Tuesday, July 12, 2011
Pacific Rubiales Energy Corp.
Pacific Rubiales announced that Colombia's Ministry of the Environment recently granted the Company the requisite environmental permits for Quifa Southwest and Quifa North. The environmental permit for Quifa Southwest was granted on June 2, 2011, and the permit for Quifa North was granted on June 24, 2011 (collectively, the "Permits"). The Permits affirm that Pacific Rubiales can continue its development drilling campaign in Quifa Southwest and proceed with its exploration drilling campaign in Quifa North.
The exploration program is aimed at incorporating drilling results into an updated National Instrument 51-101 compliant reserves report. The Company's exploration program for the second half of 2011 in the Quifa North area includes 3 exploratory and 13 appraisal wells in prospects Q, F, P and Z, while in Quifa Southwest the drilling campaign includes a total of 52 wells (32 vertical and 20 horizontal).
With this drilling campaign, the Company expects to reach a gross production target of 60,000 bbl/d at Quifa Southwest and Quifa North, by the end of 2011. Details of the campaign will be provided to the market on a timely basis.
The Ministry of the Environment is currently conducting an administrative investigation in the Block. Such administrative investigations occur on a routine basis in the ordinary course of business with respect to the execution of the Company's various projects. In response to recent media reports in Colombia, the Company wishes to make clear that the current administrative investigations will not produce material consequences to the Company's current operations in the Block.
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