Pacific Rubiales Energy Provides Operational Update on Abanico Field and
Quifa Block
ABANICO FIELD
Well ABA-35 was drilled as part of the appraisal campaign in the north of the Abanico Field. The well found the top of the Upper
QUIFA BLOCK
As part of the exploration activity at the Quifa block, well QUIFA-13 was drilled slanted on prospect "D", finding the top of the Carbonera Basal sands at 2,952 feet MD, or 2,300 feet TVDSS and the top of basement at 3,152 feet MD. The petrophysical evaluation indicates net pay of 19 feet, with an average porosity of 29% and oil-water contact at 2,982 feet MD or 2,330 feet TVDSS. The company is now making preparations for completing the well as an oil producer. This well is the fifth consecutive successful appraisal well (previous reported wells on prospect D were Quifa-9, Rub-357, Rub-366 and Rub-251) drilled on prospect D since the discovery made by twell Rub-147 in 2008. The company will continue to explore the flanks of prospects "B" and "C" (see press release dated
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
Information in this press release expressed in barrels of oil equivalent (boe) is derived by converting natural gas to oil in the ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil. 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
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For further information: Mr. Ronald Pantin, Chief Executive Officer and Director, Mr. Jose Francisco Arata, President and Director, (416) 362-7735; Ms. Belinda Labatte, (647) 428-7035
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