Pacific Rubiales Energy Corp. has announced the results of three new wells that have been drilled and completed as part of the appraisal and exploration plan of the Rubiales/Piriri Field in the Llanos Basin in Colombia.
The three wells, identified as RUB-52, RUB-117 and RUB-119, were drilled in the southwestern area of the Rubiales block between August and September 2008, and have added not only fresh production, but also important petrophysical information that is expected to allow the Company to better evaluate the resources at the Rubiales/Piriri Field, as well as to extend the known reservoir and recoverable reserves of the field.
The wells found significantly larger net-pay sand than was originally expected, based on existing mapping of the reservoir. In particular, well RUB-52 identified a net-pay of 54 feet (compared to an expected 10 feet), RUB-117 a net-pay of 53 feet and RUB-119 a net-pay of 56 feet (compared to the expected 28 and 40 feet, respectively).
The Company has factored the results of these wells with the existing information at the field, allowing it to prepare a new and more prospective map of the reservoir. As a result, management expects that once this data is processed, the STOIIP of the field will be increased, with an expected positive impact on recoverable reserves. At the same time, the wider and better net-pay extensions will allow the company to develop two additional clusters comprising 10 horizontal wells and two vertical wells in the area.
Additionally, well RUB-52 was drilled in the Rubiales block's buffer zone, very close to the Company's Quifa block, thereby underlining the potential of the latter.
CEO Ronald Pantin stated, "This is further evidence of our confidence in the Rubiales field and our ability to leverage technology and know-how to increase the value we can add to it."
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