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Pacific Rubiales Makes 'Important' Find in Colombia Basin

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Pacific Rubiales Energy Corp. announced the discovery of natural gas and condensate in the Manamo-1X exploration well drilled in the Guama Block in the Lower Magdalena basin, onshore northern Colombia. The Company has 100 percent working interest in the block and is the operator.

Ronald Pantin, Chief Executive Officer of the Company, commented: "This is an important discovery for Pacific Rubiales, as it demonstrates the upside potential of both the Guama block and the Lower Magdalena basin where the Company has a large exploration acreage position. It also validates the geophysical seismic model being used to successfully identify these condensate rich gas accumulations."

The Manamo-1X well was drilled following two previous exploration discoveries in the block, the Pedernalito-1X well drilled in 2010 and the Cotorra-1X well drilled in early 2012. The well targeted the Porquero Medio C and D sands and silts of Miocene age, a low-permeability play successfully tested by the earlier exploration wells. In addition to encountering low-permeability sands, the well also resulted in the discovery of a new sand reservoir at a stratigraphic level in the Porquero Medio D zone, which is different and independent of the sand intervals tested in the Cotorra-1X well.

The Manamo-1X well was drilled to a total depth of 7,600 feet. The petrophysical evaluation indicates a total of 251 feet of net pay averaging 18 percent porosity across a gross interval exceeding 400 feet. The well was tested across a 91 foot perforated zone in the new prospective sand. This sand does not require hydraulic frac stimulation, leaving additional prospective pay zones untested for further evaluation, including a 23 foot gas sand identified in the shallower Porquero. The Manamo-1X well reached a maximum gas flow rate of 4.9 million cubic feet per day (MMcf/d) and 296 barrels of oil per day (bopd) 54 degree API condensate through a 16/64" choke in a three-stage isochronal test, and an average rate of 2.8 MMcf/d gas and 160 bopd condensate through a 12/64" choke at 3,720 psi well head pressure, on an extended flow test. The well has now been shut-in for a four day pressure buildup.

Immediately following the current testing program, the Company plans to drill the Capure-1X exploration well approximately 2 km west of Pedernalito-1X, aiming to extend the Porquero Medio play to the northeast. The Capure-1X well will complete the commitment for the final exploration phase on the Guama block. A program of extended flow tests is planned for the wells drilled on the block, and is expected to be commenced later in the year. Data from the extended flow tests will be used to determine the long-term flow characteristics of the Miocene reservoir sands, as well as the potential resource contribution from surrounding shales.

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