(MENAFN- ProactiveInvestors) () rose in today’s trading after the oil and gas company focused on South America reported proved plus probable (2P) reserves more than doubled at the end of last year.
Shares gained 4.5 percent to C8.36 at 3:01 p.m. in Toronto paring losses in the past six months to 42 percent.
Proved plus probable (2P) reserves grew 114 percent to 68.4 million barrels of oil equivalent as of December 31 from 32 million boe a year earlier the Calgary Alberta-based company said in a statement late yesterday.
Parex achieved 2P reserve replacement of 540 percent with total 2014 reserve additions of 44.7 million barrels of oil equivalent of which 97 percent is oil.
The company’s proved plus probable after tax net present value discounted at 10 percent of approximately $1.1 billion (C$1.4 billion at current spot exchange rate) at December 31 2014 compared to $832 million at December 31 2013.
Parex which has operations in Colombia Trinidad & Tobago and Canada said it had gross undeveloped drilling locations of 43 wells in the proved (1P) case 62 wells in the proved plus probable (2P) case and 86 wells in the proved plus probable plus possible (3P) case.
The company said its 2P reserve life index (RLI) increased to 7.1 years from 5.1 years and requires $361 million of future development capital.
Underpinned by strong reserves growth and superior capital efficiencies Parex said it achieved 2P F&D of $10.94/boe and 2P FD&A of $13.82/boe. The 2014 2P FD&A cash netback recycle ratio was 2.6 times using the 2014 average cash netback.
Parex' crude oil reserves are located in Colombia's Llanos Basin.
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