Pacific Rubiales Energy Corp. announce results

Pacific Rubiales Energy Corp. has announced the results from the Kangaroo-2 appraisal well sidetracks drilled in the shallow offshore, Santos Basin, Brazil.

The Kangaroo-2 appraisal well drilled in exploration Block S-M-1165, confirmed a 250 metre gross, 135 metre net oil column intersection in Paleocene and Maastrichtian aged reservoirs, as announced on 26 November 2014. The Company has a 35% participating interest in the wells and five surrounding blocks. Karoon Gas Australia Ltd. holds the remaining 65% interest and is operator of the block.

Two separate extended production tests in the Kangaroo-2 appraisal wellbore, flowed 31° to 38° API light oil at maximum rates of between 2500 bbl/d and 3700 bbl/d (stabilized rates of 1820 bbl/d, 3450 bbl/d respectively). In early January, production testing in the Kangaroo-2 wellbore was completed and preparations began to commence a side-track drilling program to better define potential resource size and recovery factors. Side-track-1 was drilled to a down-dip location to target potential reservoirs on the eastern side of an interpreted fault. Side-track-2 was drilled in an up-dip location to test reservoir and hydrocarbon potential towards the salt wall seal.

The Kangaroo-2 down-dip side-track was drilled to a 2745 metre depth, and a wireline program was conducted. The down-dip side-track intersected oil bearing Maastrichtian reservoir on the east side of the fault as expected. Five reservoir fluid samples were recovered by wireline from a 50 metre gross oil column in the Maastrichtian section with a net to gross of 36% and an average porosity of 24%. One sample was opened on surface and contained 3 litres of 38° API oil.

As announced in a news release by Karoon, an up-dip side-track was drilled and penetrated oil bearing sands in the Paleocene reservoir section. Five reservoir fluid samples were recovered by wireline from a 37 metre gross oil column with a net to gross of 60% and an average porosity of 27%. One sample was opened on the surface and contained 2.9 litres of 39° API oil. Pressure data indicates that the Paleocene oil bearing reservoir is in a separate pressure compartment from those seen in the Kangaroo-2 borehole.

José Francisco Arata, President of the Company, commented:

"We are very pleased with the results of the Kangaroo-2 appraisal well and the sidetrack drilling, which confirms a significant light oil discovery on our blocks in the offshore Santos Basin, in Brazil. We feel very comfortable that this represents an oil discovery of significance size. Based on the flow rates achieved, analysis by the operator suggests that reservoir characteristics in the structure are excellent and would support flow rates of 6000 to 8000 bbl/d in a vertical producing well, and higher rates in a horizontal wellbore.

"The information obtained from Kangaroo-2 and the two side-track wellbores is important for assessing the commerciality of the Kangaroo oil field and will be used to update the field subsurface development plan which will drive Front End Engineering and Design bringing the project a step closer to possible execution.

"The Olinda Star drilling rig will now move to, and commence drilling, the Kangaroo West-1 exploration well (the second firm well in the program) to evaluate the salt-flank prospect on the western side of Kangaroo salt structure, approximately 4.5 kilometres from Kangaroo-2. Due to its large prospect size and proximity to Kangaroo, a successful outcome at Kangaroo West could materially add to any possible development of the Kangaroo oil field."

Published on 11/02/2015

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