Parex Resources sees FY25 average production 43,000-47,000 boe/d

The company said, “Parex’s 2025 average production guidance of 43,000 to 47,000 boe/d remains unchanged, as previously disclosed. Management expects that Q4 2025 average production will exceed the higher end of the annual guidance range. The Company expects to be toward the higher end of its previously disclosed capital expenditure range of $285 to $315 million, based on success-driven follow-up drilling and added Capachos development wells, slightly offset by slower-than-expected spending in the Putumayo. Contingent on continued success, Management may consider adding additional capital in late Q4 2025 to sustain momentum into 2026. October 2025 average production was 49,300 boe/d, realizing a steady step-up in production as planned. Growth was supported primarily by production ramping-up at LLA-32 and near-field exploration success at LLA-74. Over the fourth quarter, the Company expects to bring onstream four to six production-adding wells, in addition to drilling the VIM-1 exploration well. Together, these are expected to support current production and poise Parex for a strong entry into 2026. Primary activities include: Continuing to maximize recovery factor at Cabrestero and LLA-34, supported by continuous optimization, waterflooding and advancement of polymer injection at both blocks. Cabrestero: Waterflood phase completed, with full-field polymer implementation progressing smoothly and according to plan (expected completion YE 2025), with over 80% completed to date. LLA-34: Ongoing optimization and expansion of the waterflooding phase, with expected completion of the initial polymer implementation of two patterns by YE 2025. Ramping up production at LLA-32 based on successful drilling to date and continuing field delineation. Post tuck-in acquisition, which was completed on March 14, 2025, Parex has increased the block’s production by over three times, with current average production rates in excess of 12,000 boe/d(2). The combination of four successful development and appraisal wells, as well as ongoing optimization efforts, have contributed to improved field productivity. Based on the success achieved so far in 2025, the Company plans to spud a well designed to extend the field northward and unlock additional upside potential, where a successful outcome would de-risk the area and continue expanding future drilling inventory. Ongoing drilling at Capachos to complete the two-well development campaign. The first well was successfully drilled and completed, with the second well expected to be completed by YE 2025. Expecting to begin drilling operations in the Putumayo in the coming weeks. With civil works nearly complete, the Company is preparing to spud wells on the Occidente and Orito blocks, which is expected to provide baseline production and help inform the Company’s 2026 plans. Delivering near-field exploration strategy with sustained results and further proving exploration capability. With the fifth successful near-field exploration well of 2025 coming online in October, average production from LLA-74 reached over 5,000 bbl/d of heavy crude oil during the month from three new, separate fields. Successfully spud the Guapo-1 exploration well on the VIM-1 block, which is targeting gas and condensate and is directly offset the Company’s producing La Belleza discovery. The well is estimated to cost roughly $10 million (net) and preliminary results are expected by YE 2025. A successful result wo”