UPDATE: Petrominerales Reports 2013 Capital Plan; Stocks in the Red
Petrominerales Ltd. (PMG.TO) announced its 2013 capital program and provided an operational update.
The company is planning drilling of up to 12 exploration wells in Llanos Basin of Colombia targeting light oil resources of up to 120 million barrels of undiscovered petroleum initially-in-place.
The company has additional financial resources from its undrawn, reserves-based credit facility that it is in the process of renewing with an increased US$250 million borrowing base.
We have received commitments from a syndicate of banks totaling over US$250 million and, subject to customary closing conditions, expect to close the transaction in early January.
PMG edged off by 4 cents, or about 1%, to $7.89. Over 66,000 PMG shares have changed hands.
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