Pacific Rubiales to spud first Guatemala exploration well in July
Bnamericas Published: Friday, May 10, 2013
Canadian oil and gas firm Pacific Rubiales (TSX: PRE) expects to spud its first exploration well in Guatemala in July, the company said in its first quarter earnings report. Local operator Compañía Petrolera del Atlántico completed a 275km2 hyperspectral survey at blocks N-10-96 and O-10-96 and designed the exploration well during Q1. Pacific Rubiales also expects to spud another exploration well in Peru in 2H13, the Fortuna 1X well in block 116 in the northern Santiago basin. The two wells are part of a 36-well, US$295mn exploration plan the company is carrying out in the rest of 2013 as it expands outside Colombia. In line with expectations, Pacific Rubiales broke a quarterly record with net production after royalties and internal consumption of 127,889boe/d, up 36.7% from 93,573boe/d in the year-ago period. Total revenue also reached a quarterly record at US$1.26bn, up 35.1% from US$932bn in 1Q12. However, net earnings were down to US$122mn in the period from US$258mn a year ago on non-operating items, non-cash items and foreign exchange losses.
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