david neuhauser pacific rubiales energy

7/22/2019 David Neuhauser Pacific Rubiales Energy

1/24

9tc mjjumlPprijavmlud ijvdstija `bjardss

Mpril 0, ;?=5 Lms Xdams, JX

_m`ihi` [ukimlds Djdray - Mj Dndraija Bppbrtujity

witc Ermnmti` _bssikilitids

Emvie Jducmusdr, Livdrnbrd _mrtjdrs

www.XmludIjvdstija@bjardss.`bn


2/24

Bppbrtujisti` Xmlud Ijvdstija IjM (sfdwde) Ciac Arbwtc Qbrle.

KY EMXIE JDTCMTPD[ HBTJED[ MJE NMJMAIJAEI[D@UB[ LIXD[NB[D _M[UJD[P

=


3/24

LIXD[NB[D _M[UJD[P4 [dvdrd Erivd

Bjd Jbrtckrbbf _lm`d

Puitd ;??Jbrtckrbbf, Illijbis 8??8;Udldpcbjd7 351-89=-40?1

Hm`sinild7351-89=-4055www.livdrnbrdpmrtjdrs.`bn

LIXD[NB[D _M[UJD[PPU[MUDAI@ B__B[UTJIUIDP, L_

;
http://www.livermorepartners.com/http://www.livermorepartners.com/


4/24

Livdrnbrd-Qcb wd mrd Dxpdridj`de prbhdssibjmls witc m lbja pukli` trm`f rd`bre bh supdribr pdrhbrnmj`d.

Livdrnbrd nmjmads jdmrly $=??nn bh `lidjt mssdts.

Hb`us7 Qd m`t ms `brjdrstbjd scmrdcbledrs. _rbvieija ijsiact mje rdsbur`ds tbnmjmadndjt mje tcd Kbmre bh bur `brd pbrthblib `bnpmjids.

Eddp vmlud mje Ppd`iml situmtibj erivdj. Qd djamad m privmtd-dquity mpprbm`c tbpukli` ijvdstijatb dxtrm`t hull vmlud hrbn pbrthblib `bnpmjids.

Mliajndjt bh ijtdrdst7 Nmjmad m sijald strmtday huje mje Pdpmrmtd Nmjmadem``bujts.

0


5/24

5

Huje Bkgd`tivds

Ub m`cidvd nmxinun `mpitml mpprd`imtibj bvdr tcd lbja tdrnwitc nijinml risf bh pdrnmjdjt `mpitml lbss7 Piajihi`mjtly ij`rdmsd ijvdstbrs mhtdr-ijhlmtibj, mhtdr-tmx

spdjeija pbwdr.

Butpdrhbrn lbja-bjly dquitids.

M`cidvd pbsitivd rdturjs dm`c ydmr witc nbedrmtd scbrt-tdrnvblmtility.

Lbja-Kimsde mpprbm`c witc cdeaija mkilitids.


6/24

Bur _cilbsbpcy mje @bnpdtitivd Mevmjtmad Xmlud erivdj bppbrtujisti` cdead huje tcmt hbùsds bj Djdray, Ijeustriml, mje Hijmjìml sd`tbrs, kut

rdnmijs majbsti` tb vmlud-djcmjìja bppbrtujitids (m`tivisn, spdìml situmtibjs) witcij mll sd`tbrs mje

nmrfdt `mpitmlizmtibj.

Livdrnbrds dxtdjsivd jdtwbrf bh privmtd dquity rdlmtibjscips mj kd tmppde tb hurtcdr ij`rdmsd

rdsbur`ds mje ijvdstndjt butsied bh bur ijtdrjml huje s`bpd.

Bur pmrtjdrs cmvd ij`luede7

- Uurjmrbuje dxpdrt mje Killibjmird, Qilkur L. [bss (QL [bss & @b.)- ;1K Djdray Hbùsde-privmtd dquity hirn, [ivdrstbjd Cbleijas, LL@- Nmeisbj Edmrkbrj _mrtjdrs, =5K privmtd dquity hirn

Livdrnbrds Emvie Jducmusdr is mj mevisbr tb Qyjj`cur`c @mpitml, m $=.=K nieeld nmrfdt ijeustriml

privmtd dquity hirn wcdrd cis hbùs is bj edml briaijmtibj mje bvdrsiact bh pukli` `bnpmjids.

