Pacific Rubiales Energy announced a new oil discovery at the Quifa 24X exploratory well, as well as results of the Quifa 32 appraisal well located in the Quifa Block, Llanos Basin, Colombia.
Mr. Ronald Pantin, Chief Executive Officer, commented, "Our sustained effort and focus in this area continues to show positive results and extends our understanding of the Quifa region and its hydrocarbon potential."
The Quifa 24X exploratory well was drilled on Prospect "Q" at the northeastern border of the Quifa block, and found the top of the Carbonera basal sands at 3,206 feet measured depth (MD), or 2,666 feet true vertical depth at sub-sea level (TVDSS) and the oil water contact (OWC) at 3,252 feet MD, or 2,712 feet TVDSS, resulting in an oil column of 46 feet gross at the well. The petrophysical evaluation of the well indicates a net pay zone of 22 feet with 32% average porosity. The Quifa 24X well, drilled as part of the exploratory drilling campaign that the company is carrying out in this part of the block, was drilled to the northeastern flank of Prospect "Q", at a distance of approximately 5.1 km from the crest of the structure, which has been mapped at 2,580 feet TVDSS. This indicates that the thicker section of the reservoir, approximately 86 feet thick, locates toward the highest part of the structure. The structural trap for Prospect "Q" shows a preliminary area of approximately 9,513 acres, and stretches 12.7 km in the southwest-northeast direction and 3 km crosswise. The Quifa 24X well was drilled at a distance of 20.1 km from the Quifa 6 discovery well on Prospect "A", 5.2 km from the Quifa 23X well on Prospect "G", and 6.2 km from the Quifa 26X discovery well, on prospect "F" (please refer to the Quifa 6, Quifa 23X and Quifa 26X well results, reported in the company's press releases dated February 9, 2010 and March 8, 2010, respectively). This discovery, together with the discoveries at the Quifa 6 and Quifa 26X wells, confirms the company's previous assessment of the hydrocarbon prospectivity in this part of the block.
The Quifa 32 well was drilled as the fourth appraisal well for the Quifa 7 discovery well on Prospect "H." The well found the top of the Carbonera basal sands at 2,825 feet MD, or 2,188 feet TVDSS and the oil water contact OWC at 2,871 feet MD, or 2,234 feet TVDSS, resulting in an oil column of 46 feet at the well. The petrophysical evaluation of the well logs indicates a net pay zone of 25 feet, with 32% average porosity. The Quifa 32 well was drilled at a distance of 900 m to the northeast of the Quifa 7 well. The results of this well, along with the results of the Quifa 7, Quifa 10, Quifa 11 and Quifa 31 wells confirm the area and the net pay previously estimated for prospect "H," consisting of 5,175 acres and 21 feet, respectively (refer to the drill results of the Quifa 7, Quifa 10, Quifa 11 and Quifa 31 wells, in the company's press release dated September 8, 2009).
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