Pacific Rubiales announces 45% increase in prospective resources

Pacific Rubiales Energy Corp. has announced the results of an independent resource evaluation for 36 of the company's 60 exploration blocks in Colombia, Peru, Brazil, Guyana, Guatemala and Papua New Guinea. The 2014 resource evaluation was prepared by Petrotech Engineering Ltd. with an effective date of March 31, 2014.

The 2014 Resource Report selection of the 36 exploration blocks was based on a minimum criterion of 20 million bbls of oil or equivalent of Pmean Resources, per block.

The 2014 Resource Report contains estimates of low case, best case, high case and Pmean case for both Contingent and Prospective Resources.

The following comparison is done on the best case estimates of the 36 exploration blocks evaluated in 2014 against the best case estimates of the 32 exploration blocks evaluated in 2012 (subject to no minimum criteria).

The 2014 Resource Report shows that the best case estimates of 36 exploration blocks totaling the sum of the gross Prospective Resources (total prospects plus leads) attributed to the company have grown 45% to 6.2 billion boe from 4.3 billion boe of the best case in 2012, and the best case estimates of total gross Contingent Resources have grown 62% to 272 million boe from 168 million boe of the best case total Contingent Resources estimated in 2012.

José Francisco Arata, President of the Company commented:

"The 2014 certified Resource Report illustrates the company's continued success in growing and expanding its resource portfolio in Latin America. Access to a large and diversified resource base feeds future reserves growth which in turn provides the future production of a successful E&P Company like Pacific Rubiales."

Colombia

In Colombia, the 2014 Resource Report covers the company's working interest in 16 blocks (approximately 1.8 million net acres), containing 83 exploration opportunities (54 prospects and 29 leads) with a best case estimate of total gross Prospective Resources of 1554 million boe (71% heavy oil, 19% light and medium oil, 10% natural gas). Most of the natural gas is from the Company's blocks in the Lower Magdalena Basin, while the Llanos and Putumayo basins hold most of the total estimated oil Prospective Resources.

Peru

In Peru, the 2014 Resource Report covers the company's working interest in one offshore and seven onshore blocks (approximately 3.9 million net acres), containing 53 exploration opportunities (18 prospects and 35 leads) with estimated best case total gross Prospective Resources of 2497 million boe (99% light and medium oil, 1% natural gas). Of this total resource, 79% is associated with the seven onshore blocks in the Maranon and Ucayali basins, and 21% is in the offshore Z1 Block in the Tumbes Basin.

Brazil

In Brazil, the 2014 Resource Report covers the company's working interest in eight blocks (approximately 146 thousand net acres), containing 14 exploration opportunities (5 prospects and 9 leads) with estimated best case total gross Prospective Resources of 777 million bbls (all light and medium oil). Approximately 12% is associated with the company's interests in the Karoon blocks in the offshore Santos Basin, while the remainder are in blocks the Company holds in the offshore Foz do Amazonas and Para Maranhao Basins.

Other Countries

In Guyana, the 2014 Resource Report covers the company's 64% working interest in two blocks (approximately 1 million net acres), held through its equity interest in CGX Energy Inc. These blocks contain seven exploration opportunities (all leads) with a best case estimate of total gross Prospective Resources of 1320 million boe (84% light and medium oil, 16% natural gas).

Adapted from a press release by David Bizley

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/20082014/pacific-rubiales-announces-45pc-increase-in-prospective-resources/