children of an idle brain

Pacific Rubiales (PRE.to) and Ecopetrol (EC) news

The news release rule of “short is not sweet” most definitely applies in this case. Seven lines, that’s your lot
BOGOTA, ColombiaMarch 15, 2015 /CNW/ — Ecopetrol (NYSE: EC; BVC: ECOPETROL; TSX: ECP) and Pacific Rubiales Energy announce that they have agreed not to extend the Rubiales risk participation and Piriri joint venture contracts that expire in 2016.
Ecopetrol will be examining different options for the operation of the Rubiales field. For its part, Pacific Rubiales Energy will explore the possibility of presenting a proposal to operate this asset.
Both Ecopetrol and Pacific Rubiales Energy have expressed interest in continuing to develop business opportunities for the benefit of both parties and that of the country.

And by way of a small reminder, on January 29th IKN wrote:

“…the word inside Colombia’s financial zone is that Ecopetrol is indeed going to take back its Rubiales field next year instead of continuing the JV with PRE.to, as is ECO’s right under the deal. And that means PRE loses its cheapest and most important production field. And that means in 2016, its costs per barrel shoot higher than anything it sketches in its current 2015 guidance.…” 

And then there’s this, a Spanish language documentary all about how wonderfully PRE.to treats the people round its operations. Not.

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