s unclear and the alternative (importing of naptha for use as diluent) likely too expensive particularly at lower commodity prices. Further, in the Rubiales field (and exhibited at Quifa as well) delays surrounding water disposal licensing has also significantly curtailed growth (4O14 production for Rub

les field (and exhibited at Quifa as well) delays surrounding water disposal licensing has also significantly curtailed growth (4O14 production for Rubiales was -170 mboe/d, a 15% drop from 2013 levels) as production was capped until licensing was obtained. Page 50 Deutsche Bank Securities Inc. CONFI

Llanos basin. The majority of the remaining commercial oil reserves in Colombia is in the Llanos Basin where three fields in particular (Castilla, Rubiales, and Quite) represented -40% of 2014 oil production. However, with the fields in decline, and production growth having largely outpaced needed infr