Pacific Rubiales (PRE CN) put out an operations update on Block Z-1 which stated the company believed it could close the joint-venture with BPZ Energy by year-end. We believe this data point went overlooked by most investors as BPZ was not mentioned by name in the press release. Current expectations were that the joint-venture approval by the Peruvian government would take until April of 2013 so an early approval by the Peruvian authorities would be an unexpected positive surprise. Additionally, Pacific Rubiales mentioned that drilling would commence in the next few weeks and would “contribute significant production growth in 2013”. Pacific Rubiales also stated that the 3D seismic shoot is complete, and delineates multiple prospects and large exploration resources.