Pacific Rubiales announces results of an independent resource evaluation for 36 of the Company's 60 exploration blocks
Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) announced the results of an independent resource evaluation for 36 of the Company’s 60 exploration blocks in Colombia, Peru, Brazil, Guyana, Guatemala and Papua New Guinea (“PNG”). The 2014 resource evaluation was prepared by Petrotech Engineering Ltd. (“Petrotech”) with an effective date of March 31, 2014 (the “2014 Resource Report”).
The 2014 Resource Report selection of the 36 exploration blocks was based on a minimum criterion of 20 MMbbl of oil or equivalent of Pmean Resources, per block.
The 2014 Resource Report contains estimates of low case, best case, high case and Pmean case for both Contingent and Prospective Resources.
The following comparison is done on the best case estimates of the 36 exploration blocks evaluated in 2014 against the best case estimates of the 32 exploration blocks evaluated in 2012 (subject to no minimum criteria).
The 2014 Resource Report shows that the best case estimates of 36 exploration blocks totaling the sum of the gross Prospective Resources (“total” prospects plus leads) attributed to the Company have grown 45% to 6.2 Bboe from 4.3 Bboe of the best case in 2012, and the best case estimates of total gross Contingent Resources have grown 62% to 272 MMboe from 168 MMboe of the best case total Contingent Resources estimated in 2012.
José Francisco Arata, President of the Company commented:
“The 2014 certified Resource Report illustrates the Company’s continued success in growing and expanding its resource portfolio in Latin America. Access to a large and diversified resource base feeds future reserves growth which in turn provides the future production of a successful E&P Company like Pacific Rubiales.”
– Full Release
Source: Pacific Rubiales