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Latest Headlines
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Nov 30, 2009 1:27:00 PM MST
Petrominerales plans to drill more wells in Latin America next year (Petrominerales)
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CALGARY _ Oil producer and explorer Petrominerales Ltd. (TSX:PMG) has laid out plans to expand its drilling activities in Latin America next year.
"The program will build on our 2009 exploration successes and will be fuelled by our strong cash flows from our growing production base and industry leading operating netbacks," the company said in a statement late Sunday.
Petrominerales, a subsidiary of Calgary-based Petrobank Energy and Resources Ltd. (TSX:PBG), plans a two-rig drilling program that will see 14 wells drilled in the Corcel and Guatiquia properties in Colombia next year.
It also expects to drill 37 wells on its Neiva block, and up to 13 wells in the Llanos Plains region.
Petrominerales will also try to further evaluate some of its heavy oil properties by drilling three additional exploration wells next year.
"We believe the Corcel core area continues to hold the near term promise for the company," UBS Investment Research analyst George Toriola wrote in a note to clients Monday.
He noted that results on some of Petrominerales´ properties were "mixed."
"We continue to view Petrominerales as the most attractive growth vehicle in Colombia," Toriola wrote.
"Our view is based on a combination of the company´s attractive land base, potential production growth profile, and strong operating netbacks."
Petrominerales has 14 exploration blocks in Colombia covering the Llanos and Putumaoyo Basins. It also has a 55 per cent interest in a property in Peru´s Ucayali Basin.
Petrominerales is 67 per cent owned by Petrobank, which is known mostly for pioneering a new way to extract heavy oil from the ground.
Petrobank´s Toe-to-Hell Air Injection, or THAI, technology requires no water, uses very little natural gas and leaves a much smaller surface footprint than traditional recovery methods.
Petrominerales shares rose eight cents to $17.38 on the Toronto Stock Exchange in Monday afternoon trading.
Petrobank shares ped five cents to $49.95.
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