TORONTO, Sept. 8 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE)
announced today a new oil discovery at its Quifa-7 well, located in Prospect
"H" within the Quifa Block, the Llanos Basin of Colombia. The company also
provided an update on the operational activity in the block.
The Quifa-7 exploratory well found the top of the reservoir, the
Carbonera basal sands, at 2,857 feet measured depth (MD), or 2,206 feet true
vertical depth below sea level (TVDSS) and the oil water contact (OWC) at
2,896 feet MD or 2,245 feet TVDSS for a total oil column of 39 feet from the
OWC to the crest of the structure. Preliminary petrophysical evaluation of the
data from the well indicates a net pay zone of 24 feet and 30% average
porosity. This result, along with the pressure and production regime measured
at the Quifa-5 and Quifa-8 wells recently drilled at Prospect "E", suggests
that prospects "H" and "E" are possibly connected as a single oil reservoir.
The company is now planning to test the well and to complete it as a vertical
oil producer.
Operational Update
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The Quifa-8 well, recently drilled as an appraisal well to the Quifa 5
discovery in Prospect "E", was perforated for commingled production-testing of
two pay zones in the Carbonera basal sands at 3,048 - 3,056 and 2,978 - 2,958
feet MD. After the first four days of testing, the well showed an average
production of 100 barrels per day of 13.7 degrees API oil, slightly lighter
than the 12.5 degrees API oil produced in the contiguous Rubiales field. This
production level is similar to those reported from other vertical oil producer
wells at the Rubiales field.
Well I-9ST2, drilled in Prospect "I" in the southwest part of the Quifa
Block, has a mechanical problem, and will initiate its production test after a
work over, scheduled for next month. (Refer to the drill results of the I-9
ST-2 well in the same Prospect "I" in the company's press release dated July
27, 2009).
The Quifa Block is an Association Contract with Ecopetrol, S.A. 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 34,000 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.
