- Ecopetrol completes seven findings of hydrocarbons in the Cano Sur block.
- Initial results indicate stabilized average production of 434 barrels of oil of 13.4° API per day
BOGOTA, Colombia, July 23, 2012 /CNW/ - Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that it has proved the presence of hydrocarbons in the horizontal exploratory well Embrujo-1 ST2, located in the eastern block of the Cano Sur exploration and exploitation contract, in the municipality of Puerto Gaitan, Department of Meta.
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The exploratory well Embrujo 1-ST2, designed to follow a horizontal trajectory pointing Southeast, reached a total depth of 5,121 feet (around 1,560 meters), and results indicate a stabilized average production of 434 barrels of oil per day of 13.4° API (heavy crude), with a water cut and sediments in the order of 10%.
This new finding constitutes the seventh discovery of oil recorded in the area of the Cano Sur Exploration and Production Contract, signed in June of 2005 between Ecopetrol S.A. and the National Hydrocarbon (ANH – AgencyAgencia Nacional de Hidrocarburos), in which Ecopetrol is the operator and holds 100% of the rights.
With this new finding, the position of Ecopetrol is consolidated in the Meta Department, specifically in the East Cano Sur block, and the exploratory campaign undertaken by the company in the Los Llanos Orientales region is strengthened.
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 50 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and is entering into the biofuels business.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.
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SOURCE: Ecopetrol S.A.
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