EDISON EQUITY RESEARCH on Parex Resources (TSX:PXT) - Impressive growth delivered and set to continue 

We expect an impressive half-year 80% increase in 2P reserves to 57.6mmboe, along with a 29% year-on-year increase in quarterly production to 19.9mb/d in Q214, reported by Parex, to fuel cash flow into 2015e. We now look to an increase in expenditure and activity in the second half of the year to continue to create new opportunities for Parex in Colombia. Our revised valuation, which accounts for half-year revisions, finds core NAV at C$17.2/share, a significant increase from our previous C$10.0/share and well below current trading levels.

Parex Resources is engaged in oil and gas exploration and production in Colombia and Trinidad. Parex holds interests in 23 exploration blocks with assets in Llanos Basin and Middle Magdalena Basin, Colombia and onshore Trinidad. Parex is the result of a 2009 spinout from Petro Andina.

To view the full report, click on the following link: http://www.edisoninvestmentresearch.com/research/report/parex-resources3

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