RE: happy 2012 You need to get your head out of the clouds. PTA has permitted 5 of the 6 wells they are to drill this year. Ergo, they will actually drill 5 wells this year best case scenario. LLA is very unlikely to be drilled, and was the 2nd highest impact well, arguably first.
PTA initially had the majority of their wells being spud in Q2. Now we see 4 slated for Q3. Certainly some nice lower risk targets, but I will believe it when I see it.
SSJN is just barely worth the risk of the cost to drill it. PTV sold their 25% interest along with some other assets for $75,000. That's not a typo. It is targeting gas, the netbacks for which are horrendous these days, although still marginally profitable in Colombia. It would not surprise me if they had attempted to farm it down but were unable.
Despite all this, PTA is a reasonable buy at these prices, particularly with their lower risk exploration fully covered by 3D, and the likelihood of being taken out if they hit anything.
CPO-1 is nice, Las Maraccas (and Los Occaros) are nice and El Eden could also be nice. If they owned more of El Porton, it would be the best looking block after the Ramiriqui discovery next door. At 25% it will end up being another Balay (the operators could give a darn and it takes years to develop a simple find). Unless they team up for a farm in (up) with Parex.