Pacific Rubiales declares Quifa, Rubiales oil fields commercial onshore Colombia

Source: Pacific Rubiales

Pacific Rubiales Energy Corp. announced today the final results of the first phase of its exploration campaign from late 2007 through to April 2010, on its Quifa and Rubiales Blocks, located in the Llanos Basin, Colombia. These results have led to a declaration of commerciality for the Quifa southwest area and the Rubiales southwest area. 

The Quifa and Rubiales exploration campaign to date has included the acquisition of 323 km of 2D seismic profiles and the drilling of a total of 35 wells on both blocks: 23 wells on the Quifa Block - consisting of 7 exploratory, 6 stratigraphic and 10 appraisal wells; and 12 wells on the Rubiales Block, consisting of 3 exploratory and 9 appraisal wells. In total the exploration campaign had a success rate of 83%. 

As a result of this extensive campaign, a number of oil discoveries and incorporations have been carried out. Discoveries in Prospects "D", "E" and "H" in the Quifa Block incorporated a total of 83 mmbo of certified 2P (P1 + P2) gross reserves, while in the Rubiales Block, the discoveries in the northwest and southwest areas added 80 mmbo of certified 2P (P1+P2) gross reserves, for a total of 163 mmbo 2P reserves incorporated during the exploration campaign in both blocks. 

These discoveries allowed the Company to request from Ecopetrol the approval of commerciality for the Quifa southwest area and the Rubiales southwest area. The commerciality for Quifa southwest was approved by Ecopetrol, on April 19, 2010. The commerciality for the area of northwest Rubiales has been submitted to Ecopetrol and is pending for approval. 

In addition, in the northern Quifa area, 3 wells, including one exploratory and two stratigraphic wells drilled on Prospects "A", "F" and "Q", confirmed the presence of a hydrocarbon column on the top of the basal sandstones incorporating a total of 251 mmbo of certified gross resources. 

The company is now preparing a request for an additional exploration period in Quifa, to continue the exploration campaign on the prospects that found oil to the northern part of the block. The second phase of the exploration campaign will include the drilling of appraisal wells as well as shooting more 2D seismic in the Quifa block. A total of $43.4 million has been budgeted for Quifa exploration in 2010, in addition to $65.5 million for the construction of production facilities.

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