Pacific Rubiales Energy Corp. announced that the environmental permits for expansion activities in the Quifa Hydrocarbon Exploitation Area, southern Llanos basin onshore Colombia, have been granted by the Autoridad Nacional de Licencias Ambientales (ANLA).
The Quifa Hydrocarbon Exploitation Area covers both the Quifa SW producing oil field as well as the Quifa East Exploration Area surrounding the Rubiales Field on the north, east and west of the contract. Total gross field production at Quifa SW is currently 54 MMbopd from over 170 wells and is the Company's second largest producing oil field. The Company holds a 60% working interest in the Quifa area, while Ecopetrol S.A. holds the remaining interest.
These environmental permits will allow Pacific Rubiales to further develop the Quifa SW field and explore and develop the Quifa East Exploration Area, by authorizing the following activities:
Ronald Pantin, Chief Executive Officer of the Company, commented: "We are very excited about receiving this important permit which will allow the Company to expand Quifa SW production in the near term to a plateau rate of approximately 60 Mbbl/d (total gross field production), achieve cost optimizations, and advance our exploration campaign in the Quifa East Area, converting resources into reserves and adding additional production over time. We also recognize and support the efforts that the ANLA has made to enhance and speed up the process of grating licenses to the Oil Industry in Colombia."
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