AGM had a very positive tone. Jeff Boyce and the management team are very proud of what they have accomplished in 2012 (as they should be) and are very excited for 2013 (as we should also be).
PTA will be releasing a reserve update prior to year end. Reserve updates usually are released in March and are based on reserves as at December 31.
Las Maracas has a minimum of 3 development locations currently and as many as 6 depending on the results of LM-6 results. Development drilling will be moved forward in 2013, so the ramp up in production shown in the presentation from LM development will occur sooner.
Expect a production update from LM-5.
Might see LM-6 results before the end of the year.
All the zones in La Casona-1 are going to be tested. If one of the zones other than the Une tests oil with little to no gas the company will look at putting the well on production as soon as possible. If not, it could take up to 9 months before they can produce the Une because of the gas.
Results of LC-1 have confirmed Ralph's belief that Calatea-1 well was a technical success and it sounded like there is a high likelihood that the Calatea-1 well will be re-entered, much like Las Maracas 2 was (and we all know how that turned out).
CPO-1 will likely spud in February, this could be really big for the company. CPO-1 is on trend with the Caracara fields that CEPSA operates and have over 60 million barrels of reserves. Ralph worked these fields for CEPSA and sees similarities with the prospects at CPO-1.
PTA is working on the budget for 2013 and will release early in the new year.
Plan to self fund the exploration, appraisal and development programs in 2013 with current working capital and cash flow from Las Maracas and Balay.
No plans for a share rollback, Jeff doesn't like the capital structure but believes a rollback at this time would be a negative and detract from the momentum in the story today. He sited Valuera (VLE:TSX-V) as an example of why not to rollback.