Pacific Rubiales has drilled two successful appraisal wells: one (ABA-35) in the northern extension of the Abanico Field and one (QUIFA-13) in prospect "D" at Quifa block, located in the Upper Magdalena and Llanos Basins, respectively.
Well ABA-35 was drilled as part of the appraisal campaign in the north of the Abanico Field. The well found the top of the Upper Guadalupe Sand reservoir at 2,846 feet measured depth ("MD"), or 1,640 feet true vertical depth below sea level ("TVDSS") and the top of the Lower Guadalupe sand reservoir at 3,096 feet MD or 1,845 feet TVDSS, for a total gross oil column of 205 feet and 141 feet net, respectively. The petrophysical evaluation indicates net pay of 53 feet and 108 feet and average porosities of 20% and 23%, respectively, for those reservoirs for a total net pay of 161 feet. Oil was found down to 1,985 feet TVDSS at the base of Lower Guadalupe without encountering an oil-water contact. A first production test carried on three perforated intervals in the Lower Guadalupe (3,198 - 3,170; 3,150 - 3,128 and 3,110 - 3100 feet MD) for a total perforated length of 60 feet MD yielded an average daily rate of 450 barrels of fluids of 21 degrees API oil with a water cut of 3%. This result incorporates 80 additional feet of hydrocarbon column to the reservoir, giving room for further delineation drilling toward the north. The well ABA-35 is the third consecutive successful appraisal well (previous wells were ABA-20 and ABA-34) drilled in the Company's attempt to extend the Abanico reservoir to the north.
As part of the exploration activity at the Quifa block, well QUIFA-13 was drilled slanted on prospect "D", finding the top of the Carbonera Basal sands at 2,952 feet MD, or 2,300 feet TVDSS and the top of basement at 3,152 feet MD. The petrophysical evaluation indicates net pay of 19 feet, with an average porosity of 29% and oil-water contact at 2,982 feet MD or 2,330 feet TVDSS. The company is now making preparations for completing the well as an oil producer. This well is the fifth consecutive successful appraisal well (previous reported wells on prospect D were Quifa-9, Rub-357, Rub-366 and Rub-251) drilled on prospect D since the discovery made by twell Rub-147 in 2008. The company will continue to explore the flanks of prospects "B" and "C" (see press release dated December 30) to further understand the lower reaches of the structure where only the upper part of the crest was drilled previously. Prospects on the northern side of Quifa will be explored in the first quarter, 2010 as part of the 20 exploration/appraisal wells drilling campaign for the year.
Mr. Ronald Pantin, Chief Executive Officer, commented: "The results from the appraisal well in the Abanico field open new opportunities in the northern region of the area which we are now beginning to delineate. The results from the Quifa 13 well once again underline our optimism for the block, in particular for Prospect "D" where we already have identified significant reserves."
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