV GL Oil & Gas to expand footprint in West Norway 16-04-2014
Avtodor and Gazprom Neft sign cooperation agreement on use of advanced bituminous materials 16-04-2014
Perpetual Energy Inc. provides additional information on the prior period restatement of gas over bitumen royalty adjustments 16-04-2014
Air Products and Enterprise Products Expand relationship with Hydrogen off-gas processing agreement 16-04-2014
Subsea Technologies Ltd. celebrates year of growth and move to new premises with place in the final of Scottish Business Awards 15-04-2014
SengS shortlisted for two awards in recognition of continued growth and expansion 15-04-2014
AISUS Offshore achieves turnover in excess of £1million in first year in business 15-04-2014
Trans Adriatic Pipeline (TAP) re-launches its procurement process 15-04-2014