Brazil`s 11th bid round
Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) is pleased to announce today that it has been awarded three blocks in Brazil’s 11th Bid Round (the “Bid Round”) organized by the Agencia Nacional do Petróleo, Gás Natural e Biocombustíveis of Brazil (“ANP”). The Company participated in the Bid Round through its wholly-owned subsidiary, Pacific Brasil Exploração e Produção de Óleo e Gás Ltda.
The blocks awarded to the Company are located in the Foz do Amazonas Basin (one block) and in the Pará-Maranhão Basin (two blocks) in the northern deep water of offshore Brazil, and have a total area of approximately 2,300 km2 gross (1,153 km2 net) (See attached map).
The blocks were acquired in consortiums that include as partners the companies Queiroz Galvão Exploração e Produção S.A. (“QGEP”) and Premier Oil PC (“Premier”). All three blocks have an initial five year exploration phase with the option to extend the exploration phase by an additional three years.