PRE.WT news R
Pacific Rubiales finds oil at 901 bopd at Abanico 20
2009-06-11 08:27 ET - News Release
Mr. Ronald Pantin reports
PACIFIC RUBIALES ANNOUNCES DISCOVERY IN ABANICO FIELD
Pacific Rubiales Energy Corp. has discovered oil at its Abanico 20 well located within the Abanico block, in the upper Magdalena Valley of Colombia.
Abanico block
The Abanico 20 exploratory well was drilled in the northeastern section of the Abanico oil field, located in the upper Magdalena Valley basin, from May 18 to May 30, 2009. The well found the lower Guadalupe member at 2,986 feet measured depth (MD), or 1,809 feet true vertical depth at subsea level (TVDSS). The petrophysical evaluation shows a net oil pay of 113 feet in these sandstones, with an average porosity of 22.6 per cent. A total of 46 feet were perforated in the interval of 2,990 to 3,036 feet MD, resulting in an initial, natural flow oil production of 901 barrels per day of 22.5-degree API oil and 4.7 per cent BSW (basic sediment and water). The well extends the known accumulation of the field to the northeast. The company is now planning an extended production test. Pacific Rubiales has a 50-per-cent working interest in the non-commercial area of the Abanico block, where this well is located, and which was acquired by the company in the Kappa Resources acquisition in 2008.
Ronald Pantin, the company's chief executive officer, stated, "The results announced today reinforce our belief in the robustness of our exploration activity and its potential to continue adding value."
We seek Safe Harbor.
|
