Pacific Rubiales Energy Discovers Oil At Arrendajo, Buganviles Blocks In Colombia

Published: 23-Apr-2009

By: Staff Writer Staff Writer Staff Writer

Pacific Rubiales Energy Corp. (Pacific Rubiales Energy) has encountered oil in the Mirla Negra region with one well in the Arrendajo block, situated within the Llanos basin and another in the Buganviles block, situated within the upper Magdalena basin. The Mirla Negra 1 well in Arrendajo block, situated in the Llanos basin, was drilled to a total depth of 6,237 feet measured depth (MD).

The well reached at the top of the reservoir, the Carbonera C-5 formation at 5,493 feet MD or 4,937 feet true vertical depth sub-sea level. The reservoir comprises of 66 feet MD of net sandstones and the petrophysical analysis proves six feet of net pay with an average porosity of 21%. Well tests were continued on Carbonera C-5 along the perforated interval 5,506 - 5,510 feet MD. Initial production tests have revealed a daily rate of 130 barrels of oil at 34.5 API gravity with a 69% water cut. The Arrendajo block is an exploratory contract where Pacific Rubiales Energy owns a 32.5 % working interest.

Delta 1 – Buganviles:

The exploratory well Delta-1 was drilled in the Buganviles block, situated in the upper Magdalena valley in central Colombia. The well reached the top of the Caballos formation at 5,976 feet and the basement at a depth 6,297 feet.

This reservoir interval comprises of 321 feet of limestone and the petrophysical analysis shows 20 feet MD of net pay within the 312 feet MD of the upper limestone section. Average porosities range from 3% to 6%; however, due to the presence of fractures the porosity could potentially increase the amount. The preliminary P50 area is anticipated for this structure, based on the post-drill seismic analysis, is 1,420 acres. The well was concluded perforating a 46 feet interval and preliminary tests has revealed a daily production of 48 barrels per day at 34.5 API gravity oil. The Buganviles block is an exploratory contract with Ecopetrol S.A. in which Pacific Rubiales Energy owns a 49.375% working interest.

Ronald Pantin, Pacific Rubiales Energy chief executive officer, commented: We are pleased with the exploration discoveries made on three blocks belonging to our subsidiary Kappa Resources. The discoveries confirm the potential to grow the light oil production segment of our business and as a result of these discoveries, we have three new oil fields to develop.

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