Cohen & Steers Tax-Adv Pref Secs and Inc Fund V.PTA

Primary Symbol: PTA

The Funds primary investment objective is high current income. The Funds secondary investment objective is capital appreciation The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets (i.e., net assets plus assets obtained through leverage) in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies, which may be either exchange-traded or available over-the-counter. In pursuing its investment objectives, the Fund seeks to achieve favorable after-tax returns for its shareholders by seeking to minimize the U.S. federal income tax consequences on income generated by the Fund. There can be no assurance that the Fund will achieve its investment objectives.

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Cohen & Steers Tax-Adv Pref Secs and Inc Fund

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Post by perdikaoilgason Aug 25, 2015 9:56am

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Post# 24048570

PTA is the OPERATOR for the PUT-7 Block (Suroco's Block)

"In this low price environment, the Company is focused on low cost operations that will enhance production. This work has already commenced at the Las Maracas field, with a work over campaign targeting low watercut production where results have exceeded expectations. At the Cohembi field, the Company has identified a number of low risk workovers and development drilling locations that, subject to partner approval and oil pricing, it will consider implementing. On the exploration and appraisal front, the Company has a number of exciting high impact drilling activities in the pipeline, including a low-side fault prospect expected to spud in the fourth quarter on the LLA-10 Block, N Sand appraisal drilling on the PUT-7 Block where the environmental impact study has been submitted and drilling is anticipated late in the first quarter of 2016, and the high impact Tinigua prospect expected to spud in the first half of 2016. Petroamerica is largely carried on the LLA-10 and Tinigua wells. Additionally, the integration of PetroNova is progressing smoothly with this acquisition expected to add significant near to mid-term upside to the Company's portfolio."

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As a reminder, PUT-7 Block is where Santa Maria project is located. Santa Maria is the extension of the producing Quinde oilfield into PUT-7 Block.

PTA acquired PUT-7 Block and the Operatorship from Suroco.

And PTA is the Operator for PUT-7 Block (50% WI)!

Prospect/Well	Activity Type	Block	Working Interest	Expected Timing/Status
Tautaco	Exploration	LLA-10	50% (carried)1	Q4 2015
Crypto	Exploration	El Porton	100%	Q1 2016
Cumplidor N Sand	Appraisal	PUT-7	50%	Q1 2016
Tinigua-1	Exploration	Tinigua	40% (carried)2	1H 2016
Cohembi-16 NSand3	Development	Suroriente	15.8%	Q1 2016
Cohembi-17 NSand3	Development	Suroriente	15.8%	Q1 2016

PTA's share of capital for drilling the Tautaco well is 5.5% of the well costs, with the remainder being fully carried under a farm-in arrangement with Parex Resources Inc.
Under the farm-in agreement with Metapetroleum, PTA will pay 10% of capital for drilling the Tinigua-1 well, and retain a 40% working interest. Drilling costs for an optional second well will be fully carried by Metapetroleum up to $7 million.
Contingent on oil price

We have recently received contract phase extensions from the ANH for the PUT-7, LLA-19 and the El Porton blocks. The Company is continuing to move forward with activities to drill the required wells within this time frame, and has recently submitted an environmental license application to the regulatory authority for drilling of the Cumplidor N Sand prospect on PUT-7.

Pro forma the PNA deal, PTA is the Operator in 3 Blocks: PUT-7, Tinigua (carried), PUT-2.

See PUT-7 Block on the map: