They just announced their quarterly results with an 83% success rate in drilling in Columbia and Peru. I guess they must know what they are doing !! See below; competence vs. incompetence IMO
Second Quarter 2012 Highlights
? EBITDA increased to a record $560 million ($1,098 million for the first six months, an increase of 19% compared to the same period in 2011), driven by production growth and higher netbacks.
? Net Earnings of $224 million ($483 million for the first six months, an increase of 73% compared tothe same period in 2011).
? Adjusted Net Earnings from Operations of $187 million ($480 million for the first six months, an increase of 20% compared to the same period in 2011).
? Operating netbacks from oil and gas production of $63.12/boe, an increase of 2% over the second quarter 2011, despite a 9% decrease in WTI benchmark oil prices.
? Sales volumes increased to a record 117 Mboe/d (108 Mboe/d for the first six months, an increase of 13% compared to the same period in 2011).
? Total production net of royalties of 92,611 boe/d including 1,740 bbl/d* attributed from the acquisition in Peru (93,092 boe/d for the first six months, an increase of 11% compared to the same period in 2011).
? Total capital expenditures of $316 million compared to $308 million in the same period in 2011, with 38% ($121 million) invested in production facilities, 35% ($111 million) in exploration and, 20% ($64 million) in development drilling.
? Exploration success of 82% from drilling a total of 22 gross exploratory wells of which 18 were successful.
? Significant and material acquisitions aligned with the Company’s long-term growth strategy, including new production in Peru and Colombia, and new exploration acreage and resources in Colombia, offshore Guyana and onshore Papua New Guinea.