Mj ijtdlld`tumlly bcdrdjt mje ijtuitivd ijvdstndjt ndtcbeblbay dnpcmsizija mpitml prdsdrvmtibj mje m

strbja risf-megustde rmtd bh rdturj, tbadtcdr witc m `bjsistdjt inpldndjtmtibj bh bur strmtday7 jb styld

eriht.

4


7/248

Bur _rb`dss Djamad m kbttbns-up, hujemndjtml ijvdstndjt mjmlysis tb edtdrnijd

ujedrvmlude br nispri`de `bnpmjids. Mkility tb sdll-scbrt tb linit pbrthblib

ebwjsied risf.

@bnpmjids nust nddt bur eddply ujedrvmlude br Ppd`iml Pitumtibjvidwaivdj `urrdjt ndtri`s(i.d. Eis`bujtde @msc Hlbw-E@H, _ri`d tb Kbbf-_/K,_ri`d tb Dmrjijas-_/D, Djtdrprisd Xmlud/DKIUEM) ms wdll ms cistbri`ml pri`dtrdjes. Lbbf hbr `mtmlyst adjdrmtbrs, tb cdlp prbvied m tindlijd bh tcd

ijvdstndjt(Mva. cble tind rmjad7 8nbjtcs-4ydmrs).

Qd `bjtm`t mje nddtwitc nmjmadndjt tb amuad tcd strmtdai` plmj tcmtwill erivd tcd `lbsurd bh eivdradj`d kdtwddj tcd dquity vmlud mje its trud

ijtrijsi` vmlud.

Qd prdsdjt bptibjs tb m``dldrmtd scmrdcbledr vmludwitc nmjmadndjt,btcdr ijstitutibjml scmrdcbledrs, mje tcd `bnpmjys Kbmre bh Eird`tbrs.


8/241

Xblt Ijhbrnmtibj P`idj`ds(XIPI) - Eddp-vmlud pbsitibj ij tdnpbrmrystmhhija hirn wcdrd Livdrnbrd is ij tmlfs witc tcd nant. mje Kbmre tb

dxtrm`t hurtcdr vmlud. Hb`us cms kddj bj riact-sizija tcd `bnpmjys

bpdrmtibjs mje rd-listija tcd scmrds bj m nmgbr stb`f dx`cmjad ij ;?=5.

Livdrnbrd kdlidvde pmst m``bujtija issuds wbule kd rdsblvde ij

;?=0(tcdy wdrd) mje tcd `bnpmjy trmeds mt m siajihi`mjt eis`bujt tb its

pddrs mje ijtrijsi` vmlud. Dquity cms risdj hrbn bur djtry pri`d bh $8.14

tb $=?.?4 ij ;?=0(bvdr 5?%). Xblts upsied mje ultinmtd ijtrijsi`

rdnmijs jdmrdr tb $=4-$;? m scmrd.

;?=0 _brthblib Ciacliacts


9/24

;?=0 _brthblib Ciacliacts @bjt)

B`ìedjtml _dtrbldun(BSY)- M`tivist pbsitibj mje cdlpde rdnbvd dardaibus@cmirnmj, [my Irmji mt tcd Nmy, ;?=0 MAN ij Lbs Mjadlds.

(Klbbnkdra, B`ìedjtml's @cmzdj Drm Kdaijs Mhtdr Irmji's Bustdr, Nmy 0re,;?=0).B`ìedjtml mjjbuj`de m slmtd bh jdw abvdrjmj`d inprbvdndjts Mpril ;9 mhtdr ijvdstbrs qudstibjde tcd

rbld Irmji cme plmyde ij tcd edìsibj tb rdplm`d @cmzdj ms @DB. Pcmrdcbledrs ij`lueija Hirst _mìhi`

Mevisbrs LL@, @mnkimr Ijvdstbrs LL@ mje Livdrnbrd _mrtjdrs mevb`mtde tcmt Irmji scbule ldmvd ijstdme

bh @cmzdj. Pmie Livdrnbrds Jducmusdr, wcb wms mnbja scmrdcbledrs tcmt vbtde mamijst tcd lbjatind

`cmirnmj. In smtishide witc tcd but`bnd mje lbbf hbrwmre tb tcd `bnpmjys jdw eird`tibj.

Ucis cdlpde tcd `bnpmjy rd-hbùs mje lbbf tb nbjdtizd tcdir vmst mssdt kmsd ij tcd TP mje

Nieeld-Dmst. [dnmijs m lmrad Livdrnbrd spdìml situmtibj pbsitibj mttrm`tivdly vmlude mlbjawitc spdìhi` ;?=5 `brpbrmtd dvdjts. Pblie ;?=0 rdturj bvdr =5%.

