The largest upside potential that we see is associated with higher-risk exploration wells at Curiara-1 (expected in Q2/13), Malavar-1 and La Guira-1. We see the announcement that Petroamerica has decided to test the well (after reviewing initial drilling results and logs) as quite encouraging.Test results should be available over coming weeks and could provide a significant catalyst, if commercial rates are achieved.
 
Reported yesterday and April production of 4,575 bbl/d was up from 4,296 bbl/d in March, but essentially in line
with what everyone was expecting.
 
Production has increased in part, thanks to new production being brought onstream fromthe Las Maracas-8 and -9 wells on the Los Ocarros block.
 
Petroamerica is currently drilling, testing or planning to drill four exploration wells in the remainder of 2013. Production optimization remains ongoing (construction of new production facilities at Las Maracas is now more than 99% complete and is still expected to be completed in late-Q2/13).