RE:Parex (Bloomberg)
Ingiboy wrote:
This was in Bloomberg today:
Parex Resources Inc. (PXT), the Canadian oil producer operating in Latin America, is focusing its growth efforts on Colombia as it aims to double production in the next five years
"Chief Executive Officer Wayne Foo is planning more land and asset acquisitions to boost the company’s output to as much as 50,000 barrels a day, he said in an interview at Parex’s headquarters in Calgary yesterday. Colombia’s stable government and well-understood oil resources make it a better investment than other countries in the region such as Argentina, Foo said.
“To be relevant in the market, you really have to be in the range of 25,000 to 50,000 barrels a day,” he said. Production will grow as much as 20 percent annually from 17,500 to 18,500 barrels a day this year, he said."
How do you think they are going to achieve this?
Hmmm, I wonder....
Buy PTA for a pittance and suddenly you are in your 25,000 to 50,000 barrels a day range.
May 10th, fingers crossed.