Petrominerales Ltd. (PMGLF, PMG.T), a Canadian based oil firm with assets in Colombia and Peru, expects its year end oil output to reach 45,000 barrels per day from its current 40,000 oil barrels per day level.
The company is readying to list its shares, already traded in the Toronto stock exchange, in the Bogota bourse on Wednesday, becoming the latest oil firm to list its stock in Colombia.
The Calgary-based oil firm, which has operations in Colombia and Peru, will follow in the footsteps of Pacific Rubiales Energy (PRE.T) and Canacol Energy (CNEC), other Canadian based oil firms that have used a double-listing to have their shares trade in Toronto and Bogota.
Petrominerales isn't issuing new shares but instead will allow its shares traded in Toronto to float in Bogota.
Jack Scott, Petrominerales chief operating officer, told reporters Thursday that the company expects to drill 36 wells in Colombia this year, part of its plan to invest $600 million in the country in 2011 and a similar figure next year.
The company expects its average oil production for this year to stand at 42,000 barrels per day.
Colombia has seen massive inflows of foreign investment to develop its oil and natural-gas industries as a result of the government's market friendly policies and its success in gaining control of territory once held by leftist guerrillas.
The company is readying to list its shares, already traded in the Toronto stock exchange, in the Bogota bourse on Wednesday, becoming the latest oil firm to list its stock in Colombia.
The Calgary-based oil firm, which has operations in Colombia and Peru, will follow in the footsteps of Pacific Rubiales Energy (PRE.T) and Canacol Energy (CNEC), other Canadian based oil firms that have used a double-listing to have their shares trade in Toronto and Bogota.
Petrominerales isn't issuing new shares but instead will allow its shares traded in Toronto to float in Bogota.
Jack Scott, Petrominerales chief operating officer, told reporters Thursday that the company expects to drill 36 wells in Colombia this year, part of its plan to invest $600 million in the country in 2011 and a similar figure next year.
The company expects its average oil production for this year to stand at 42,000 barrels per day.
Colombia has seen massive inflows of foreign investment to develop its oil and natural-gas industries as a result of the government's market friendly policies and its success in gaining control of territory once held by leftist guerrillas.
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