PetroNova Announces Q1 Results, Provides Outlook


PetroNova Inc. (PNA,V), engaged in the exploration and development of oil and natural gas resources in Colombia, announced its operational and financial results for the quarter ended March 31, 2013. On its outlook, it said:

"PetroNova is continuing with its scheduled exploration plans and commitments and anticipates the following activities to occur in the remainder of 2013: Drilling delineation wells at the Atarraya discovery; Initiating a new 2D seismic campaign in CPO-07 Block; Drilling a first exploratory well in the PUT-2 Block in Q3 2013; Drilling a first exploratory well in the Tinigua Block in Q4 2013. It added: "In Colombia, extractive industries are experiencing delays in the process of acquiring drilling permits. While the company continues to progress its exploration drilling program, part of this progress is dependent upon receipt of such government approvals or permits."

Since January 1, 2013, the Company:

Produced 16,192 barrels (gross) of oil from extended production testing and 14,000 barrels were sold

Drilled three wells in the Llanos Basin, resulting in one successful well (Pendare-2), one unsuccessful well (Guasco-1) and one well suspended for future evaluation (Cayabana-1)

Drilled the Atarraya-4 delineation well which is currently in the completion phase

Received Agencia Nacional de Hidrocarburos approval to extend the Phase 1 exploration period for PUT-2 to September 17, 2013

Obtained an environmental license for the Canelo-Norte area in the PUT-2 Block

Submitted an environmental management plan, and awarded a civil contract, for the first exploratory well in the PUT-2 Block

Submitted additional information to the Environmental Licenses National Agency to complete the analysis of the Tinigua Block's Environmental Impact Study

Initiated existing road improvements in preparation for the first exploratory well in the Tinigua Block

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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