Pacific Rubiales Energy Corp. provided Monday an operations update on the Bilby-1 exploration well, drilling on block S-M-1166, in the Santos Basin, offshore Brazil.
The Bilby-1 well was drilled as part of an agreement announced September 18, 2012 by the Company, as a minimum work commitment for five offshore blocks (S-M-1101, S-M-1102, S-M-1037, S-M-1165 and S-M-1166), where the Company holds a 35-percent participating interest (subject to approval by Brazil's Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP)).
As announced in an update by the operator of the blocks, Karoon Gas Australia Ltd., the Bilby-1 well has been drilled to a total depth of 14,489 feet (4,416 meters) in the late Cretaceous Maastrichtian section. No further zones of interest in addition to the light oil discovery previously announced in a May 6 news release, were encountered. Wireline operations in the well have been completed and the drilling rig is expected to be released later this week. All petrophysical data, oil samples and drill cores from the well will be analyzed in detail over the next several months.
The search for a suitable drilling rig for a multi-well follow-up appraisal program is currently ongoing. This program is expected to include appraisal wells drilled on both the Kangaroo and Bilby exploration well oil discoveries.
Chief Executive Officer of Pacific Rubiales Ronald Pantin commented: "We have now completed the exploration well commitment on the Karoon blocks and are pleased to have made significant light oil discoveries in two of the three wells. We are looking forward to the upcoming appraisal drilling program and our continuing partnership with Karoon."
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