James, I think we can expect..... Maracas facilities to be completed sometime in May, 2013.
I believe the field is being held back now due to constraints
at the facility. The area will be full of people and materials,
so one can not truck as much oil as one would like from the
field. I expect it will not take long to fill the plant to capacity,
40k boes fluids, with hopefully 15k plus of that crude.. Thats
the bread and butter of the deal, and the market is not paying
anything for that speculation.. You add in half of what might
be in a few months, some production at balay, and just the
beginnings of potentially another Las Maracas at La Casona,
then we should be quite undervalued. I dont see cashflow
multiple as the correct way to value PTA. I believe comparing
us to the latest M & A transaction in Columbia is the way to go.
The last two were around 45000 a flowing barrel, albeit, in my
opinion, crude quality, that is not as good as ours.. RLI, was
hard to compare, as our fields are so new.. Im keeping the faith
here until Las Maracas is all said and done... If we still trading
at 32 cents or what have you, then Id really be surprised.. Just my thoughts.