Asset Overview

 AssetBasinWINet Production
1 - CoreTapirLlanos50%145ARROW
2 - CoreSanta Isabel (Oso Pardo)Middle Magdalena100%127ARROW
3OmbuCaguan / Putumayo10%225Emerald Energy
4Los Picachos / MacayaCaguan / Putumayo38%-Hupecol
5COR-39Upper Magdalena100%-ARROW
6CanadaWCSB70%87Tourmaline Energy

Colombia: Again Open for Business

Favourable business landscape and a favourable political outlook
(pro-business government)

Colombian Oil & Gas Industry Dynamics

  • World commodity pricing exposure to higher Brent oil prices (v. WTI)
  • Good access to infrastructure with spare pipeline capacity – no bottlenecks
  • Two port facilities in Caribbean provide ample export capacity
  • Oil a very important contribution to the country’s exports (30%+) and a government that is very supportive of the oil and gas industry
  • Excellent fiscal terms (royalty/tax regime) introduced in 2003/2004 resulted in production nearly doubling to approximately 1.0 MMbbls/d by 2012
    • Royalties remain very attractive (8-14% on Arrow properties)
  • Recent protests do not change the long-term, stable outlook for Colombia, one of South America’s most fiscally responsible countries