Pacific Rubiales Energy Corp. (PRE), the operator of Colombia’s largest oil field, had its biggest gain in almost four months after partner Karoon Gas Australia Ltd. made a discovery off the coast of Brazil.
Shares gained 4.1 percent to 41,500 pesos at 12:26 p.m. in Bogota. Earlier they rose as much as 4.9 percent, the biggest increase on an intraday basis since September. Karoon Gas Australia (KAR), based in Mt. Martha, Australia, rose 14 percent, the most in fifteen months.
Karoon reported the discovery after drilling a well to a depth of 3,049 meters in the Santos basin off Brazil, Bogota- based Pacific Rubiales said yesterday in a statement. Pacific Rubiales holds a 35 percent interest in the project subject to regulatory approval, according to the statement. The full evaluation program for the well is expected to continue through February, Pacific Rubiales said.
Rubiales agreed to acquire the interest in September, agreeing to pay Karoon $40 million in cash and fund as much as $210 million in exploration costs.
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