PTA:New Discovery 1000 bopd+, Highest Netback,Langur-2 Soon New Discovery with
1,000 bopd+ (100% Light oil) in a New Block LLA-19 Block today for PTA!
And a second
Low Risk Langur-2 well is coming soon, according to the company.
Ralph Gillcrist , President and CEO commented, "The Langur-1X oil discovery is very encouraging as it opens up a new play fairway in this part of the Llanos Basin for trapping light oil in low-side fault closures in the prolific Gacheta C reservoir. Our expectation is that future oil produced from the Langur-1X discovery has the potential to deliver some of our highest netbacks and will be in high demand as a diluent in this part of the Llanos Basin". "The drilling program also includes one appraisal well, which is considered a low risk follow-up to the Langur-1X discovery well where Petroamerica holds a 50% working interest. "
| Block | Working Interest | Prospect/Well | Activity Type | Timing/Status |
| LLA-19 | 50% | Langur-2 | Appraisal | Q1 2015 |
| LLA-10 | 50% | Garza Roja-1 | Exploration | Q1/Q2 2015 |
| El Porton | 50% | Calatea-2 | Exploration | Q1/Q2 2015 |
As expected, PTA does what all the E&P companies have been doing during the last month and review their Capex for 2015.
What matters most is for PTA to maintain
its current US$60 million cash position and its
stellar balance sheet. So PTA acts in a prudent manner and cuts its CapEx for the first six months of 2015 until Brent recovers,
although the company makes money even if Brent is at $55/bbl, according to today's news.