The company gained its interest in both blocks through the Petrominerales, acquisition completed in late 2013.
Ronald Pantin, chief executive officer of the company said, "The Company is very encouraged by the test results in the Los Angeles 1X well in Block 131 and is looking forward to progressing this discovery and the earlier Sheshea-1X oil discovery in Block 126 through an evaluation phase and future development and production. These light oil discoveries support our confidence in the potential of the under-explored onshore basins in Peru."
Pacific Rubiales, through its wholly owned subsidiary Pan Andean Resources (Perú), Sucursal del Perú, holds a 30% working interest in Block 131 in Peru . The company, in joint operations with the operator CEPSA Peru has now carried out the third phase of exploration in the block.
The operator carried 100% of the well costs and will retain the remaining 70% working interest. The Los Angeles 1X well in Block 131 was spud in mid-September, 2013 and reached a total depth of 12,409 feet in late November. Petrophysical evaluation indicated the presence of 62 feet of net pay in the Cretaceous aged Cushabatay formation.
Three separate tests have now been conducted across different net pay intervals in the Cushabatay formation under swabbing and natural flow conditions and through variable choke sizes over 22 to 60 hour test periods. Final flow rates from the three test intervals were 135 bbl/d, 936 bbl/d and 2,351 bbl/d respectively of 44° to 45° API light sweet oil.
The Sheshea-1X exploration well was drilled to a total depth of 8,925 feet in late 2012 and tested 1,430 bbl/d of 53° API light sweet oil with no water from a ten foot perforated zone in the Cretaceous aged Chonta formation.
The Cretaceous aged Agua Caliente Formation tested 80 bbl/d of 42° API with a 97% water cut suggesting a potential accumulation updip from the well.
