TORONTO – Pacific Rubiales Energy Corp. (TSX:PRE) has received Colombian environmental licences for two exploration and development blocks that are strategically important to the Toronto-based company.
One licence is for the CPE-6 heavy oil field, which is 50 per cent owned by Talisman Energy Inc. (TSX:TLM), and the other is for the Guama natural gas field, which is wholly owned by Pacifc Rubiales.
Pacific Rubiales announced the licences Monday and said it expects to drill up to two additional exploration wells and 17 appraisal wells on the CPE-6 block in 2014, resulting in first heavy oil production next year.
At the Guama natural gas block, the licence authorizes Pacific Rubiales to drill up to 20 development wells and construct production facilities.
The Guama block is expected to feed a liquefied natural gas operation that’s Pacific Rubiales is preparing for commercial production by the end of 2014, the company said.