3


10/249

;?=0 _brthblib Ciacliacts @bjt)

UriBil [dsbur`ds(UBL.UB)-M`tivist pbsitibj ij @mjmeimj gujibr djdray`bnpmjy. Livdrnbrd prdssde nant. tb pusc hbrwmre witc m smld bh tcd

`bnpmjy tb m strmtdai` suitbr aivdj tcd cistbry bh eilutivd `mpitml rmisds

mje hurtcdr cdmewijes ij tcd `mpitml nmrfdts hbr snmll upstrdmn

djdray(wiedjija eihhdrdjtimls, dxpdjsivd `mpitml `bsts). Livdrnbrdbwjde =.1 pdr`djt pbsitibj mje rdmlizde m ;;.5% I[[ upbj `bnpldtibj

bh m smld tb _blsfi Fbj`drj Jmhtbwy Brldj PM hbr ;.34`ej . _bsitibjs

su`c m Uribil will `bjtijud tb kd m hb`us hbr Livdrnbrd, mltcbuac bur

prdhdrdj`d is tb wbrf ij `bllmkbrmtibj witc Nant mje tcd Kbmre.


11/24=?

Pdld`t _mst Ijvdstndjts Cbusd bh Hmkri`s(CHMK) -Pu``dsshul [isf mrkitrmad pbsitibj ij JYPD-listde rdtmildr.

Qdrd tcd lmradst edkt cbledr bh tcd `bnpmjy. Lmtdr turjde ijtb tcd lmradst sijald

scmrdcbledr upbj bnpldtibj bh tcd rdbramjizmtibj mje suksdqudjtly ldme tcd

@brpbrmtd smld tb `bnpdtitbr Cmj`b`f Hmkri`s(CH) ij m $=5?nn mll stb`f

trmjsm`tibj. [dturjde 0S bur ijvdstde `mpitml.

Qmscijatbj Hdedrml Kmjf(QHKP)-=0E cbledrs(9.9%) bh @ci`mab. Arddjnmilde kmjfmje ultinmtdly rdm`cde mj marddndjt tb sdll bur scmrds km`f tb tcd kmjfs lmradst

scmrdcbledr mje hbujedr, tcd Adnkmrm hmnily. I[[ bh bvdr 0?%.

Xysis(XYPY)-Lmrad scmrdcbledr ij @cab-kmsde lmkbrmtbry prbeu`ts nmfdr.Pble tb Mkkbtt Lmks ij mj mll-stb`f edml hbr $044nn ms wd iedjtihide tcd

lmkdlija prb`dss hbr krdmst mj`dr wbule ij`lued Xysiss brd prbeu`t. EJM

mje Mkkbtt wdrd ij `bnpdtitibj hbr tcd `bnpmjy. Xysis wms m spij-but hrbn

Kritisc _dtrbldun(K_). Ubbf mevmjtmad bh tcd bvdrcmja wci`c edprdssde tcdijtrijsi` vmlud bh XYPI. Qbrfde `lbsdly witc tcdj @DB Gbcj Kiscbp, jbw @DB bh

@dpcdie, m $0K erua bnpmjy tb iedjtihy tcd bvdrlbbfde bppbrtujity. Bvdr

3?% [BI.


12/24

Km`farbujeUcd prijìpmls mje bhhi`drs bh tcd Nmjmadr wcb will kd ijvblvde ij tcd ijvdstndjt bpdrmtibjs bh tcd

Huje is Emvie Jducmusdr. Ucd km`farbuje bh tcis ijeivieuml mppdmrs kdlbw.

Emvie Jducmusdr is tcd hbujedr mje Nmjmadr mje is rdspbjsikld hbr nmfija mll ijvdstndjtedìsibjs hbr tcd Nmjmadr. Nr. Jducmusdr cms bvdr =1 ydmrs dxpdridj`d ij pbrthblib nmjmadndjt mjeijvdstndjt mjmlysis mje cms kddj m strbja mje `bjsistdjt prbpbjdjt bh vmlud ijvdstija.

