RE:RE:RE:RE:RE:Spread between BRENT and WTI continues widening1. Link:
https://www.platts.com/IM.Platts.Content/ProductsServices/Products/crudeoilmktwire.pdf
2. Search Napo.
3. See Napo at $11 discount to WTI and $15 to brent futures in December.
4. Recall Vetra and PetroAmerica are exporting on a Napo linked contract. Suroriente crude quality is similar to Napo, although we won't see detailed financials and MD&A till Q1 on this.
Secondly, inline with TheDave on their options load up. Consider their G&A overburden.
PetroAmerica will spend around $16 million or more on G&A in 2015. They don't operate.
Amerisur will spend around $12 million. They produce around 50% more oil, and operate and drill their own wells.
If PetroAmerica was as efficient as Amerisur, we'd see shareholders burdened with only ~$7 million of G&A. But wait, they don't even operate... so in reality this should be a $5 million per year G&A entity.
Think I'm comparing to an outlier? Parex is the same. Pacific is essentially the same too. Why is this tolerated?