Pacific Rubiales Conducts Successful Appraisal Campaign in Colombia
Pacific Rubiales has announced more success in the appraisal campaign it is conducting in the Quifa and Rubiales Blocks in the Los Llanos Basin in Colombia. The company drilled successful appraisal wells, Quifa-17, on prospect "E" at Quifa as well as Rub-357, on prospect "D" at Rubiales and provided an update regarding further drilling success at Rubiales.
Ronald Pantin, Chief Executive Officer, commented, "The company has a strong track record of exploration, with a success rate of over 86% and 100% during 2009. This continuous tally of successful wells in Rubiales, and most importantly in Quifa, reinforces our belief in the prospectivity of the area and the robustness of the resource base on which we are planning our present and future growth, growth that includes drilling an additional twenty exploratory and appraisal wells at Quifa in 2010."
As part of the appraisal drilling campaign in the Quifa Block, a third appraisal well was drilled on prospect "E". The Quifa-17 well found the top of the Carbonera basal sands at 2,971 feet measured depth (MD), or 2,269 feet true vertical depth at sub-sea level (TVDSS) and the oil water contact (OWC) at 3,002 feet MD, or 2,300 feet TVDSS, resulting in an oil column of 31 feet gross at the well. Final petrophysical evaluation of the well indicates a net pay zone of 18 feet with 31% average porosity. The Quifa-17 well was drilled west of prospect "E" at a distance of 2.3 km from the Quifa-8 well (refer to drill results of the Quifa-8 well in the company's press release dated August 26, 2009). Along with the discovery well Quifa-5 and appraisal wells Quifa-8 and Quifa-12, this well confirms the extension of prospect "E" to the southwest, a total prospect area of up to 4,815 acres (more than 19 km(2)), and an average net pay of 31 feet for the prospect. The company is now planning to test the well and complete it as a vertical hole producer.
This is the ninth consecutive successful well that the Company has drilled in the Quifa Block in its attempt to confirm the extension of the Rubiales field to the southwest. The discovery in Quifa-17, along with the other eight wells, Quifa-5, Quifa-8 and Quifa-12 on prospect "E", Quifa-I-9 on prospect "I"; Quifa-7, Quifa-10 and Quifa-11 on prospect "H", and Quifa-9 on prospect "D", provides the company with more than 15,000 acres of new reserves with the same characteristics of the Rubiales field.
The Rub-357 appraisal well was drilled on prospect "D" in the northeastern reaches of the Rubiales Block in the "Buffer Zone". The well found the top of the reservoir, the Carbonera basal sands, at 2,929 feet MD, or 2,310 feet TVDSS and the OWC at 2,992 feet MD, or 2,373 feet TVDSS for a total gross oil column at the well of 63 feet. The petrophysical evaluation of the well indicates a net pay zone of 40 feet with porosities over 31%. The Rub-357 was drilled as an appraisal well on prospect "D", 4.6 km northeast from the discovery well Rub-147 drilled during the last quarter of 2008 (refer to press release dated October 2, 2008). This well extends the discovery of prospect "D" 2,000 additional acres to the northeast and confirms approximately 12,000 acres (more than 48 km(2)) for the whole prospect. This well and wells Rub-147 and Quifa-9 (which was another appraisal well in prospect "D" drilled 10 km to the southwest of Rub-147, refer to the press release dated September 21, 2009) also confirms a hydrocarbon column of more than 100 feet measured from the crest of the structure to the average OWC measured at the wells, with net pays ranging from 17 to 40 feet. The company is now planning to test the well and complete it as a vertical hole producer.
Wells Rub-241 and Rub-242
Within the commercial area of the Rubiales field, the company drilled wells Rub-241 and Rub-242. Originally, these two wells were drilled in an area where 7 feet of net pay for Rub-242 and 22 feet of net pay for Rub-241 were expected. The wells turned out to be much better than expected and resulted in 31 and 34 feet of net pay respectively. The results from these wells will allow the incorporation of more than 1,800 acres of reservoir with net pay averaging 30 feet.
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