Parex made a somewhat unusual midyear announcement of its reserves and a more usual announcement of its 2Q13 production. Both stories are very good but the reserves story is spectacular. By the close on Thursday, July 11 2013, the stock was up 17% from its Tuesday close.
Canacol issued an operations update announcing a new well in production and positive overall momentum. MinMinas and investors took interest.
The Colombian government has approved an Ecopetrol bond issue of up to COL3T (US$1.556B), a move analysts say will bolster the dollar against the Colombian peso.
The Banco de Bogotá has been one of the lead banks to finance the US$5B needed for all three phases of the Bicentennial Pipeline and bank executives expect this role to continue as the pipeline becomes operational.
The share price of Pacific Rubiales, Canacol and Petrominerales lead the Colombian Stock Market (BVC) with some of the most undervalued share prices, which local analysts say could present opportunities for investors despite the 11.9% drop in the stock’s index IGBC in 2013.
Colombian paint specialist Pintuco has reached an agreement with Ecopetrol to commercialize the later’s MCO-R paint technology in the domestic market as part of a technology transfer and innovation program run by the state oil firm.
Ecopetrol president Javier Gutierrez looks at 2013 with optimism both for the state oil firm’s prospects position but also for Colombia’s economic and political advances.
Canadian oil producer Parex Resources expects to drill 30 new wells this year in order to continue expanding its production in Colombia and keep with its success rate to date of 70%, the company’s general manager Lee Distefano was quoted as saying.
When we started writing up company results, Canacol confused us with its production figures broken down between Tariff and Non-Tariff. We expect that shortly this distinction will come to an end.
Colombia’s financial regulator SuperFin is preparing a set of norms that will regulate the information provided by companies in the hydrocarbon and mining industries for the general public and investors.
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