RE:Beware HedgieTdot and his LIESAnd read the report or call the company instead of asking HedgieTdot.
The key reason for the recent production drop is the PUMP Failures both in LM and Suroriente. PTA is not to blame for this. VETRA and PAREX are the operators for LM and Suroriente:
In addition, due to a combination of the delay in the Langur-2 well and a number of operational issues, including pump failures on key production wells on both the Las Maracas and Suroriente fields, the Company projects that production for the first six months of 2015 will average approximately 4,200 boepd, down from the 5,400 boepd that had been previously projected and announced in January 2015 . In general, cost control objectives are the primary focus in all the producing fields, which has impacted the normal production maximization measures that would occur under a stronger oil price environment. The Company estimates that 75% of this shortfall is a result of the revised drilling plan, and the higher than projected downtime resulting from temporary problems with downhole pumps and production reduction related to the current cost-reduction focus of our well and infrastructure operations.