PRE analyst day comments: "We understand that there is some sort of a beauty contest now between the majors"
Westlake Securities notes from Pacific Rubiales analyst day published today:
Continue to see Pacific Rubiales (TSX
RE) speak positively on IOC position. The latest opportunity was the PRE analyst day on Tuesday.
Key points from Presentation and Q&A Relevant to IOC
- The Senior VP of Exploration believes that the opportuines are large an attractive
- Quoting Jairo Lugo: "Also in Papua New Guinea, the opportunities that we have interpreted and mapped are very, very, very large. We are talking about in excess of 5 to 10 Tcf every
single opportunity there. So right now, the opportunities, the number that you see in the slides are for the 10% of our
working interest. But we have seen -- we have analyzed all the information and we are very sure that we can go to explore for a very large opportunities there in Papua New Guinea and Guatemala."
- The SVP of Exploration also believes that PRE might be able to monetize the position soon and that multiple majors are involved in the bidding.
Quoting Jairo Lugo: "Then in the case of Papua New Guinea, we have always said that it was opportunistic. We got really a very good discovery and I think that we'll be ready to monetize that. We understand that there is some sort of a beauty contest now between the majors to acquire those positions and we have a tagalong. So we will be able to make a new rapid cash on that property."