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Pacific Rubiales Energy Corp Confirms Oil Discovery On Karoon Blocks In Brazil

Thursday, 24 Jan 2013 06:06pm EST 

Pacific Rubiales Energy Corp announced the confirmation of the discovery of light oil at the Kangaroo-1 exploration well drilling on block S-M-1101, in the Santos basin, offshore Brazil. The well was drilled as part of an agreement announced by the Company on September 18, 2012, as a minimum work commitment for both the S-M-1101 and S-M-1165 blocks, where the Company holds a 35% participating interest (subject to approval by Brazil's Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP)). As announced by the operator of the blocks, Karoon Gas Australia Ltd., the Kangaroo-1 well has been drilled to a depth of 3,049 meters and the presence of a light oil column has been confirmed by mudlog, wireline petrophysical and MDT pressure data in Eocene aged rocks. A gross column of 25 meters and an oil / water contact is established from pressure data interpretation. The well intersected the Eocene reservoir section 300 metres down dip from the trap crest as interpreted on seismic mapping by Karoon. A potential gross hydrocarbon column of approximately 350 metres is estimated by Karoon for the entire trip.