Pacific Rubiales announced results from its ongoing exploration program at the Rubiales field and at the Quifa Block. Three new wells have been drilled at Rubiales and the Quifa I-9 exploration well has been spudded.
The three new appraisal wells, identified as RUB-221, RUB-222 and RUB-224, were drilled in the southwestern area of the Rubiales Block in the "Buffer Zone" (a 5 km strip that surrounds the Rubiales and Piriri commercial fields). Two of the wells were drilled at 60 meters and 1300 meters from the Quifa contract boundary. The petrophysical evaluation of the wells indicates a net pay zone of 20, 33 and 22 feet respectively, with porosities in the range of 30%. The wells were completed as vertical producers and they are presently under production test evaluation. The positive results of these wells, in conjunction with the results of the wells RUB-51 and RUB-52 drilled during 2008 in the same area (see news release dated September 9, 2008), enables the company to request the declaration of commercial potential of this portion of the block. This would allow for the extension of the existing Rubiales field towards the Quifa Block.
On July 2nd the company spudded the Quifa I-9 well on the boundary between the Quifa and the Rubiales blocks, which will deviate 1400 meters horizontally to the top of the reservoir. The well will be drilled with an initial angle of 80 degrees in a westerly direction and it will reach a final incline of 45 degrees to reach the target at a measured depth of 2701 feet (or 2035 feet TVDSS). This exploration well is located on Prospect "I", which the company believes to be the geological extension of the Rubiales reservoir toward the southwest. The company forecasts it will take approximately fifteen days to reach the final depth and evaluate the well. Prospect "I" is the third prospect to be drilled on the Quifa block, after the successful results obtained on prospects "D" and "E", drilled during 2008.
The Quifa Block is an exploratory block that almost completely surrounds the Rubiales/Piriri Field. The company holds a 60% interest in this block in association with Ecopetrol (40%). The Quifa contract gives Pacific Rubiales the right to develop any discovery until 2031. This block has an area three times larger than the Rubiales field, and in addition to the prospects named above, has six other prospects that have been identified. These other prospects will be drilled during the 2009-2010 exploration campaign.
Jose Francisco Arata, the company's President, stated, "The results announced today reinforce our belief in the expansion of the Rubiales commercial area and confirm the extension of the producing reservoir toward the Quifa block."
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