Current Las Maracas capacity:

LM2ST- 1,000 bopd from Mirador  (esp)

LM3     - 2,000 bopd Gachetta  (esp)

LM4      -2,000 bopd Gachetta  (esp)

LM5      -1,750 bopd Gachetta (natural flow)

LM6      -1,850 bopd Gachetta (natural flow)

LM7      - 1,500 bopd basal Gachetta (natural flow)

Total Capacity (without pumps in LM5-7) is approx 10,100 bopd gross. (5,050 bopd net)

No declines or increased water cuts yet. Pumps could increase LM 5,6 and 7 to 2,000 bopd each easily once facilites are in.  That adds another 900 bopd gross, 450 net.

Total Capacity then is approx 10,500 bopd (5,250 net) to PTA. 

2H 2013 Additions (4 development + 1 appraisal).  I believe they will add a couple more wells to tap the lower Gachetta and Possibly an additional Mirador/Une commingling or some such.

If successful, La Guira is essentially a continuation of LM (Not sure if its feasible, but they could upgrade the LM facility and connect to La Guira if it is successful)

5,250 bopd LM + 250 bopd Balay = 5,500 bopd in late Q2.  That's $150M/year at $75/bbl netbacks.  With current MC of $185M, PTA is trading at  the following valuations:

EV/Flowing Barrell (assuming debt and cash are roughly equivalent) = $33,600/bopd

1.23 x CF

Looks cheap to me.  This does not even account for La Casona (which looks to be a potentialy very nice discovery), nor any potential exploration successes.