You can't count on a takeoever. If a takeout happens great but they need to start adding value. Who's going to take us out? Go to the Parex board. They are also hoping for a takeout. PRE can't do it. Look at their share price lately. What we need is some action by the board of directors.
La Guiria 2 needs to be tested. They have 70 million in cash and they can't grease a few palms to get the service rig to the site. WTF? But believe me if it turns up being a dud then this team has lost their credibility as Parex gave up on this field and Petroamerica decided to go it alone. Hopefully it wasn't a waste. Personally I don't think La guiria will be tested this quarter and I have to agree with Parex that due to the water this field isn't viable.
La Curiria production testing was suppose to start at the beginning of the quarter. Then pushed back to the middle. Still no word on the facility so will it be completed in Q1? No word on that either. I guess in the end it doesn't really matter as 25 percent of 800 bpd doesn't mean much.
Where does that leave us for the future. Hopefully milking the LM field but heaven forbid that the rates start to decline because Petroamerica will be in some trouble.
The difference between PXT and PTA is that PXT is acquiring property and drilling wells. PTA isn't doing anything right now. Why aren't we driiling more wells at la casona? We know the oil and gas is there! Why can't we expand the production facility? We have 70 million dollars? What are we waiting for? Do they have a drill rig for Crypto? has that been lined up yet? They can't count on Parex to pull them along any longer. The LM field isn't going to last forever.They need to start spending that money or like hem says start a dividend if they can't do anything with it otherwise our team will get fat at the trough.
I don't see any immediate catalyst until after May 9th.