Canadian oil and natural gas producer Pacific Rubiales Energy Corp said it discovered more oil on the Quifa Block, located in the Llanos Basin of Colombia.
As a result, an additional drilling campaign, including three exploratory wells, will be executed during 2009 in the Quifa Block, the company said.
The Quifa Block is an exploratory block in which Meta Petroleum, a unit of Pacific Rubiales, holds a 60 percent working interest and Colombia's state-owned oil company Ecopetrol SA holds the remaining 40 percent.
Shares of Pacific Rubiales were up 19 Canadian cents at C$13.28 Tuesday morning on the Toronto Stock Exchange. (Reuters)