You're not put off by two more PNA wells?
On the Cachicamo Block, the Monarca-1 exploration well reached TD of 8,650 feet on July 11, 2012. Electric logs indicated non-commercial oil quantities in the C5 and Gacheta formations. The well was subsequently plugged and abandoned. Additionally, the Maquito-1 well reached TD of 6,747 feet on July 31, 2012. Electric logs indicated lack of oil and the well was subsequently plugged and abandoned.
The company has always enjoyed a high valuation relative to reserves. Sooner or later, they're going to have to replace all the production from the current pools with some discoveries or they'll be another PMG.
