RE:PTA: The 5 Potential Suitors and the reasons (UPDATE)
perdikaoilgas wrote:
After the excellent news from PRE and the non-renewal of the Rubiales field, this is an update about the 5 potential suitors for PTA:
1) Gran Tierra (GTE), because GTE lost all its reserves in Peru. GTE has also stated more than once lately (including the recent statements during the latest CC) that they want to expand in Colombia.
GTE will not acquire CNE, PRE, PXT or GPRK because they are intermediate producers and therefore they are more expensive than PTA. GTE is also a debt-averse company and is not going to borrow money to make an acquisition.
Furthermore, GTE has now all the cash to acquire PTA. GTE has US$332 million cash now.
2) PRE, which just lost its Rubiales field that currently produces 40% of its total production.
Now PRE must find ways to gradually replace part of this 55,000 boepd.
PRE has acquired the following publicly traded Colombian producers during the last two years:
PetroMagdalena with 3,600 boepd
C&C Energia with 11,000 boepd
Petrominerales with 22,000 boepd
3) VETRA, which is PTA's JV partner in the Putumayo Basin. VETRA tried to acquire Suroco but failed last summer. So they proved that they do want to expand in the Putumayo Basin.
VETRA made another Putumayo lease the other day but that acreage is exploratory, it is not producing acreage like PTA's. However, it shows again how badly VETRA wants to increase its Putumayo acreage.
By acquiring PTA, VETRA will also get a public listing immediately without having to come through the typical lengthy process that requires a lot of paperwork.
4) Parex (PXT), which is PTA's JV in the Llanos Basin.
According to Bloomberg, Parex's CEO is planning more land and asset acquisitions to boost the company's output to as much as 50,000 bopd
Parex's CEO believes that Colombia's stable government and well-understood oil resources make it a better investment than other countries in the region such as Argentina. As linked above, he also said: "To be relevant in the market, you really have to be in the range of 25,000 to 50,000 bopd. Parex's production will grow as much as 20% annually from 17,500 to 18,500 bopd this year".
5) Amerisur Resources (AMER.L) that trades on London and has US$430 million Enterprise Value right now although it produces only 4,500 bopd.
Amerisur will most likely exploit its high market cap and will pay with shares.
Schlinker,
I do not expect you to leave this board anytime soon for one reason.
The reason is that you lost a ton of money from PRY.V
Pinecrest Energy (PRY.V) went broke from $1.5 to 1 cent! So you are bitter and remain bitter on PTA while posting LIES on a weekly basis because you want so see the other people losing their money too. This will make you feel somewhat better.