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Pacific Awarded 3 Blocks in 11th Bid Round

Source: www.gulfoilandgas.com 5/16/2013, Location: South America

Pacific Rubiales Energy Corp. is pleased to announce that it has been awarded three blocks in Brazil’s 11th Bid Round (the “Bid Round”) organized by the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis of Brazil (“ANP”). The Company participated in the Bid Round through its whollyowned subsidiary, Pacific Brasil Exploracao e Producao de Oleo e Gas Ltda.

The blocks awarded to the Company are located in the Foz do Amazonas Basin (one block) and in the Para-Maranhao Basin (two blocks) in the northern deep water of offshore Brazil, and have a total area of approximately 2,300 km2 gross (1,153 km2 net) (See attached map). The blocks were acquired in consortiums that include as partners the companies Queiroz Galvao Exploracao e Producao S.A. (“QGEP”) and Premier Oil PC (“Premier”). All three blocks have an initial five year exploration phase with the option to extend the exploration phase by an additional three years.

Ronald Pantin, Chief Executive Officer of Pacific Rubiales commented: “We are very pleased with the results of the Bid Round and the acquisition of these high potential blocks. This strengthens and consolidates our position in the Equatorial Margin basins of South America, which we started to build with our investment in CGX Energy Inc. (which has blocks in Guyana), as well as our position in Brazil`s offshore Santos Basin, where we have had recent oil discoveries. We are also pleased to be partnered with QGEP, which is one of Brazil`s largest oil companies and with Premier, a global oil producer.”

Foz do Amazonas Basin

The Company, in a consortium, was awarded the Block FZA-M-90, located in the deep water offshore Sector AP1. The consortium consists of QGEP as operator of the block with a 35% participating interest, Premier with a 35% participating interest, and PRE with a 30% participating interest.

The exploration work commitments include a 3D seismic program over the entire block, plus the drilling of one exploration well. The award includes a signature bonus payable to the ANP of R$ 54.1 million (U.S.$27 million).

Para-Maranhao Basin

The Company participated in a consortium with QGEP and was awarded Blocks PAMA-M-265 and PAMA-M-337, both located in the deep water offshore Sector SPAMA-AP1.

In Block PAMA-M-265, the Company will have a 70% participating interest, while in Block PAMA-M-337 the Company will have a 50% participating interest, with the remaining interest held by QGEP. The exploration work commitments include 3D seismic over each block, plus the drilling of one exploration well on Block PAMA-M-337. The award includes a signature bonus of R$10.1 million (U.S.$5 million) for Block PAMA-M-265 and R$70.4 million (U.S.$35 million) for Block PAMA-M-337, payable to the ANP. Both blocks will be operated by QGEP.

For more information about related Opportunities and Key Players visit Brazil Oil and Gas Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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