Pacific Rubiales Reports on Processing Permits in Colombia
Pacific Rubiales Energy Corp. provided an update on certain environmental permits it has in process or pending with the Autoridad Nacional de Licencias Ambientales, on exploration and development properties in Colombia.
Pacific Rubiales currently has 12 major licensing processes that are in front of the ANLA. All of these are in full compliance with regulations and processes governing environmental licenses in Colombia. Five of the licenses have been granted and seven are pending or in progress. Regarding these different licensing processes, the Company highlights the following:
- In the CPE-6 exploration block, the ANLA requested additional information on August 13, 2012 in support of the environmental permit application. This information is currently being collected by the Company within an established time period and the permit is expected to be granted by the end of October 2012. The expected timing will be sufficient to allow the Company to complete its planned drilling program of six exploration and appraisal wells and conduct extended production testing of wells drilled on the block, before year-end.
- In the CPO-12 exploration block, the ANLA granted a provisional environmental license on July 7, 2012. The Company is expecting final approval according to established procedure before the end of September 2012. Three exploration wells are planned for the block prior to year-end 2012.
- In the Quifa North exploration block, the ANLA rejected a modification of the environmental license for a part of the northwestern portion of the block on June 4, 2012. The Company presented an appeal for reversal on June 25, 2012 and is waiting for a final response from the ANLA. This modification does not impact or affect the Company's ongoing development of the Quifa SW field or the new commercial development of the portion of Quifa North called Cajua, which was announced on August 16, 2012.
- In the Rubiales Field, on August 8, 2012, the ANLA granted authorization to expand the water injection capacity by 400 Mbbl/d, reaching a total water injection capacity of approximately 2 MMbbl/d for the field. This will allow the Company to increase total oil production in the field to a target level of 190 Mbbl/d by the end of this year. The Company also has additional water injection permits pending which will allow further production increases in 2013 and which it expects to receive by year-end 2012.
Ronald Pantin, Chief Executive Officer of the Company, commented: "These licensing processes correspond to the regular procedures that all oil & gas operators in Colombia must follow through with the ANLA, and they do not compromise the future plans and production projections of the Company whatsoever. We recognize the efforts the ANLA has made to enhance and streamline the process to speed up licenses for oil producers in Colombia and we look forward to working with them in the future."
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