Pacific Rubiales Energy announced today a new oil discovery at the Quifa 26X well drilled on prospects "G" and "H," respectively, within the Quifa Block, Llanos Basin, Colombia.
Mr. Ronald Pantin, Chief Executive Officer, commented, "These results continue to support our belief in the production potential of the block. The exploration campaign continues to provide valuable information enabling us to better understand the complexities of the geology in the region."
The Quifa 26X exploratory well was drilled on Prospect "F," in the northern part of the Quifa block, approximately 15.1 km to the east of the recently discovered Quifa 6 well on prospect "A." The Quifa 26X well was drilled slanted to a maximum of 69.1 degrees from a surface location and reached the objective at an angle of 5 degrees. The well found the top of the Carbonera basal sands at 4,611 feet measured depth, or 2,594 feet true vertical depth at sub-sea level. The well found the oil water contact at 4,676 feet MD, or 2,659 feet TVDSS, resulting in an oil column of 65 feet gross at the well. The petrophysical evaluation of the well indicates a net pay zone of 41 feet with 29% average porosity. The Quifa 26X well was drilled at the northeastern flank of prospect "F," 1.6 km away from the top of the structure, which has been mapped at 2,550 feet TVDSS. The depth difference between the crest of the structure of prospect "F" and the oil water contact observed in the well indicates that the maximum hydrocarbon column for the prospect could reach 108 feet. The structure of prospect "F" has an area of approximately 12,950 acres and elongates close to 13 km in the southwest-northeast direction and 4 km crosswise.
This discovery, along with the discovery of the Quifa 6 well, confirms the hydrocarbon potential of the northern area of the Quifa block. The company is planning to continue the exploratory drilling campaign for this area during the remainder of 2010.
The Quifa 31 well was drilled as the third appraisal well for the Quifa-7 discovery well on Prospect "H." The well found the top of the Carbonera basal sands at 2,810 feet MD, or 2,194 feet TVDSS and the oil-water contact at 2,846 feet MD, or 2,230 feet TVDSS, resulting in an oil column of 36 feet at the well. The petrophysical evaluation of the well logs indicates a net pay zone of 26 feet, and an average porosity of 29%. The Quifa 31 well was drilled slanted 30 degrees from a surface location, about one kilometer south from the Quifa-7 well, and 1.7 km from the Quifa 11 well to the west. The results of this well, along with the results of the Quifa-7 discovery well and the Quifa-10 and Quifa-11 appraisal wells, extend the total area for prospect "H" to 5,175 acres (it was previously estimated to be 4,780 acres), with average net pay of 20.5 feet and 31% porosity (refer to drill results of the Quifa-7, Quifa-10 and Quifa 11 wells, in the company's press releases dated September 8, 2009, October 13, 2009, and November 24, 2009, respectively). After a preliminary test, the well initiated production at 415 barrels of oil per day (bopd) at 13.6 degree API, using a progressive cavity pump (PCP). The company is now planning an extended production test for the well.
The Quifa 23X exploratory well, drilled on prospect "G," near the northern border of the Quifa Block, found the top of the Carbonera basal sands at 3,332 feet MD, or 2,755 feet TVDSS and the top of the Paleozoic at 3,536 feet MD or 2,959 TVDSS. Despite the hydrocarbon indications and the good reservoir characteristics in the basal sand intervals (140 feet thick and 28% average porosity) that this well evidenced while drilling, the results of the petrophysical evaluation did not show that hydrocarbons were present. This may indicate that the structural trap where the Quifa- 23X well was drilled had a leak and was not effective for trapping hydrocarbons, or that a sandstone-sandstone (i.e. no lateral seal) juxtaposition across both sides of the fault allowed the hydrocarbons to escape up-dip to shallower traps. Based on this information, the company has decided to abandon the well.
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