This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Pacific Rubiales Confirms Oil Discovery On The Karoon Blocks, Offshore Brazil

Stocks in this article: PRE

TORONTO, Jan. 24, 2013 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) confirmed today 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 Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP)).

As announced by the operator of the blocks, Karoon Gas Australia Ltd. (ASX: KAR), (see Karoon website: www.karoongas.com.au), 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.

As this was not the primary target at the Kangaroo-1 well, the discovery of oil in the Eocene reservoir at the Kangaroo-1 well provides additional information with respect to other potential prospects within the Karoon blocks.  Also, the well exhibited good oil shows at the base of the Miocene aged carbonate layers, but these are still under a detail evaluation to determine their potential.

A wireline program is currently underway with full results expected in the coming days.  A drill stem test program will be assessed on completion of the wireline evaluation.  The full evaluation program for the well is expected to continue through February.  Pacific Rubiales expects to issue an additional news release providing further technical details relating to these drill results.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs