RE: looking uglyHere is an excerpt from a response I received from Petrodorado in late April:
1) CPO-5: 3D seismic was completed and interpretation in under way at present. We expect to finalise well location by July and plan to drill in September this year (2 wells planned). These wells will be in the S.E. corner of the block. We are planning additional 3D seismic in the NW corner of the block (close to the recent big discovery of Yatay-1 which test at 10,440 bopd 43API). We plan 3 additional wells in Q1 2012.2) Tacacho: Start 2D seismic in Aug 2011 and also plan a well by end 2011. We are targeting heavy oil here.3) Peru 138: Seismic in under way, expect completion by June 2011. Plan a well in 20124) Paraguay: we are awaiting govt. Clearances and if rcvd by mid May will drill 2 wells in 2011. If not then plan to drill in 2012.5) Peru 135: expect seismic in 2012 and drill in 2013
All our other assets will have a lower priority for CAPEX allocation. We are fully funded for the above for 2011 and even some of 2012 activities – which will help us ride the present negative momentum in South American junior names.
All the real catalysts are end of this year. Sit back and cross your fingers.