Oil Discovery on the Karoon Blocks Offshore Brazil

During late January Pacific Rubiales Energy Corp. confirmed the discovery of light oil at the Kangaroo-1 exploration well drilling on block S-M-1101, in the Santos basin, offshore Brazil. The well was drilled as part of an agreement announced by the Company on September 18, 2012, as a minimum work commitment for both the S-M-1101 and S-M-1165 blocks, where the Company holds a 35% participating interest.

2013.03.26 - Oil Discovery on the Karoon Blocks Offshore Brazil Figure 1

As announced by the operator of the blocks, Karoon Gas Australia Ltd., the Kangaroo-1 well has been drilled to a depth of 3,049 meters and the presence of a light oil column has been confirmed by

  1. Mudlog data
  2. Wireline petrophysical data
  3. MDT pressure data

in Eocene aged rocks.

A gross column of 25 meters and an oil/water contact is established from pressure data interpretation. The well intersected the Eocene reservoir section 300 metres down dip from the trap crest as interpreted on seismic mapping by Karoon. A potential gross hydrocarbon column of approximately 350 metres is estimated by Karoon for the entire trip.

As this was not the primary target at the Kangaroo-1 well, the discovery of oil in the Eocene reservoir at the Kangaroo-1 well provides additional information with respect to other potential prospects within the Karoon blocks. Also, the well exhibited good oil shows at the base of the Miocene aged carbonate layers, but these are still under a detail evaluation to determine their potential.

2013.03.26 - Oil Discovery on the Karoon Blocks Offshore Brazil Figure 2

The wireline data confirms a 25 meter (gross) light oil column sitting above a well-defined oil water contact in the well. Multiple oil samples measuring 42 degree API were recovered to surface from two separate intervals in the zone. Petrophysical well logs indicate porosities in the 25 to 32% range, and permeabilities of 100 to 300 millidarcies have been determined from pressure flow tests. Multiple wireline core samples collected across the zone and to be analyzed in a laboratory will provide additional measurements of the reservoir zone’s porosity and permeability characteristics.

When the current wireline operations are completed, the operator will relocate the rig to drill the Emu-1 exploration well to evaluate blocks S-M-1102 and S-M-1037, where the Company also holds a 35% participating interest

Sources: Pacific Rubiales Energy

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