Colombian light-oil producer, Parex Resources (PXT:TSX) has provided an impressive update on its operations in Colombia including raising their full-year guidance to 15,700bopd (up from 15,000-15,500bopd).  The increase to full year guidance comes on the back of impressive production in the third quarter of 16,200bopd and an even more stellar forecast for the fourth quarter of 16,800bopd.  Also in the release was an update on the highly anticipated drilling of the La Guira-1 exploration well which was drilled on the Los Ocarros block (Petroamerica Oil (PTA:TSX) 50% WI).

The La Guira prospect is located 7km away from the Las Maracas field.  PTA has said the well potentially hosts 8mmbbls of light oil according to a recent pre-drill resource estimate (probability of success = 50%).   La Guira was spud on October 9th and was drilled to a target depth of 12,500 feet and was cased.  The company expects to test the Mirador and Gacheta formations.  This is the most significant well PXT will test in the near-term and Macquarie values the well at roughly $0.82 (unrisked) per share, which equates to nearly $90 million net to PXT.

Parex also provided an update on the La Casona-1 and 2 wells.  PXT expects production from the La Casona-1 well to start in November 2013.  The La Casona-2 well was drilled 600m from the La Casona-1 well and will be demobilized soon after reaching its target depth of 16,700 feet.

After they test La Guira-1, Parex will move the rig to their Cabrestero block to drill additional appraisal and development wells.  The company is also testing the Mirador and Guadalupe formations from their Tigana-1 exploration well which was spud on September 9th on their LLA-34 block.

Finally, Parex announced it had signed a farm-in agreement for the LLA-24 block in the Llanos basin in Colombia which is south of Parex’s LLA-20 block.  The agreement is for a 70% operated WI in the block for 100% of the drilling expenditures of one exploration well to a depth of 8,000feet.  By doing this transaction, Parex confirmed that they are looking to buy assets and prospective blocks in the Llanos basin.