Pacific Rubiales has provided an update on its operations in Colombia, reporting on the continuous progress of its business plan.
As part of its development plan for the Rubiales field, located in the Llanos Basin in eastern Colombia, the company drilled 39 wells from January, 2008 to September, 2008, of which 27 were production wells (17 vertical and 10 horizontal), 9 were appraisal wells, 2 were exploration wells and 1 was an injection well. The company expects to complete its program by drilling 41 additional wells during the remaining part of 2008 through the simultaneous use of 8 drilling rigs in the field. The company has also made significant headway in its seismic mapping program in the Rubiales field, having completed 310 km of 2D, 42 km of 3C and 251 km(2) of 3D.
As a result of these activities the company has been able to increase the gross production of the Rubiales field from 20,487 barrels of oil per day (bopd) at the beginning of 2008 to 45,017 bopd as of October 6, 2008, an increase of approximately 120%. Including production from its light/medium oil assets located elsewhere in Colombia, the company now has total gross oil production of 51,526 bopd as of October 6, 2008.
At the company's La Creciente natural gas field, located in north western Colombia, production capacity at the well head remains at 100 million standard cubic feet per day (mmscfd). Promigas, the company that transports natural gas from the field, has finished laying the line loop that will increase the transport capacity out of the field to 60 mmscfd from the current 41 mmscfd.
The company recently completed drilling an exploration well at La Creciente, well LC-J1, located in prospect J. The well found the Cienaga de Oro formation at 11,094 feet true vertical depth (TVD) (12,041 feet measured depth (MD)), and the basement at 11,993 feet TVD (12,940 feet MD). Three intervals were tested; basement, middle and upper Cienaga de Oro. There was no evidence of gas in commercial quantities. The well was therefore suspended for further evaluation.
The Saxon-133 rig used by the company at the La Creciente block has now been moved to the Moriche block in the Llanos Basin of Colombia, where exploration well Mauritia N-West 1 will be spudded in the next few days.
Ronald Pantin, the company's Chief Executive Officer, stated "We continue to deliver on all fronts, exploration and production, in the certainty that the successful execution of our strategy will bring focus to our organization and value to our shareholders."
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