unannounced dry hole?
I found this comment in a discussion of Parex....
Parex Resources Inc. (
PXT) added 10 cents to $7.60 on 4.19 million shares. Much of the volume came from a 3.1-million-share block bought by National Bank Financial from ITG Canada. This happened earlier this week as well: On Dec. 2, when Parex lost 33 cents to $7.71 on 5.53 million shares, National Bank bought 3.3 million in one block from ITG. Perhaps National Bank customers are hoping for good results soon from the Tilo-1 well at block LLA-34 in Colombia's Llanos basin, held 55 per cent by Parex and 45 per cent by operator GeoPark. The Tilo-1 well is an attempt to expand the companies' successful Tigana field to the north. They discovered the Tigana field about a year ago and have since taken production to around 11,000 gross barrels of oil a day. Parex could use a good result from Tilo, because it is one of just two or three exploration wells being drilled this quarter,
one of which has already turned up dry (the Zampona-1 on the Los Ocarros block, owned with Petroamerica Oil Corp. (PTA: $0.175)).
In the 9/25/14 presentation, this well is listed on page 10 of the presentation. Don't know company policy on announcing drill results. They will probably combine it with quarterly results but definitely not a positive for the big upside in production that the presentation forecasts.