JAN-18-2013: PRE EXPANDS TO GUYANA Pretty interesting article. According to this article, PRE appears to have some near term plans in store for Guyana (CGX investment).
The following article has been translated from Spanish to English: https://www.el-nacional.com/economia/Pacific-Rubiales-expande-Guyana_0_119990366.html
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Translation Below:
PACIFIC RUBILAES EXPANDS TO GUYANA, JAN-18-2013
The twodepositsassigned tothe companyto determinethe presenceof oilinwaterare nottheEssequiboterritory. PacificRubiales,theCanadianoil companyColombiancapital,contemplatesexpanding its presence inothercountries this year,continuing thegrowthof production inColombiaandplans to startexploration attwo sitesoff the coast ofGuyana.
This company,overCGXEnergyCompany,is in charge ofthe exploratory workin areas1 andJaguar and EagleShallow-1, whichareoff the coast ofGuyana,but outside themaritime area of ??theEssequiboterritory, partof theclaimsthat Venezuelaborder.
In October 2011, PacificRubialesannounced the purchaseof 58.7millionsharesbelongingto the capital ofCGXwho was in chargeof twoblocksthat are in"the second areain theworld in terms ofoil and gasprospects"according todatafrom the Geological Surveyof the UnitedStates.
Inthe presentation thatPacific Rubialesmade??theirplans for this yearis highlightedthat the depositsinGuyanaare perceivedas having strong potentialinregardto the possibility ofexploitationofhydrocarbons,and notes thatin four of therevisedprospectusesreservescould determinethe orderof 3.7billion barrels.
Thiscompany is basedin Bogota andismanaged byformer managersofPetróleos deVenezuela.Its presidentisRonaldPantin,whowasheadof the subsidiaryPDVSAServices.Theexecutive directorofPacificis occupiedJose FranciscoArata,alsoformer manager ofPDVSA.