Nr. Jducmusdr, pribr tb gbijija Livdrnbrd ij ;??9, wms _rdsiedjt bh Lbrdj Cbleijas Ij`brpbrmtde,

hbùsija bj strmtdai` ijvdstndjts m`rbss m krbme arbup bh ijeustrids ij`lueija Djdray, Hijmjìml sdrvi`ds,@bjsundr prbeu`ts, mje Ijeustriml nmjuhm`turija. Qcild nmjmaija tcd ijvdstndjt pcmsd bh tcd prb`dss,Nr. Jducmusdr wbrfde witc jundrbus LKB arbups mje hijmjìja madjts ms wdll ms lmrad pukli`ly trmedeebndsti` `bnpmjids. Nr. Jducmusdr wms rdspbjsikld hbr pbrthblib mje ijvdstndjt strmtdaids hbr hijmjìdrLdbj M. Arddjklmtt III(sdd Kusijdsswddf , UcdKme Kbys bh @ci`mab MrkitrmadMuaust 8tc,=998).

Nr. Jducmusdr wms m prijìpld mje ijvdstde tcd hirns`mpitml ij m nulti-strmtday mpprbm`c. Ucdsdij`luede `bj`djtrmtde dquity ijvdstndjt pbsitibjs, m`tivist bppbrtujitids, risf/ndradr mrkitrmad,

eistrdssde edkt, mje privmtd dquity. Nr. Jducmusdr wms m lbjatind ndnkdr bh tcd @ND Arbup (JYPD7@ND)ms wdll ms tcd Jmtibjml Huturds Mssbìmtibj. Cd rd`divde cis K.M. witc `bj`djtrmtibjs ij D`bjbni`s hrbnJbrtcdmstdrj Illijbis Tjivdrsity mje cms `bjeu`tde Armeumtd stueids ij D`bjbni`s mje Pbìblbay hrbn[bbsdvdlt Tjivdrsity bh @ci`mab.

==


13/24

=;

Ijhrmstru`turd

Ldaml @bujsdl

Mueitbr

Menijistrmtbr/@ustbey

_rind Krbfdrmad


14/24

=0

Ijvdstbr _mrti`ipmtibjBjscbrd Huje7 Edlmwmrd Linitde Limkility @bnpmjy

Hdds7 ;% Nmjmadndjt hdd;?% _drhbrnmj`d hdd witc ciac wmtdr nmrf.

Ijitiml @bnnitndjt7 Bjd Ydmr

@bjtrikutibjs7 Nbjtcly

Liquieity7 ]umrtdrly


15/24

=5

XMLTD IJXDPUIJA @BJA[DPP IEDM- WM[ABJ BIL & AMP7 WM[.UB $3.4;@EJ

Wmrabj, m @mjmeimj MP_(Mlfmlijd Purhm`tmjt _blyndr) bil dxplbitmtibj `bnpmjy lb`mtde ij tcdQillistbj Kmsij mje PD Pmsf, is pbisde tb `bjtijud its uptrdje ms tcd ijtrijsi` vmlud rdnmij nu`cardmtdr tcmj tcd rd`djt dquity `lbsija pri`d. Bjd bh @mjmems lbwdst ed`lijd prbeu`tibj `urvdswitc m prbvdj td`cjblbay tb ij`rdmsd huturd prbeu`tibj, rdsdrvds, mje vmlud.

Livdrnbrd Ucdsis7

Wmrabj tcdj Pdpt. ;?=; Hirst ndt `bnpmjy mt _dtdrs @bjhdrdj`d ij Pdpt, ;?=;. But bh hmvbr, kut sbuje td`cji`ml nant.

tdmn.

Nmrfdt mje mjmlysts edvdlbpde m scmrply jdamtivd kims aivdj tcd tind lmabh tcdir $=??nn Littld Kbw MP_ prbgd`t, tcdir rdeu`de huje hlbws, mje mj dxpd`tde ujsustmijmkldeiviedje pmybut rmtib(


16/24

=4

Wmrabj, Ubemy- Mpril 0re, ;?=5- @bnpmjy rdnmijs nis-pri`de kmsde bj hbrwmre ndtri`s mje edhijde mtmlysts. Livdrnbrd

m`quirde m pbsitibj kdaijjija ij Jbvdnkdr ;?=;. Mva dquity pri`d $8.81. Jbt ij`lueija .?8nbjtc eistrikutibjs. Ubtml rdturj bh bvdr 0?% ij ;?=0.

Littld Kbw ijgd`tibjs mje prbgd`t dxpd`tmtibjs bj trm`f tb edlivdr 3-=?% arbwtc, mlbja witc mstmkld mje bjsistdjt nbjtcly eiviedje bh .?8 m nbjtc(3.1% yidle mjjumlizde).

Littld Kbw MP_ _rbgd`t hully-hujede witc _cmsd I mje hirst bil eud ky ydmr-dje.

