Pacific Rubiales Makes Small Oil Discovery at Colombia's Guasimo Block

Pacific Rubiales has discovered oil at its LISA-1 well located within the Guasimo Block, in the Upper Magdalena Valley of Colombia. The company also provided an update on operations across its current projects.

Ronald Pantin, the company's Chief Executive Officer, stated, "The results announced today are evidence of how we continue to move forward in our exploration activity while focusing on taking our production assets to their full potential. This emphasizes our philosophy of reinforcing our present opportunities during volatile times, while securing the future."


The exploratory well, LISA-1, is found at the top of the reservoir, located in the Guadalupe Formation, at a depth of 4,726 feet measured depth (MD), or 4020 feet true vertical depth at sub-sea level. The preliminary petrophysical evaluation of the well logs indicated a total thickness of 64 feet and a net oil-pay zone of 30 feet with an average fracture-porosity of 16%. After a preliminary test where the well produced oil batches of 24.5 degrees API, the company decided to fracture the reservoir and it is now conducting an extended production test. The company has a 100% working interest in the Guasimo Block, which was acquired by the company at the time of its acquisition of Kappa Resources.


At the Moriche Block, located in the Llanos Basin of Colombia, the company completed the drilling of the Mauritia West 1 exploratory well to a total of 10,234 feet MD. The top of the reservoir, the Mirador Formation, was encountered at 10,010 feet MD. A total of 21 feet were perforated in the interval 10,037-10,012 feet MD. Drill test results indicated non-commercial quantities of hydrocarbons.


The exploratory well QUIFA-5 on Prospect E successfully completed its term as a vertical producer on December 6, 2008. Since that date, the prospect has been tested with different configurations resulting in average daily rates of 220 barrels per day of oil of 13.4 degrees API, slightly higher than the 12.5 degrees API produced at the Rubiales field.

Management believes that the discovery at Prospect E is connected to the Rubiales Field because the oil-water contact at the well is 26 feet deeper than the deepest closing contour. This indicates that the trap is larger than the individual structure at Prospect E. Additionally, the well exhibits the same pressure regime as the Rubiales Field. As a result of this discovery, the chances of finding oil at Prospects H and I are significantly increased. These prospects are located halfway between Prospect E and the Rubiales Field. In 2009, the company plans to drill three additional exploratory wells at Prospects H, I and A as well as appraise the discoveries on Prospects D (RUB-147) and E (Quifa-5).

The Quifa Block is an exploratory block in which Meta Petroleum (a wholly-owned subsidiary of Pacific Rubiales) holds a 70% working interest and Ecopetrol S.A. holds a 30% working interest. Production shares from each commercial field in the Quifa Block will be 40% for Ecopetrol and 60% for Meta Petroleum.


An exploratory well identified as RUB-148 was drilled between December 19 and 27, 2008, in the southeastern portion of the Rubiales Block in the "buffer zone". This zone is a 5 kilometer strip that surrounds the Rubiales and Piriri Blocks. The preliminary petrophysical information indicates a thickness of 31 feet gross with a net pay of 20 feet on the basal sandstones. This well confirmed the extension of the Rubiales Field to the south-southeast. Additionally, it provides strong evidence of the presence of hydrocarbons in the contiguous southern region, where the company was recently awarded the exploration block CPO-14. This exploration block is located approximately 3 kilometers from this well. The company is presently carrying out the required steps to complete the well and prepare it for production.


The company's gross drilling program for 2009 consists of 92 development wells (18 vertical wells and 74 horizontal wells), 8 appraisal wells, 7 exploration wells and 7 injection wells, as follows:

Rubiales: 63 development wells (14 vertical wells and 49 horizontal wells), as well as 10 injection wells, for a total net capital expenditure of US$ 68.7 million.

Medium/Light oil: 29 development wells (4 vertical wells and 25 horizontal wells), 8 appraisal wells and 1 injector well for a total net
capital expenditure of US $37.8 million.

Exploration drilling: 3 wells at Quifa, 1 well at Guama, 1 well at Cicuco, 1 at Arrendajo and 1 well at Topoyaco, for a total net capital expenditure of US $29 million.


The company also announced that the production level in the Rubiales/Piriri block continues its upward trend, reaching a new level of
53,125 gross barrels of oil per day (bopd), or 19,105 bopd net to the company, after royalties. As a result, total production for Pacific Rubiales, as of January 19, 2008, including production from its other oil fields, has risen to 59,646.5 gross bopd or 21,188.33 net bopd. The company has also been producing 35.151 MMPCD of gas from La Creciente, which is expected to increase after a temporary customer purchase cut is reversed in the next three weeks.


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