Pacific Rubiales gains permits for Colombian oil blocks

|By:, SA News Editor

Pacific Rubiales (PEGFF +4.5%) says it received environmental licenses for its planned exploration and development activities in two blocks in Colombia.

CEO Ronald Pantin says the new permit on CPE-6 block is a “global environmental license" that green-lights both exploration and future development drilling.

PEGFF operates CPE-6 on a 50/50 basis with Talisman Energy (TLM +0.2%); proven and probable reserves of 44.5M barrels on the block have been booked.

PEGFF also gained environmental approvals for development of its wholly-owned Guama gas block in the Lower Magdalena Valley basin.