Pacific Rubiales Sees 55% Increase in Prospective Resources
Pacific Rubiales Energy Corp. announced Monday the results of an independent resource assessment for certain of the Company's exploration blocks in Colombia, Peru, Brazil, Guyana, Guatemala and Papua New Guinea (PNG). The 2012 resource assessment was prepared by Petrotech Engineering Ltd. with an effective date of September 30, 2012.
The 2012 Resource Report shows that the best case estimate of total gross Prospective Resources attributed to the Company has grown to 4.3 billion barrels of oil equivalent (Bboe) from 2.8 Bboe in 2011, and the best case estimate of total gross Contingent Resources has grown to 168 MMboe from just 4 MMboe booked in 2011.
"We look at the 2012 Resource Report as a clear demonstration of the Company's strategy to increase its resources using strategic acquisitions of exploration opportunities in selected countries where we see a balance of above- and below-ground risk. Resources drive future reserves which in turn represent the future production of the Company," Jose Francisco Arata, president of the Company, commented.
Highlights on the best case estimates of total gross Prospective Resources and total best case Contingent Resources (see the heading below entitled "Resources" for further information) from the 2012 Resource Report include:
- 4,291 MMboe of total gross Prospective Resources (prospects plus leads), an increase of 55 percent from 2,774 MMboe in 2011.
- The total gross Prospective Resources are contained in 123 opportunities (74 prospects and 49 leads) on 40 assessed blocks in six countries.
- The total gross Prospective Resources are estimated to include 3,520 MMbbl of oil and natural gas liquids (82%), and 4.5 Tcf (772 MMboe) of natural gas (18%).
- 1,302 MMboe of the total gross Prospective Resources are in prospects (30%), an increase of 226 percent from 399 MMboe in 2011, largely reflecting new exploration blocks acquired in 2012 and successful exploration drilling.
- 2,989 MMboe of the total gross Prospective Resources are in leads (70%), a 26 percent increase from 2,375 MMboe in 2011, largely reflecting new exploration blocks acquired in 2012 and new leads defined on seismic surveys.
- 46 percent of the total gross Prospective Resources are in Colombia, 41% in Peru, 9% in Brazil, 3% in Guyana, and the remainder are in Guatemala and Papua New Guinea .
- 168 MMboe of total gross Contingent Resources, up substantially from 4 MMboe in 2011, mainly due to acquisitions and advancement from Prospective Resources through successful exploration drilling.
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