Pacific Rubiales prospective resources up 45%

Tuesday, August 19, 2014

Colombia-focused oil firm Pacific Rubiales' certified total prospective resources increased 45% compared to 2012, according to results of an updated independent resource evaluation of the company's exploration blocks.

Petrotech prepared the 2014 resource evaluation, which also shows a 62% increase in certified contingent resources, Pacific Rubiales said in a release. A total of 36 out of the company's 60 exploration blocks in Colombia, Peru, Brazil, Guatemala, Papua New Guinea and Guyana were evaluated.

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The evaluation found 6.24Bboe of prospective resources contained in 166 opportunities, including 1.39Bboe (22%) in prospects and 4.85Bboe in leads (78%), up 45% from the evaluation carried out in 2012.

The prospective resources include 5.81Bb of oil and natural gas liquids (93%) and 435Mboe of natural gas.

Some 40% of total prospective resources opportunities are in Peru, 25% in Colombia, 21% in Guyana, 12% in Brazil, 1% in Papua New Guinea and 1% in Guatemala.

The best case estimate of total gross contingent resources is 272Mboe, up 62% from 168Mboe in 2012, mainly a result of acquisitions and prospective resources advancement through exploration drilling.