The Quifa Block is 152,736 hectares and is located in the Llanos Basin in the center-east part of Colombia. At present, Pacific Rubiales holds a 60% participating interest in this Association Contract, which was executed with Ecopetrol on December 22, 2003. The Association Contract is in the third and fourth exploration phases, which encompass exploration commitments to acquire 200 km of 2D seismic and drill an exploration well.
Activities and Expenditures in 2007
During 2007 (but prior to the acquisition of the Quifa Association Contract by the company's predecessor, Pacific Rubiales) the Quifa-3 and Quifa-4 exploration wells were drilled, with neither well showing commercial accumulations. $2.1 million was spent drilling the Quifa-3 and Quifa-4 exploration wells.
Resources
Given the exploration results at Quifa, during the second half of 2007 the existing 2D seismic was reinterpreted and 2 new prospects and 3 new leads were identified; however, to ensure the validity of such reinterpretation, the company determined that additional seismic should be acquired. As a result, a 200 km 2D seismic program was designed for acquisition during 2008 and completed in March (see map).
The resources certified for prospects A and B are shown in the table below:
