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13/10/2009 - Pacific Rubiales Energy Announces Another Exploration Success And Operational Update at Quifa Block
TORONTO, Oct. 13 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE)
announced today another oil discovery at its Quifa-10 well on the Quifa
Block, located in the Llanos Basin of Colombia. The company also provided an
update on the operational activity in the block.
The Quifa-10 was drilled as an appraisal well of the discovery well
Quifa-7 located at Prospect "H". The well found the top of the Carbonera
basal sands at 2,889 feet measured depth (MD), or 2,229 feet true vertical
depth at sub-sea level (TVDSS) and the oil water contact (OWC) at 2,933 feet
MD, or 2,273 feet TVDSS, for a total oil column of 44 feet. The petrophysical
evaluation of the well indicates a net pay zone of 20 feet with 32% average
porosity. The Quifa-10 well was drilled at a distance of 1.1 kilometers from
the Quifa-7 well and at 2.0 kilometers of the Quifa-8 well in Prospect "E"
(refer to the drill results of the Quifa-7 and Quifa-8 wells, in the
company's press release dated September 8, and August 26, 2009,
respectively). This well extends the discovery of Prospect "H" to the north
and also extends the discovery of Prospect "E" to the south, resulting in a
total hydrocarbon column of more than 100 feet for both prospects, with an
average net pay of 24 feet. The results obtained with this well reinforce the
company's belief that the area comprising prospects "D", "E", "H" and "I" are
connected to the Rubiales field and we are just appraising this reservoir
into the Quifa Block. The company is now planning to test the well and
complete it as a vertical hole producer.
Operational update and new drilling campaign
An updated average production for the Quifa-5, Quifa-7, Quifa-8 and
Quifa-9 wells is summarized in the table below. The production test on
Quifa-I-9 is still pending and waiting for a mechanical condition to be
solved at the well bore.
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Well Production period Average bopd
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Quifa-5 6 months 192
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Quifa-7 28 days 170
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Quifa-8 25 days 134
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Quifa-9 15 days 119
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As a result of the exploration success in the Quifa Block, an additional
drilling campaign comprising 6 appraisals and 3 exploratory wells will be
executed during 2009. The three exploratory wells will be drilled on
prospects "A", "B" and "C" and the six appraisal wells will be spudded on
prospects "D", "E" and "H". The appraisal wells represent the initiation of
the process to declare the commerciality for the south-southwest region of
the Quifa Block.
The Quifa Block is an exploratory block in which Meta Petroleum (a
wholly-owned subsidiary of Pacific Rubiales) holds a 60% working interest and
Ecopetrol S.A. holds a 40% working interest.
Pacific Rubiales, a Canadian-based company and producer of natural gas
and heavy crude oil, owns 100 percent of Meta Petroleum Corp., a Colombian
oil operator which operates the Quifa block in the Llanos Basin in
association with Ecopetrol S.A., the Colombian national oil company. The
company is focused on identifying opportunities primarily within the eastern
Llanos Basin of Colombia as well as in other areas in Colombia and northern
Peru. Pacific Rubiales has a current net production of approximately 45,000
barrels of oil equivalent per day, with working interests in 32 blocks in
Colombia and Peru.
Boe may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements. All statements,
other than statements of historical fact, that address activities, events or
developments that the company believes, expects or anticipates will or may
occur in the future (including, without limitation, statements regarding
estimates and/or assumptions in respect of production, revenue, cash flow and
costs, reserve and resource estimates, potential resources and reserves and
the company's exploration and development plans and objectives) are
forward-looking statements. These forward-looking statements reflect the
current expectations or beliefs of the company based on information currently
available to the company. Forward-looking statements are subject to a number
of risks and uncertainties that may cause the actual results of the company
to differ materially from those discussed in the forward-looking statements,
and even if such actual results are realized or substantially realized, there
can be no assurance that they will have the expected consequences to, or
effects on the company. Factors that could cause actual results or events to
differ materially from current expectations include, among other things:
uncertainty of estimates of capital and operating costs, production estimates
and estimated economic return; the possibility that actual circumstances will
differ from the estimates and assumptions; failure to establish estimated
resources or reserves; fluctuations in petroleum prices and currency exchange
rates; inflation; changes in equity markets; political developments in
Colombia or Peru; changes to regulations affecting the company's activities;
uncertainties relating to the availability and costs of financing needed in
the future; the uncertainties involved in interpreting drilling results and
other geological data; and the other risks disclosed under the heading "Risk
Factors" and elsewhere in the company's annual information form dated April
1, 2009 filed on SEDAR at www.sedar.com. Any forward-looking statement speaks
only as of the date on which it is made and, except as may be required by
applicable securities laws, the company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the company believes that the
assumptions inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.
%SEDAR: 00007953E
For further information: Mr. Ronald Pantin, Chief Executive Officer and
Director; Mr. Jose Francisco Arata, President and Director, (416) 362 7735 begin_of_the_skype_highlighting (416) 362 7735 end_of_the_skype_highlighting;
Ms. Belinda Labatte, (647) 428 7035 begin_of_the_skype_highlighting (647) 428 7035
