Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) provided today a strategic and operational update relating to the results of the recent testing of the Triceratops-2 appraisal well where the Company holds a net 10% non-operated participating interest in the well drilling on Petroleum Prospective License 237 ("PPL-237"), onshore Papua New Guinea.
Ronald Pantin, Chief Executive Officer of the Company (PRE), commented: "This is a very exciting result and confirms our belief that the Triceratops structure and PPL-237, along with earlier discoveries by InterOil in the adjacent Elk/Antelope structure, indeed represents a world class gas and condensate trend and provides the Company with the strategic opportunity for early stage large resource capture on the doorstep of the world's fastest growing primary energy markets. Not only is the Triceratops structure in itself proving to be a new discovery of significant magnitude, but additional prospects and leads on the large PPL-237 block provide further potential resource upside."
PRE's SVP of Exploration Jairo Lugo said, "Then in the case of Papua New Guinea, we have always said that it was opportunistic. We got really a very good discovery and I think that we'll be ready to monetize that. We understand that there is some sort of a beauty contest now between the majors to acquire those positions and we have a tagalong. So we will be able to make a new rapid cash on that property."
Doesn't appear to me that they have a problem with the resource. And here is the blurb from the only line I found in their news release:
"The Company expects to spinout or sell its Papua New Guinea assets in 2014."
That doesn't imply AT ALL that they will be doing so at a loss. Look at the last line of the last quote from April 2013:
"So we will be able to make a new rapid cash on that property."
In fact they may be profiting handsomely, we shall wait and see.
Who says they are going sour Dwain? Perhaps in terms of your dialogue with bonk and ms and vs here because that's what you do? I ask again, where have the rumblings gone sour? Is it time to call in bonk for backup here? I'm sure you have him on speed dial.