Ijsiedrs `bjtijud tb bwj m sizmkld stmfd(=?%) witc @DB @rmia Cmjsdj bwjija 4%, wcildm`quirija tcd kmlmj`d ms Livdrnbrd kuilt its pbsitibj. Ucdsis bh tcd krdmf-up vmlud hmr dx`ddestcd pmst mje `urrdjt nmrfdt pri`d wci`c prbvieds tcd bppbrtujisti` vmlud iedm wd tcrivd tbijvdst ij.

Qd `bjtijud tb djamad ij m`tivd eimlbaud w Nmjmadndjt mje tcd Kbmre ms wd nbjitbr prbardssmje upemtd bur nbedl. Dxpd`t Abvdrjmj`d inprbvdndjt witc vidw tcd `b is m pbssikld tmfd-but`mjeiemtd aivdj its ij`lijd bh up`bnija prbeu`tibj arbwtc hrbn _cmsds II mje III, mje lbw

`mpdx bj`d tcd prbgd`t is hully hujede.


17/24

=8


18/24

=1

Ucd MP_ prbgd`t ij `bjguj`tibj witc tcd `bnpmjy's lbja-lihd lbw-ed`lijd `bjvdjtibjml bildxplbitmtibj prbpdrtids prbvieds Wmrabj tcd bil prbeu`tibj mssdt kmsd tcmt will pdrnit Wmrabj tb nddt

its lbja-tdrn arbwtc mje sustmijmkld, eiviedje-pmyija bkgd`tivds.

Ucd tbtml `mpitml `bst bh pcmsds = mje ; bh tcd Littld Kbw MP_ prbgd`t cms kddj kueadtde mtmpprbxinmtdly$8= nillibj. Ucis is `bnprisde bh mpprbxinmtdly $1 nillibj bh dxpdjeiturds ij ;?=;,mpprbxinmtdly $03 nillibj ij ;?=0, mje tcd rdnmijija $=8 nillibj bh tcd `mpitml `bsts rdlmtija tb tcdprbgd`t's pcmsd ; inpldndjtmtibj s`cdeulde hbr ;?=5 mje ;?=4. Ucd pcmsd = prbgd`t's hijml $5nillibj is tb kd spdjt tcd hirst qumrtdr bh ;?=5, mje tcd inpldndjtmtibj bh pcmsd ; is s`cdeulde hbr;?=4, rdquirija $=; nillibj.

Littld Kbw is jbt mj ujedvdlbpde prbpdrty witc ujprbvdj bil pbtdjtiml. Littld Kbw is mlrdmey mprbeu`ija mssdt witc `urrdjt bil prbeu`tibj mt 5?? kkl/e. Wmrabj's hbrd`msts hbr tcis prbgd`t mrd mshbllbws7

;?=5 Dxit7 04? kkl/e;?=4 Mva7 9?? kkl/e;?=8 Mva7 =,4?? kkl/e

Qitcbut meeitibjml ijhill erillija, ij`rdndjtml prbeu`tibj hrbn pcmsds = mje ; bh tcd prbgd`t is hbrd`msttb surpmss =,8?? kmrrdls bh bil pdr emy ky tcd dje bh ;?=8.
http://zargon.mwnewsroom.com/Files/fa/faf08fe4-789a-45fe-a960-6821a22d144b.pdfhttp://zargon.mwnewsroom.com/Files/fa/faf08fe4-789a-45fe-a960-6821a22d144b.pdfhttp://zargon.mwnewsroom.com/Files/fa/faf08fe4-789a-45fe-a960-6821a22d144b.pdfhttp://zargon.mwnewsroom.com/Files/fa/faf08fe4-789a-45fe-a960-6821a22d144b.pdf


19/24

=3

Ucd "cdmvy spdje pdribe" hbr tcd DB[ prbgd`t is jbw kdcije us.Kmsde bj mj dstinmtde hidle bil pri`d bh $83 pdr kmrrdl, tcd MP_prbgd`t is hbrd`mst tb prbvied m hidle jdt km`f bh mpprbxinmtdly$4? pdr kmrrdl bh ij`rdndjtml bil prbeu`tibj vblunds.

_rbgd`t is mlsb `ml`ulmtde tb cmvd m krdmfdvdj hidle bil pri`d bh

$53 pdr kmrrdl. Ucis is m vdry lbw cistbri`ml pri`d mje will jbt sddij tcd hbrdsddmkld huturd.

