In Colombia, the company recently signed an agreement with Petro Rubiales to utilize Pacific Stratus's storage and pipeline facilities at the Guaduas field to transport up to 20,000 barrels of oil per day (bopd) of Rubiales blended crude to the export port of Covenas. Pacific Stratus expects to obtain a net margin of approximately US$2 per barrel from this throughput agreement, which has been structured in two phases - in phase one, which commenced last week, the company will handle up to 4,000 bopd, while phase two will provide a total throughput capacity of 20,000 bopd. Phase two will commence at the end of the first quarter of 2008 upon completion of new unloading facilities.
At the LCD-1 well located at La Creciente, Prospect D, drilling has reached 7,600 feet within the Porquero formation and is expected to reach the top of the Cienaga de Oro reservoir at 10,583 feet by mid-December.
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