A series of protests across Colombia during May 2021 have resulted in transportation blockades that have restricted the production and marketing of Parex' crude oil. Additionally, the transportation blockades impeded the supply of materials required for capital expenditure activities, including drilling and completions. The blockades were not directly related to Parex' activities or those of its industry partners.

Parex net production over the past week has averaged approximately 31,000 boe/d, with current production approximately 40,000 boe/d. Going forward the company expect to continue restarting their normal operations and production, subject to the lifting of blockades in the Llanos Basin. In that respect Parex note that the local government and authorities have been proactive in working to lift the blockades and minimize the disturbances. Further, in many instances Parex has continued to receive the support of the communities where they operate, live and work.

Although the current restrictions from the transportation blockades are easing, Parex is withdrawing its Q2 2021 production guidance until the Company has greater visibility on its ability to access the local transportation infrastructure. For the period April 1 - May 16, 2021, Parex' production has averaged approximately 44,100 boe/d. Also, Parex is updating its H2 2021 production guidance set forth in the press release dated April 15, 2021 at 48,000 - 50,000 boe/d, with Parex expecting H2 2021 production to average 44,000-50,000 boe/d, with the lower end of the range incorporating the impact of any additional minor and intermittent blockades.

KeyFacts Energy: Parex Resources Colombia country profile