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Parex Resources shares drop after company cuts production forecast for the year

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Parex says the midpoint of its production guidance for its 2024 financial year is now 49,000 barrels of oil equivalent per day, down from earlier expectations for 57,000 boe/d

were down nearly 30 per cent in early trading after the company cut its production guidance for the year and said its chief financial officer was leaving to pursue another opportunity.

The company says the lower production guidance was primarily driven by lower-than-expected results at its Arauca operations.

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