Spending spree: Pacific Rubiales
Pacific Rubiales outlines drill spend
Toronto-based Pacific Rubiales expects to spend $136 million on its drilling programme in Colombia this year.
The company's drilling programme for the year includes 92 development, eight appraisal, seven exploration and seven injection wells.
Pacific Rubiales will sink 63 development and 10 injection wells on the Rubiales Block, which will cost about $68 million, a BNamericas report said.
A further 29 development and eight appraisal wells will be drilled on blocks currently producing light and medium crude, as well as one injector well at a cost of $37.8 million.
Pacific Rubiales is also planning to drill seven exploratoration wells at net cost of $29 million.
The company added that said its total gross production of 59,646 barrels per day as of 19 January. Net production increased to 21,188 bpd.
Gross production at the Rubiales/Piriri Block has reached 53,125 bpd, 19,105 barrels of which are net to Pacific Rubiales after royalties.
The company also said it had found oil at LISA-1 well on the Guasimo Block in the Upper Magdalena Valley. The reservoir was fractured and an extended production test is under way.