RE: April presentation up Hmm. At least Dorado is still showing in Q2.
Changes:
-Capex of about 38M reduced to 17M for 2012.
-4 wells at CPO-5
-Farming out Peru 135 and 138. Definitely a good idea given the cost of wells in the area. The key will be in the terms. I'm guessing they will want to mainting 100MM+ bbls net with their WI after any farmout.
- Sold Moriche for $4M
- Tacacho down to 1 strat well and no seizmic.
- Paraguay a write-off for 2012. Drilling 2013.
- 7 wells in 2012 from 12 wells initially.
Reduced capex is good, particularly at Peru where the wells were exhorbitant anyways. Lack of catalysts is not so nice. If CPO-5 doesnt go, we have 1 well at Talora, 1 in Tacacho and 1 at La Maye and possibly 1 well in Peru 138 (I'm skeptical).
In truth, the delays seem negative, but may work in PDQ's favour. I tihnk the money is better spent at CPO-5 for now, and delays in Peru will save capital to focus on CPO-5 .... if we ever get the permits, of course.