With this publication, we put forth the case that Parex should be valued with a 10% discount rate (rather than the 12% typically assigned to South American players), due to Company’s demonstrated ability to mitigate country risk and execution risk, as evidenced by superior reserve and production growth versus its peers. The Company is also the low-cost operator in Colombia, which has been beneficial in the lower crude oil price environment, and has enabled the Company to resume its explorat ....