Parex Resources

Latest Parex Resources News

• Kitaro-1 was spud on April 16, 2012 and was drilled to a target depth of 10,800 feet.
• The Malawi-1 well located immediately south of the Sulawesi field was spud on May 1, 2012 and is approaching its target depth of approximately 13,100 feet in the Une Formation.
• Average production to date for May 2012 was approximately 10,500 bopd.

• The well is currently producing under short-term test prior to the commissioning of the Long-Term Test Facility, which is expected for 15 May 2012.

• Proved reserve growth of 363 percent, increasing from 1.1 million barrels of light oil to 4.9 million barrels of light oil.
• Proved plus probable reserve growth of 83 percent, increasing from 5.9 million barrels of light oil to 10.7 million barrels of light oil.
• Proved plus probable reserve growth per share of 18 percent on a debt adjusted share basis.
• Proved plus probable net present value growth of 42 percent per debt adjusted share before tax, discounted at 10 percent.

• Farm-out involves 50% working interest in the Los Ocarros block for Parex Resources
• Petroamerica and Parex to fund drilling a sidetrack well to the Las Maracas-2 exploration well

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