Pacific Rubiales win two blocks in Colombian bidding

Pacific Rubiales Energy Corp., a Canadian-based company and producer of natural gas and heavy crude oil, has been awarded Blocks CP-1 and CP-6 in the Heavy Oil Round for the Llanos Basin of Colombia, organised by the Agencia Nacional de Hidrocarburos de Colombia (ANH).

Pacific Rubiales has won a 100% interest in Block CP-1, which covers an area of 989,963 hectares and is located in the northern part of the basin on the border with Venezuela, east of the giant Canon Limon Oil Field. Block CP-1 is also located at the eastern limit of the Arauca Technical Evaluation Area, where the company is already performing exploration activities.

The company plans to invest US$31.1 million on the acquisition of 410 kilometres of 2D seismic and the drilling of one stratigraphic and three exploratory wells in the block, which has to be performed within 24 months from the signature of the contract.

Block CP-6 was awarded to a consortium formed by Pacific Rubiales and Talisman Energy Colombia, in which each company will have a 50% working interest, while Pacific Rubiales will be the operator of the block.

This block has an area of 608,247 hectares and is located to the southwest of the Rubiales Oil Field and the Quifa Association Contract.

The total investment for this block will be US$49.4 million, to be spent on acquiring 636 kilometres of 2D seismic and the drilling of one stratigraphic and five exploratory wells. These activities must be completed by the company within 24 months from the signature of the contract.