Pacific Rubiales Energy reports the discovery of oil at its QUIFA-5 well drilled on Prospect "E" at the Quifa Block, located in the Llanos Basin of Colombia.

The well found the top of the basal sandstones at a depth of 2,246 feet true vertical depth sub-sea (TVDSS) (2,291 feet measured depth (MD)) and the oil-water contact at 2,311 feet TVDSS (3,056 feet MD), resulting in an oil column of 65 feet at the well. However, as the crest of the structure at Prospect E is at 2,240 feet TVDSS, the resulting total column for the structure is 71 gross feet.

Preliminary petrophysical evaluation of the data at the well indicates a net pay zone of 25 feet with porosities over 32%. The resulting drainage area for Prospect E has been estimated at a minimum of 3,200 acres since the deepest closing contour of 2,285 feet at the prospect is 26 feet above the measured oil-water contact. This deeper oil-water contact may indicate spill from this trap updip to the adjacent prospects "H" and "I". The possibility that these prospects are connected is important, because it may indicate a much larger discovery that could be a continuation from the Rubiales reservoir. The company is now planning to test the well and complete it as a vertical hole producer.

The Quifa Block is an exploratory block that almost completely surrounds the Rubiales Field in which the company holds a 60% interest in association with Ecopetrol (40%). The Quifa contract gives Pacific Rubiales the right to develop any discovery until 2031. This block is three times larger than the Rubiales field and has seven additional prospects that have been identified with the interpretation of the recently completed seismic campaign.

Ronald Pantin, the company's Chief Executive Officer, stated "This well should add new reserves that can be developed using the production infrastructure that we are building in the Rubiales field and reinforces our optimism about the exploration potential of the other prospects in the Quifa Block."

Tags: Pacific Rubiales Energy Corp.