Wmrabj plmjs tb edvdlbp pcmsds 0 & 5 dhhd`tivd ;?=9 ij bredr tbdjcmj`d hurtcdr Littld Kbw's bil prbeu`tibj. Wmrabj'snmjmadndjt is `bjsdrvmtivd ky hbrd`mstija mj meeitibjml

rd`bvdry hm`tbr bh +;%, wci`c rdnmijs m vdry lbw arbwtc tmradt,aivdj `urrdjt MP_ td`cjiquds scbule inprbvd ky ;?=9.


20/24

=9
http://static.cdn-seekingalpha.com/uploads/2014/3/11/526931-13945838416050053-Value-Digger_origin.jpg


21/24

;?

;_ [dsdrvds (NNkbd) (Ed` ;?=0) ;1.1

;_ [dsdrvds ($ nillibj)

(_XKU =?%)583.9

Tjedvdlbpde Lmje ($ nillibj) =1.;

Qbrfija @mpitml ($ nillibj)

(Edhi`it)(=3.3)

Lbja-Udrn Edkt ($ nillibj) (91.4)

Pcmrds Butstmjeija (nillibj) 0?.=

Jdt Mssdt Xmlud _dr Pcmrd ($) =;.;9

Arbssly Tjedrvmlude _dr JMXKmsde bj tcd `bnpmjy's lmtdst J[mje tcd nbst rd`djtijedpdjedjt rdsdrvds rdpbrt, Wmrabj's JMX is mt @$=;.;9. Cdrdis tcd mjmlysis7
http://finance.yahoo.com/news/zargon-oil-gas-ltd-provides-220100103.htmlhttp://finance.yahoo.com/news/zargon-oil-gas-ltd-provides-220100103.html


22/24

;=

@bnpmjyDX

($ nillibj)

;?=0

DKIUEM

($ nillibj)

;?=5

DKIUEM (*)

($ nillibj)

DX

---------

;?=0

DKIUEM

DX

---------

;?=5

DKIUEM

Kbjtdrrm

Djdray=,39? =94 ;=4 9.89 3.19

EddUcrdd

Dxplbrmtibj39? ==? =04 3.?9 8.49

Jbrtcdrj Bil

mje Ams=,4?? ;83 0?? 4.8 4

Mkrmxms

_dtrbldun5;? (**) 44 84 1.85 8.58

Wmrabj

Bil 04? 1; 13 5.38 5.53

Wmrabj DX/DKIUEM @bnpmrmklds


23/24

;;

Mvdrmad

(Mkrmxms, Jbrtcdrj,

Kbjtdrrm, EddUcrdd)

Wmrabj Bil

DX/DKIUEM 8.1= 5.53

Kmsde bj tcd mvdrmad ndtri`s mkbvd, Wmrabj's djtdrprisd vmlud scbule kd7 8.1= S $13 nillibj > ~$4;0

nillibj.

Ub sun it up, tcis is Wmrabj's djtdrprisd vmlud kmsde bj tcd mvdrmad ndtri`s bh tcd pddrs7

_dr ;_ [dsdrvds> $518 nillibj.

_dr DX/DKIUEM> $4;0 nillibj.

Kmsde bj tcdsd hiaurds, tcd mvdrmad djtdrprisd vmlud hbr Wmrabj wbule kd7

$4?? nillibj.

Wmrabj's jdt edkt is ($==8) nillibj, tcd nmrfdt `mp scbule kd ~$035 nillibj. Eivieija tcis nmrfdt `mp witctcd ~0?.= nillibj butstmjeija scmrds, wd adt ~$=;.1=/scmrd(kmsi`). Ucis rdprdsdjts mj upsied bh jdmrly

~5?+%hrbn tcd `urrdjt ldvdls.


24/24

;0

Punnmtibj Wmrabj `bjtijuds tb bhhdr sblie dquity vmlud mje upsied bvdr tind.

[isfidst pdribe mje cdmvy `mpitml spdje kdcije us.

Hbrwmre ij`lijd bh lbja-lihd, lbw-ed`lijd bil prbhild is tcd pdrhd`t hbrnulm hbrm `bjsistdjt mje prbhitmkld `msc adjdrmtija nm`cijd.

Bvdr tind, mje tcru _cmsd II, dxpd`t edkt rdpmyndjt, scmrd kuykm`fs, mjehurtcdr upsied ms Wmrabj will kd ij m vdry strbja hijmj`iml pbsitibj.

Kmsde bj `urrdjt @mjmeimj edml ndtri`s, WM[ nmy kd wbrtc upwmres bh$=0.??-=4.?? pdr scmrd.

david neuhauser pacific rubiales energy

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