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Bullboard - Stock Discussion Forum Parex Resources Inc T.PXT

Alternate Symbol(s):  PARXF

Parex Resources Inc. is a Canada-based independent oil and gas company in Colombia, focusing on sustainable, conventional production. The company is engaged in the business of the exploration, development, production and marketing of oil and natural gas in Colombia. The Company is focused on development in two main basins: Llanos and Magdalena.

TSX:PXT - Post Discussion

Parex Resources Inc > Parex Past Drilling Operations...
View:
Post by JoeBravo1 on Nov 21, 2024 8:56am

Parex Past Drilling Operations...

Had some time and was able to find these numbers of past drilling operations for Parex from 2019 to 2023.

They were more detailed in previous years, but just so investors have an idea of how active Parex has been and continues to be, they didn't just drill 5 wells, nor have they gone 0 for 5 in their last drilling campaign.  They drill way more than some would like you to believe.

Here is what I gathered.  Hope this helps some and removes some of the misinformation:

Parex Drilling
 
Full Year 2019 - Participated in drilling 43 gross wells in Colombia resulting in 38 oil wells, 1 abandoned well, 2 suspended wells and 2 wells under test, for a success rate of 97%.
 
Full Year 2020 - Participated in drilling 30 gross (19.45 net) wells in Colombia resulting in 25 oil wells, 2 abandoned wells, 2 wells under test and 1 pressure maintenance well, for a success rate of 93% compared to 43 gross (26.95 net) wells in the comparative period of 2019.
 
Q1 2021 Results - Participated in drilling 9 gross (5.05 net) wells(2) in Colombia resulting in 6 oil wells, 1 disposal well, 1 well under test and 1 abandoned prior to total depth well, for a success rate of 86% compared to drilling 20 gross (13.05 net) wells in Q1 2020.
Q2 2021 Results - Participated in drilling 10 gross (6.55 net) wells(2) in Colombia resulting in 7 oil wells, 1 disposal well, 1 well under test and 1 abandoned well, for a success rate of 88%.
Q3 2021 Results - Participated in drilling 15 gross (10.60 net) wells(3) in Colombia resulting in 7 oil wells, 5 wells under test and 3 abandoned wells, for a success rate of 70%.
Q4 2021 Results - Participated in drilling 15 gross (11.40 net) wells(3) in Colombia, resulting in 10 oil wells, 3 injector wells and 2 wells under test.
 
Full Year 2022 - Incurred $512 million(1) of capital expenditures, participating in the drilling of 66 gross (48.9 net) wells.
 
Full Year 2023 - Incurred $483 million(2) of capital expenditures, participating in the drilling of 59 gross (43.6 net) wells.
Comment by CrazyTrader on Nov 21, 2024 9:14am
Thanks JoeBravo1......... That looks like a lot of DD you did.   Thanks for sharing.
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