Pacific Rubiales has discovered oil at its Abanico 20 well located within the Abanico Block, in the Upper Magdalena Valley of Colombia.
The Abanico 20 exploratory well was drilled in the northeastern section of the Abanico oilfield, located in the Magdalena Upper Valley Basin, from May 18 to 30, 2009. The well found the Lower Guadalupe Member at 2,986 feet measured depth (MD), or 1,809 feet true vertical depth at sub-sea level (TVDSS). The petro-physical evaluation shows a net-oil pay of 113 feet in these sandstones, with an average porosity of 22.6%. A total of 46 feet were perforated in the interval 2990 - 3036 feet MD, resulting in an initial, natural flow oil production of 901 barrels per day of 22.5 degrees API oil and 4.7% BSW. The well extends the known accumulation of the field to the northeast. The company is now planning an extended production test. Pacific Rubiales has a 50% working interest in the non-commercial area of the Abanico Block, where this well is located, and which was acquired by the company in the Kappa Resources acquisition in 2008.
Ronald Pantin, the company's Chief Executive Officer, stated, "The results announced today reinforce our belief in the robustness of our exploration activity and its potential to continue adding value."
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