February 28, 2011 / 1:10 PM / 7 years ago

UPDATE 1-Pacific Rubiales says Colombia well drilling a success

* Well achieves gas production in excess of 24 mmscfd

* Co says positive results to add to its natural gas reserve base

* Plans to invest $42 mln for expansion of facilities at La Creciente block (Follows alerts)

Feb 28 (Reuters) - Canadian oil firm Pacific Rubiales Energy Corp said drilling at its Apamate-1X well in Colombia showed positive results.

The company said the well achieved gas production in excess of 24 million standard cubic feet per day (mmscfd) during the initial test. The Apamate-1X exploration well is in the La Creciente block in Colombia.

“The positive results of this well not only will add to our natural gas reserve base, but also reinforce the potential of the La Creciente block, opening the window to further exploration in the area,” Chief Executive Ronald Pantin said.

Pacific Rubiales, with working interests in 40 blocks in Colombia, Peru and Guatemala, has begun to expand the facilities at La Creciente to process up to 150 mmscfd. It plans to invest $42 million for the expansion.

The company had set a 2011 capital budget of $1.12 billion. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Joyjeet Das)

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