Update: Leaner and poised for growth
Parex heads into an active 2015 backed by a solid set of Q3 financial and operational results. The plan calls for 16 development wells, 17 exploration wells and US$30m of 3D seismic, all part of an announced 39-well, US$330m capex programme. Parex boasts a reduced debt profile in Q314 along with a US$175m credit line, which will be made available as required. We believe Parex’s recent 27% production growth spurt will not go unnoticed in the Colombian oil patch, with new growth opportunities above and beyond published guidance seen as a very real possibility in the current lower oil price environment.Parex Resources is engaged in oil and natural gas exploration, development and production in South America and the Caribbean region. As of Dec 31 2010, Co. had gross proved light and medium oil reserve of 1,066 thousand barrels (net: 980 thousand barrels).
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