actualización compañía: petrominerales

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Company Update

Petrominerales: 2012 guidance

BUYOil & Gas | Colombia

Petrominerales | Oil & Gas

Intensive exploration program Petrominerales11 January 2012

Natalia Agudelo

[email protected]

+574 320 4103

Cesar Perez-Novoa

[email protected]

+562 490 5012

On Monday (Jan. 9) Petrominerales (PMG) published its 2012 outlook and guidance, a

4Q11 operational update.

Average daily production in December was 36,041 barrels of oil per day (bop

up 5% from 34,193 bopd in November.

This brought 4Q11 daily average production to 35,377 bopd, in line with o

forecast of 35,909 bopd – which we had adjusted based on PMG’s 2H11 output, a

the limitations the company experienced due to water handling, and was thus low

than our initial expectation.

December production included additions from the Cobra-2 well, initially at 4,0

bopd; this well is currently producing 1,900 bopd, at a 64 percent water cut – th

water cut has been stabilized and the company thinks output should be arou

1,900 bopd.

At the end of December PMG was able to add up 700 bopd from previously shut-

production levels (due to water handling restrictions) by implementing water dispos

wells, but there is still currently production of as much as 2,500 bopd bei

repressed.

The activity program announced for 2012 includes:

1. Drilling of 19 exploration wells: 16 in Colombia and 3 in Peru, targeting over 2

million barrels of STOOIP (Oil in place) on the company’s conventional light

exploration acreage.

Five of these 19 exploration wells target large prospects in the foothills region of the Llan

Basin (Block 59, Block 31 and Block 15), and on Block 126 in Peru where t

company plans to drill up to a maximum of 3 wells in 2012.

verview

ce (CAD) 18.78

(CAD) 43.44

ting BUY

ares 99,339,479Cap (US$mn) 1,865

ker CAD (BB) PMG CN

recast (US$) 2012E 2013E

venue 1,312 1,235

tda 702 648

t income 307 230(x) 6.1 8.3

/Ebitda (x) 1.8 1.6

urce: Celfin Capital.

2. Drilling of up to 24 stratigraphic wells on the heavy oil acreage – being plann

in the Rio Ariari field – to obtain production results from at least two horizontal wel

to support a longer-term heavy oil strategy.

3. Acquiring over 700 km2

of new 3D seismic data on the Llanos Basin Footh

acreage to position the company’s 2013 drilling program with new high impa

drilling prospects.

What to look for in 2012:Additional water disposal facilities being added in 1Q12, thus lifting restrictio

placed on PMG’s production in 2H11, enabling lifting of as much as 2,500 bo

currently being shut-in.

(Next page:) Current drilling activity




etrominerales | Company Update1 January 2012

Current drilling activity information

Deep llanos Basin:

• Iboga 1 well on Block 31: production tests in early January. Previo

reports indicate a net pay of 42 feet in the Guadalupe and lower sands.

•

Tente-1 well in the Corcel block: drilling began December 27; results aexpected in March.

• Yatay-2 in Guaitiquia: production results expected in late January.

Foothill block

• Bromelia-1 well – log results for February: this is an important developme

to look out for, due to its large potential for addition of reserves, and th

possibility of its marking successful entry into the deep foothills area.

• After Bromelia, the company will drill Canatua-1 in Block 25 , with resu

expected in 2Q12.

Central Llanos Basin

• Yenac-5 : Production test shortly – previous reports indicate 58 feet of n

pay.

Llanos basin:

• Tamata-1 well production tests: at end of January. This is PMG’s fi

horizontal well, and will be the type example for the wells used in the bas

for increased recovery.




Research Team & Disclaimer

Celfin Capital Equity ResearchChile Peru Colombia

Cesar Perez-Novoa Isabel Darrigrandi Natalia Agudelo

Managing Director: Strategy & Economics Senior Analyst: Metals & Mining Senior Analyst: Energy & Utilities

+562 490 5012 +562 490 5093 +574 320 4100

[email protected] [email protected] [email protected]

Tomas Gonzalez Hedmond Rios Jairo Agudelo

Senior Analyst: Electric & Water Utilities, TMT Economist Senior Analyst: Industrials & Consumer

+562 490 5034 +562 713 4807 +574 320 [email protected] [email protected] [email protected]

Alex Sadzawka Mario Arend Ruben Arismendy

Small Caps Analyst: Industrials Chief Economist Analyst: Metals & Mining Exploration

+562 490 5448 +562 713 4903 +574 320 4100

[email protected] [email protected] [email protected]

Jeanne Marie Benoit Juan Camilo Dauder

Small Caps Analyst: Consumer Economist / Senior Banks Analyst

+562 490 5304 +574 320 4100 [email protected] [email protected]

Andres Cardona

Analyst: Industrials

+574 320 4100

[email protected]

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