The Company's 51% share of oil production from the Corvina and Albacora fields at offshore Block Z-1 for the three months ended March 31, 2014 was 231 thousand barrels, or 2,566 bopd, compared to 134 thousand barrels, or 1,491 bopd, for the same period in 2013. The increased oil production is a result of the reinitiated drilling campaign at Block Z-1 which began in the second half of 2013
panick. Then how do you explain the NEGATIVE WORKING CASH FLOW the need to have such a huge SELF REGISTRATION overhanging everything?
=== "We currently have $500.0 million available under an effective shelf registration statement for debt securities, common stock, preferred stock, depositary shares and securities warrants, subscription rights, units or any combination thereof, which we may sell from time to time in one or more offerings pursuant to underwritten public offerings, negotiated transactions, at the market transactions, block trades or a combination of these methods. This registration statement will expire on January 2, 2017." ===
Just about every company has shelf registrations. It's very typical standand stuff.. With their bonds trading near par, if they do need capital it would not be hard for them to sell debt. Of course you are conveniently forgetting that cash flow is ramping up and Pacific Rubiales is carrying substantially all block Z drilling costs through the end of the year. So other than some minor early stage stuff onshore, they don't need to spend any money on drilling. Gee Avi, maybe even you could figure out that having someone else pay for drilling sure cuts down on the need to spend cash - LOL.
So production was 2,566 bopd in Q1 and averaged 2,772 in Q2 through 6/3/14. However Q2 production will average above 2,772 since A-21D didn't come online until mid-May. Seems to me that production is headed in the right direction. The gains are going to be uneven as wells come in. Some quarters it will go up a lot and other quarters more modestly. Clearly headed higher though.
Production up 72% in Q1 from prior year and we'll see more big sequential increases in Q2, Q3 & Q4 as Pacific Rubiales continues to hit some nice wells. Hey Avi, you must be reading the production chart upside down. Turn the paper over you #$%$