Pacific Rubiales Energy Corp. has signed binding letters of agreement with Petrolera Monterrico S.A. Sucursal Colombia (Petromont) to acquire a 40% participating interest and with Canacol Energy Ltd. to acquire operatorship, of the onshore Portofino exploration block in Colombia.

The Portofino block has an area of approximately 1,047 km2, and is located at the north-eastern corner of the Caguan-Putumayo basin in southern Colombia.

The block is located within the heavy oil trend that hosts the giant producing fields of Rubiales/Quifa and Castilla/Chichemene, and on trend and adjacent to the developing Capella heavy oil field. The block contains one prospect with a management estimated P50 resource potential of 140 MMbbl and up to four additional leads with approximately 160 MMbbl.

Tags: Pacific Rubiales Energy Corp.