Pacific Rubiales Completes Exploration Well Commitment on Karoon Blocks

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Pacific Rubiales Energy Corp. (PRE.TO) provided an operations update on the Bilby-1 exploration well, drilling on block S-M-1166, in the Santos Basin, offshore Brazil.

The Bilby-1 well was drilled as part of an agreement announced by the company on September 18, 2012, as a minimum work commitment for 5 offshore blocks (S-M-1101, S-M-1102, S-M-1037, S-M-1165 and S-M-1166), where the company holds a 35% participating interest.

Ronald Pantin, CEO, said: "We have now completed the exploration well commitment on the Karoon blocks and are pleased to have made significant light oil discoveries in two of the three wells. We are looking forward to the upcoming appraisal drilling program and our continuing partnership with Karoon."



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