Question-and-Answer Session
Operator
(Operator instructions) We’ll go first to Subhash Chandra with Jefferies.
Subhash Chandra – Jefferies
Yes. Manolo, could you outline second half CapEx, by quarter if possible?
Manolo Zuñiga
Well, we have in the presentation that we’re going to give tomorrow, we provide an outline, from – until the end of the year, we have about an additional $75 million of CapEx, and that is –
Subhash Chandra – Jefferies
I’m sorry, Manolo, that was the second half CapEx?
Manolo Zuñiga
Yes.
Subhash Chandra – Jefferies
Okay. I can wait till tomorrow, but if you had maybe some of the details, just curious on sort of breakdown of that CapEx between wells and infrastructure.
Manolo Zuñiga
Mostly, it’s in the current wells that we’re drilling that went sort of behind the schedule, and so with – then on the next well, that’s the -- most of the capital goes there. Then of course, it’s on getting the Albacora platform fully refurbished. We’ve been getting also in all of the materials for the well in both the Albacora well and the Block XIX well.
And also we are starting to work on the Piedra Redonda platform as we will meet to drill a well in that one which will target gas sometime next year. And then with some other logistics issues, including for example the repair of the Caleta Cruz dock that we have contracted nowadays and so on. But the two main things are the Corvina well, that is still ongoing and they’ve -- through all its completion and then the next well. Those are the key.
We have also, Subhash as you know, we mentioned in the presentation the IUC financing is imminent. This initial tranche of $50 million will be used to put the down payment on the three turbines that we’re buying from GE.
Subhash Chandra – Jefferies.
And on that point, all this additional liquidity have – so how do you see, I guess the 15 will be taken down day one, how do you see yourself progressing to the 200 and 120 to 2009, do you think that all that’s committed by year-end ’09?
Manolo Zuñiga
Yes. That’s probably correct. We intend to have both financings closed by the end of the year and the monies would be coming in almost immediately. The one of the power project is more dependent on the timing on construction and half of the cost is of course, you have to build the turbines from GE and then the other is the construction of the gas pipelines, the gas plant and then the actual construction of the power plant. And that’s also timed, but it goes through the whole year. The intention is to have the power plant ready by, I’m going to say, second quarter 2010 at the latest.
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