September 3, 2010 / 12:10 PM / in 7 years

UPDATE 1-Pacific Rubiales signs farm-out deal with Petrodorado

* Petrodorado to get additional interest in Buganviles

* Petrodorado to cover all costs for two wells in block

Sept 3 (Reuters) - Canadian oil firm Pacific Rubiales Energy Corp PRE.TO said it agreed to give a unit of Petrodorado Energy Ltd PDQ.V an additional participating interest in the Buganviles block in Colombia in exchange for funding its expenses there.

Petrodorado Energy will earn an additional participating interest of 29.5 percent in the Visure well and 25 percent in the Tuqueque well.

The farm-outs in this block will result in a reduction in Pacific Rubiales’ exploratory costs of about $8.9 million for the wells.

Pacific Rubiales shares, which have risen 13 percent over the past three months, closed at C$24.57 Thursday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Anne Pallivathuckal)

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