Pacific Rubiales Energy Corp. announced the filing of on SEDAR of six independent resource assessment reports prepared by Petrotech Engineering Ltd., of Burnaby, Canada, relating to four exploration blocks located in Colombia and Peru respectively. Using probabilistic analysis, Petrotech calculated a total best estimate (P50) in the four blocks to be 258.1 million barrels of oil and 312 Bcf of gas of prospective resources and 757.7 million barrels of oil of undiscovered resources.
Petrotech was retained by the Company to prepare the Resource Reports to estimate the potential undiscovered oil and gas resources underlying the 2,940 square kilometer portion of the Arauca Technical Evaluation Agreement, in which the Company has a 95% working interest; the 8 remaining unexplored prospects of the 274.68 square kilometers of La Creciente Block, in which the Company has a 100% working interest; the 1,527.36 square kilometers of the Quifa Block, in which the Company has a 60% working interest; and the three blocks located in the Maranon and Ucayali Basins of Peru (the Peru Blocks), known as blocks 135, 137 and 138, with an area of 10,204, 4,489.4, 4142.2 square kilometers, respectively, in which the Company has 100% working interest.
Petrotech has also been retained to perform resource assessments of the Company's interests in four other exploration properties known as the Moriche, Tacacho, Jagueyes and Guama blocks, all located in Colombia. Petrotech and the Company expect the resource assessments relating to such areas to be completed within the next two months.
No commercial discoveries have been made in respect of either the Arauca or Quifa blocks located in Colombia or the Peru Blocks, hence, there have been no reserves found at any of these sites to date.
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