Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC) announced today an update on the Topoyaco-2 well, located in the Topoyaco block, in the foothills of the Putumayo Basin, where the Company has a 50% working interest.
The well was drilled to a total depth of 8,700 feet measured depth ("MD") or 7,231 feet true vertical depth ("TVD") reaching the lower part of the Villeta formation ("C" limestone). This well was drilled simultaneously with the Topoyaco-1 well, as part of the original work commitment with the Agencia Nacional de Hidrocarburos ("ANH"). The operator for this block is Alange Energy Corp., which also holds a 50% working interest.
Ronald Pantin, CEO of the Company commented: "The information provided by this well confirms the potential of the Cretaceous section in this area and represents a firm step to making the Putumayo area a focus of future growth. The Company is looking forward to successfully testing the well in the following weeks."
According to preliminary petrophysical analysis of the well logs, the well found 114 feet of net oil sands with average porosities of 15% and average oil saturations of 73%. The logs and well cuttings also indicated a total of 125 feet of oil saturated carbonates in the Villeta formation. Most of these sections showed moderate to good oil and gas shows during drilling, with pale to strong yellow fluorescence and slow to rapid white solvent cut.
The Topoyaco-2 well was spudded on August 8, 2010, and was drilled directionally with a WNW orientation, on a structural closure (closure C) immediately west of closure B where the Topoyaco-1 is currently being drilled. Both structures are separated by a southwest-northeast striking lateral ramp. Due to hole restrictions, the final portion of the well was logged in two sections, initially from 7,690 feet MD to 7,119 feet MD, where the 7" casing shoe is located, and then from total depth to 7,690 feet MD. The well found the top of the Villeta formation at 7,346 feet MD, finding several prospective clastic sections: Sand Upper-N at 7,346 feet MD, Sand N at 7,532 feet MD, the calcareous Sand M1/M2 at 7,610 feet MD, and the basal "T" sands at 8,420 feet MD.
The well is targeting 19.26 MMbbl (best estimate) of prospective resources, as certified by Petrotech Engineering on April 30, 2010 for structure C. The well results will allow the Company to improve the structural interpretation of this area and thus the prospective resources estimation.
The immediate plan for the well is to set a production liner at the base of the Villeta formation and evaluate the prospective intervals, with complete production tests.
Source: Pacific Rubiales Energy Corp.