Pacific Rubiales Energy Corp. (PRE.TO) provided today an update
on the oil discovery in 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 five 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
(subject to approval).
As announced in an update by the operator of the blocks, Karoon
Gas Australia Ltd., the potential size of the earlier announced oil
discovery in the Bilby-1 well has been expanded, with a proven oil
column of 320 metres (1,050 feet), confirmed by wireline pressure
data and sampling of oil from the identified reservoir interval.
One of seven oil samples recovered indicates the presence of 33 API
quality oil in the reservoir.
The net oil bearing reservoir based on petrophysical logs is
estimated to be 70 metres (230 feet) with porosities up to 23%. The
confirmed stratigraphic extent of the oil bearing reservoirs now
includes interbedded sands in the Eocene, Paleocene and
Maastrichtian (Late Cretaceous) age rocks.
The Bilby-1 well is positioned approximately 150 metres (492
feet) down dip from the trap crest as indicated on seismic data,
creating potential for additional prospectivity higher in the
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