Pacific Rubiales confirms Brazil light oil

Wednesday, November 26, 2014

Toronto-listed Pacific Rubiales has confirmed the presence of a 250m oil column in the Kangaroo-2 appraisal well off Brazil's southeast coast.

Light oil was found in multiple wireline tests from five separate reservoir sand intervals, Pacific Rubiales said in a release on Wednesday.

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The oil is estimated to have a 40-degree API quality reading.

"This represents an oil discovery of significance," Pacific Rubiales president José Francisco Arata said. "We are looking forward to the results of a planned production test and the drilling of the separate Kangaroo West prospect."

Kangaroo-2 was drilled in block S-M-1165, about 300m from the Kangaroo-1 discovery well.

Pacific Rubiales has a 35% stake in the wells and five surrounding blocks, which are operated by Karoon Gas Australia.