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GeoPark reports increased Colombian production – 19% sequential growth

GeoPark reports increased Colombian production – 19% sequential growth

Chilean company GeoPark reported its 3Q12 operational results which highlighted the importance of the company’s acquisitions in Colombia this year. (It bought Winchester Oil & Gas in January and Hupecol in March.) This quarter these new Colombian assets produced more oil than did GeoPark’s principal assets in Chile. However, Chilean operations produced over 21,000 MCFPD which when translated into equivalent barrels of oil meant the home country still lead in boepd.

Wednesday, November 14th, 2012
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Canacol has a rough quarter from the Rancho Hermosa community

Canacol has a rough quarter from the Rancho Hermosa community

Just a few short weeks after filing its fiscal year-end results, Canacol reported its 3Q12 calendar (1Q13 fiscal) results and the story was not a happy one. Revenues were down and the company reported a net loss of US$6.2M, its worst since 2010. Revenues were down because production was affected by a number of community blockages. The shift from so-called “Tariff” to normal production (which the company labels NRI) in the Rancho Hermosa block also had an impact.

Wednesday, November 14th, 2012
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Parex discovers oil and gas at La Casona-1 and announces 3Q12 results

The big news was what appears to be a significant find at La Casona-1 in partnership with Petroamerica. The company reports “1,300 bopd of 36 degree API light oil and 4.0 million cubic feet per day (“MMCFD”) of natural gas” from the La Casona-1 well. Third quarter results were flat with respect to 2Q12 but significantly higher than the same quarter last year.

Wednesday, November 14th, 2012
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Sintana makes unconventional arrangement with ExxonMobile Colombia

In a press release, Sintana Energy announces a farm-out arrangement with ExxonMobile Exploration Colombia. The farm-out is for block VMM-37 in the Middle Magdalena Basin but only applies to unconventional plays on the block. For these ExxonMobile will earn a 70% interest on completion of the agreed work plan. Sintana retains 30% of an unconventional play and 100% of conventional production.

Monday, November 12th, 2012
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CyC boosts sales by lowering inventories

CyC boosts sales by lowering inventories

CyC Energia aka C&C Energy reported results for 3Q12. Production was up just under 9% but revenue was up over 1/3 because the company managed to reduce inventories by over 3,000 bpd.

Monday, November 12th, 2012
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Interoil production continues to fall

Interoil production continues to fall

Interoil reported its October 2012 production results for Colombia without commentary. Colombia’s oil production rose in September and October but Interoil’s share dropped. In fact, except for a brief blip in July, production has dropped continuously since March.

Monday, November 12th, 2012
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Maurel and Prom with production in holding pattern pending ANH approval

French oil and gas company, Maurel and Prom, has a small amount of production in Colombia (498 bpd net of royalties in 3Q12). It is in an exploration agreement with Pacific Rubiales in a 49.99:51.01 deal whereby Pacific picks up the exploration expenses. The company’s description of its production in the country is unusually specific so we thought it interesting to publish. In this case the challenge is not environmental approval but approvals from the ANH to put a confirmed well into production.

Thursday, November 8th, 2012
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Another blockbuster operating quarter for Pacific Rubiales

Another blockbuster operating quarter for Pacific Rubiales

CEO Ronald Pantin was giving almost real time production measurements during the 3Q12 conference call to show that the company’s quarterly results were not only sustained in the fourth quarter but getting stronger. Production, revenue, EBITDA and cash flow were all up in 3Q12 year-over-year, showing Pacific Rubiales strong operating performance. In particular, oil and gas production was up over 5% sequentially in Colombia while production for the industry as a whole was down 1%.

Thursday, November 8th, 2012
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Equion finds gas off Cartagena in Colombia’s Caribbean Sea

Equion – a joint venture between Ecopetrol and Talisman – reports the presence of dry gas in the Mapale-1 well. From an Ecopetrol Press Release in English with commentary by Hydrocarbons Colombia.

Wednesday, November 7th, 2012
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Mansarovar opens three fields in Colombia

Colombian oil company – Mansarovar – a joint venture between Chinese state-owned company Sinopec and Indian NOC ONGC Videsh – announces it has received permission from partner Ecopetrol to develop Abarco Phase II, Under River Fase III and Moriche Phase III.

Wednesday, November 7th, 2012
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