Pacific Provides Update on Oil Discovery in Bilby-1

Source: www.gulfoilandgas.com 5/13/2013, Location: South America

Pacific Rubiales Energy Corp. provided an update on the oil discovery in the Bilby-1 exploration well, drilling on block S-M-1166, in the Santos Basin, offshore Brazil.

The Bilby-1 well was drilled as part of an agreement announced by the Company on September 18, 2012, as a minimum work commitment for five offshore blocks (S-M-1101, S-M-1102, S-M-1037, S-M-1165 and S-M-1166), where the Company holds a 35% participating interest (subject to approval by Brazil's Agência Nacional do Petroleo, Gas Natural e Biocombustiveis ("ANP")).

As announced in an update by the operator of the blocks, Karoon Gas Australia Ltd. (KAR.AX), the potential size of the earlier announced oil discovery in the Bilby-1 well has been expanded, with a proven oil column of 320 metres (1,050 feet), confirmed by wireline pressure data and sampling of oil from the identified reservoir interval. One of seven oil samples recovered indicates the presence of 33° API quality oil in the reservoir.

The net oil bearing reservoir based on petrophysical logs is estimated to be 70 metres (230 feet) with porosities up to 23%. The confirmed stratigraphic extent of the oil bearing reservoirs now includes interbedded sands in the Eocene, Paleocene and Maastrichtian (Late Cretaceous) age rocks.

The Bilby-1 well is positioned approximately 150 metres (492 feet) down dip from the trap crest as indicated on seismic data, creating potential for additional prospectivity higher in the structure.

Ronald Pantin, Chief Executive Officer of Pacific Rubiales commented: "Although we are in early exploration stages in Brazil, we are pleased with the results to date and our partnership with Karoon. Further appraisal wells will be required, but it is encouraging to have discovered oil trapped in two separate structures, in the earlier drilled Kangaroo-1 well and now in the Bilby-1 exploration well."

With the wireline testing of the discovery now completed the well will continue drilling ahead as planned to an expected measured depth of 4,573 metres (approximately 15,000 feet), to test additional targets in the deeper Santonian (Cretaceous) interval.

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The well was drilled...


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Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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