Pacific Rubiales Strikes Oil at Quifa Block in Colombia's Llanos Basin

Pacific Rubiales has announced the discovery of oil at its I-9 ST-2 well, drilled on Prospect "I" at the Quifa Block, located in the Llanos Basin of Colombia.

The I-9 ST-2 well found the top of the basal sandstones at a depth of 2,038 feet true vertical depth sub-sea (TVDSS) (3,162 feet measured depth (MD)) and the oil-water contact at 2,081 feet TVDSS (3,222 feet MD), resulting in a vertical oil column of 41 feet gross at the well.

Preliminary petrophysical evaluation of the data at the well indicates a net pay zone of 18 feet with porosities over 30%. The well was drilled at an angle of 43degrees and reached a final depth of 3,563 feet MD in the Quifa Block. The company is presently planning to test the well with perforations at 3175'-3190' (15 feet) and complete it as a producer. The results of this well, located on Prospect "I", confirm the continuation of the Rubiales field into the Quifa Block to the southwest.

Ronald Pantin, the company's Chief Executive Officer, stated: "This well not only extends the known reservoir but also builds on our knowledge of the area. We are very pleased with the results which strengthen our confidence in the production potential of the other prospects in Quifa."

Quifa Block Exploration Plans 2009

The company is now preparing the logistics to drill four additional wells on the Quifa Block for the remainder of 2009:

  • Quifa-9, an exploratory well on Prospect "D" by the end of August;
  • Quifa-8, an appraisal well for Quifa 5 on Prospect "E" during September;
  • Quifa-7, an exploratory well on Prospect "H" during October; and
  • Quifa-6, an exploratory well on Prospect "A" during November.

The Quifa Block is an exploratory block that almost completely surrounds the Rubiales Field in which the company holds a 60% working interest in association with Ecopetrol S.A. (40%). The Quifa contract gives Pacific Rubiales the right to develop any discovery until 2031.

This block is three times larger than the Rubiales field and has six additional prospects that have been identified with the interpretation of the recently completed seismic campaign.