Pacific Rubiales Energy Provides Brazil Update

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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 structure.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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