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Petrominerales Falls 19% on Output, Exploration: Bogota Mover

Petrominerales Ltd., a Calgary-based oil company that operates in the Andean region, dropped the most since February after reporting declines in production and exploration results that disappointed investors.

Shares fell 19 percent to 13,340 pesos at the close of trading in Bogota, the largest drop since Feb. 27. Petrominerales has lost 58 percent this year, the worst performer on the benchmark Colcap Index, which has returned 5.1 percent.

Production, which averaged 31,113 barrels of oil a day in the second quarter, was 12 percent lower in July at 27,453 barrels. Second-quarter production was 9 percent lower than the first quarter, the company said in a statement.

July output was 14 percent below RBC Capital’s forecast for the third quarter, analysts Nathan Piper and Theresa Pfab wrote in a report.

“Exploration drilling results continue to disappoint in Colombia, with the initial production test on the key Bromelia well unsuccessful,” they wrote.

The initial interpretation of testing on the first zone of a formation of the Bromelia prospect showed the residual heavy oil found “would not be economic to produce,” the company said in the statement. Petrominerales plans to complete testing in other areas by early in the fourth quarter.

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