Pacific Rubiales Excerpt of its Press release of their Reserve Report at 31.12.2013
In Peru, the Company added 5 MMboe of net 2P reserves, most of which are light oil from Block Z-1, and include approximately 9 Bcf (1.6 MMboe) natural gas in the undeveloped Piedra Redonda field. Approximately 35% of the 2P oil reserves and 19% of the 2P natural gas reserves in Block Z-1 are in the P1 category. The Company and its partner will be engaged in an active development drilling program on the block over the next two years which is expected to significantly grow oil production and result in movements in reserves from probable and proved undeveloped ("PUD") categories to proved developed producing. Net production during 2013 attributed to the Company's 49% participating interest in Block Z-1 was approximately 0.5 MMbbl. The Company also booked a small initial net 2P oil reserve addition, related to its Los Angeles-1X exploration discovery in Block 131, onshore Peru.
In Peru, the Company added 5 MMboe of net 2P reserves, most of which are light oil from Block Z-1, and include approximately 9 Bcf (1.6 MMboe) natural gas in the undeveloped Piedra Redonda field. Approximately 35% of the 2P oil reserves and 19% of the 2P natural gas reserves in Block Z-1 are in the P1 category. The Company and its partner will be engaged in an active development drilling program on the block over the next two years which is expected to significantly grow oil production and result in movements in reserves from probable and proved undeveloped ("PUD") categories to proved developed producing. Net production during 2013 attributed to the Company's 49% participating interest in Block Z-1 was approximately 0.5 MMbbl. The Company also booked a small initial net 2P oil reserve addition, related to its Los Angeles-1X exploration discovery in Block 131, onshore Peru.
