01-26-2013, 06:08 AM
BOGOTA--Pacific Rubiales (PRE.T) shares are nearly 5% higher Friday on the
news the Toronto-based firm discovered oil in the waters off of Brazil.
Pacific Rubiales said Thursday night in a press release it confirmed "the
discovery of light oil...in the Santos basin, offshore Brazil" in a block in
which it holds a 35% interest.
Even as analysts expressed caution over the news, noting the size of the
find and other details remain unknown, Rubiales shares were recently up 4.8%
on the Colombian Stock Exchange at COP41,760. The company's share price was
3.5% lower this year, as of Thursday's close.