April 4, 2011 / 11:03 AM / 7 years ago

UPDATE 1-Petrominerales Q1 output rises 6 pct

* Q1 output 40,628 bopd vs 38,199 bopd

* Says Llanos transportation restrictions was a drag

April 4 (Reuters) - Latin America-focussed oil producer Petrominerales Ltd’s first-quarter production rose 6 percent, mainly on additions from its Yatay and Mantis wells in Colombia.

January-March production averaged 40,628 barrels of oil per day (bopd), compared with 38,199 bopd last year. The company’s production averaged 41,963 bopd in March.

Petrominerales said transportation capacity restrictions of crude oil in the Llanos Basin offset some of its production rise in the quarter.

The company, which has 15 exploration blocks in Colombia’s Llanos and Putumayo Basins and five in Peru, is a 66 percent-owned subsidiary of Petrobank Energy and Resources .

Last month, Petrominerales reported a 3 percent drop in fourth-quarter profit and said it may continue to face periodic short-term transportation capacity restrictions of crude oil in the Llanos Basin. [ID:nL3E7E3123]

Petrominerales shares closed at C$36.70 on Friday on the Toronto Stock Exchange. They have lost nearly 5 percent since reporting a drop in fourth-quarter profit. (Reporting by Aftab Ahmed in Bangalore; Editing by Joyjeet Das)

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