The Exploratory Arantes Big "E" Well...unc12345, sure there was disappointment in the Arauca well results, but Parex is working to replace that production, and they aren't counting on the current drilling of the Arantes exploratory well for this.
They already have plans for future production growth, but if the Arantes well, which should currently be close to drilling through the prospective zones, is successful, then as the CEO noted during the Nov. 06 webcast, it can far exceed any expectations of the Arauca well.
But, Parex is not relying solely on the Arantes wildcat for future growth, which is why I'm confident in holding shares long term. In the case that Arantes is a successful though, the gains here could be exponential long term.
Here is what the CEO had to say during the webcast:
"Imad Mohsen
So, in terms of the Arantes well right now, the timeline for this first one will be probably be prior to this year end, and we’re putting the last case in point before the prospect zone. It is still a high-risk exploration project. We have a one-in-five chance, roughly, when we announce it. We’re not counting on it to replace any future growth upside, but it is a very significant upside if it does work out and will exceed anything we were hoping for from Arauca."