Dear all,The drastic fall in oil pr

Dear all,

The drastic fall in oil prices of around 56% since levels of $111/bbl in June 2014 to today’s levels has impacted the E&P industry globally, reduced our business activity and led to a punishing fall in our E&P business margins in 2015. Regrettably, there are scant indications of any revival in oil prices any time soon.

From early this year we have all made a great effort in reducing our operating costs and implementing efficiency plans in all our projects with remarkable results. Unfortunately, to ensure the sustainability of our business further measures are required.

Under these circumstances, a resizing of our structure is imperative. The measures are the result of an in-depth analysis of our structure targeting savings in our structural costs. It has been implemented today and it principally affects professionals in Madrid, Colombia & Peru.

As a consequence, from today you form part of a new E&P organization that is changing to become a more resilient company that can better withstand future market volatility.

In this new journey, we need you all. We have reached a time where we need to do more with less, but without compromising our commitment to the development of our professionals and safety. Our ‘LIFE’ principles need to be more present and meaningful than ever. But the current situation requires us to be incredibly competitive, ruggedly hard-working, and totally determined to match our operating costs to falling oil prices.

By working together, seeking stronger synergies in the business, continuing to invest in our professionals, and simplifying our structure and processes, I am firmly convinced that we will advance as a stronger E&P business and will successfully exit this unprecedented downturn.

Results (English) 2:

Dear all, The drastic Fall in Oil prices of Around 56% since levels of $ 111 / bbl in June 2 014 to today's levels has impacted the E & P Industry Globally, reduced our business Activity and LED to a punishing Fall in our E & P business margins in two thousand and fifteen. regrettably, there are indications of any revival in SCANT Oil prices any time Soon. From Early this year we all have Made a Great effort in reducing our operating costs and implementing efficiency plans in all our Projects with Remarkable results. Unfortunately, to ensure the Sustainability of our business further measures are required. Under these circumstances, a resizing of our structure is imperative. The measures are the result of an in-depth analysis of our structure targeting savings in our structural costs. It has been implemented today and it principally affects professionals in Madrid, Colombia & Peru. As a consequence, from today You form Part of a New E & P Organization that is changing to Become a more resilient Company that Can better Withstand Future Market volatility. In this. new journey, we need you all. We have reached a time where we need to do more with less, but without compromising our commitment to the development of our professionals and safety. Our 'LIFE' principles need to be more present and meaningful than ever. But the current situation requires US to be incredibly competitive, ruggedly hard-working, and totally determined to Match our operating costs to falling Oil prices. By working Together, seeking Stronger synergies in the business, Continuing to Invest in our professionals, and simplifying our. structure and processes, I am firmly convinced that we will advance as a stronger E & P business and will successfully exit this unprecedented downturn.