• YE24 2P reserves excluding Argentina were estimated at 87.6 mmboe. After deducting 12.4 mmboe of production in 2024, the 2P reserves have reduced by 15.1 mmboe.
• As anticipated, the primary driver of the reserves reduction is associated with Colombia, with YE24 2P reserves at 84.8 mmboe, down from 106.4 mmboe at YE23.
• The YE24 2P reserve position in Colombia is ~12 mmboe ahead of what we carry in our model. We value Llanos-34, Llanos-32, and CPO-5 assuming a production blowdown, with natura ....
