Pacific Rubiales, together with its joint venture partner Petrodorado Ltd. (a wholly owned subsidiary of Cap-Link Ventures Ltd.), completed a new discovery well (ME-1) as a Mirador producer in the Moriche block, located in the Llanos basin of Colombia.
Mr. Ronald Pantin, Chief Executive Officer, commented, "We are very pleased with the success of the first well drilled as part of the 2010 exploratory program for the block. The fact that the first well drilled this year resulted in a commercial discovery confirms our optimism as to the hydrocarbon potential of the block. We look forward to the drilling of the second well in the same structure at the earliest possible opportunity to optimize hydrocarbon recovery."
Mauritia East Prospect (Moriche Block) ME-1
The directional well was drilled to a total measured depth of 10,182 feet with the primary target of Mirador (9531 feet to 9770 feet measured depth, true vertical depth of 9130 feet). The well encountered a net oil column of 32 feet (true vertical depth) with 21.3% porosity and oil saturation of 71.3%, based on petrophysical analysis. The well was tested with two different pump systems; the jet pump yielded a peak oil rate of 650 barrels of oil per day (bopd) of 14 degree API oil, while the Electric Submersible Pump (ESP) yielded a peak oil rate of 693 bopd of 14 degree API oil. The well will be completed with an ESP and put into production within the next 40 days. A second well is scheduled to be drilled on the same structure during the second quarter of 2010.
As previously announced, Petrodorado acquired from the company a 49.5% working interest in the Moriche Block - Mauritia East Prospect, located in the Llanos Basin of Colombia. In exchange for this working interest, Petrodorado agreed to fund 100% of the total investment for the current exploratory phase for the block, equal to US$5.53 million. The company retains a 37.5% working interest in the Mauritia East Prospect.
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