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Pacific Rubiales Sees CPE-6 Drilling Beginning Next Month

Sept. 18 (Bloomberg) -- Pacific Rubiales Energy Corp., which runs Colombia’s largest oil field, expects to receive a license next month to explore and produce at its CPE-6 block in Colombia, Chief Executive Officer Ronald Pantin said.

The regulator will receive additional company data allowing the process to move ahead, Pantin said in a telephone interview yesterday in Bogota.

Shares of Pacific Rubiales tumbled 6.1 percent yesterday in Bogota after Luz Helena Sarmiento, director of the National Environmental Licensing Authority, said the regulator expects licensing for CPE-6 by year-end. Sarmiento later corrected the comments, saying the regulator expects to make a decision in October or early November after the company said it will provide more information on the project next week.

Pacific Rubiales rose 2.7 percent to close at 46,000 pesos in trading in Bogota. Talisman Energy Inc, which has a stake in CPE-6, slid 0.7 percent to C$14.25 in Toronto.

Pacific Rubiales also plans to be able to begin drilling at its CPO-12 field next week after a license was awarded to the company, Pantin said.

The company plans to drill three exploratory wells at CPO-12 before the end of the year, according to a statement to Colombia’s securities regulator today.

Pacific Rubiales expects the regulator to respond in October to a request for additional platforms, roadways and transportation infrastructure at its Quifa Northwest site in eastern Colombia, said Federico Restrepo, a spokesman for the company, in a telephone interview today in Bogota.

Cajua Field

The company resubmitted the request in June with more information after the authority denied the initial petition the same month, he said. That process doesn’t affect the commercial development of the Cajua site at the Quifa North block or the Quifa SO field, according to the statement.

Production at Pacific Rubiales’s Cajua field will rise to about 12,000 barrels a day by the end of the year from 2,500 barrels a day now, according to Pantin.

At its namesake Rubiales field, the company expects to receive added water permits at year-end that will allow additional production increases in 2013, according to the statement.

To contact the reporter on this story: Heather Walsh in Bogota at hlwalsh@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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