Ecopetrol announces discovery in Colombia

8/21/2013

Ecopetrol announces discovery in Colombia

BOGOTA -- Ecopetrol S.A. has announced that it has proven the presence of hydrocarbons in the Guainiz-1 exploratory well located in the municipality of San Carlos de Guaroa, Meta Province, Colombia.

Initial tests yielded a daily average production of 409 barrels per day of 14.4° API crude and a water cut of 8.4%, through an artificial lift system of progressive cavity pump.

This is the third discovery made by Ecopetrol in the CPO-10 block, after the Pastinaca and Cusuco discoveries announced in March and May 2013 respectively. The three discoveries are under the CPO-10 Exploration and Production Contract signed by Ecopetrol and the National Hydrocarbons Agency on December 18, 2008.

Drilling began on the Guainiz-1 well last June and culminated on July 14 at a depth of 7,975 feet (just over 2.4 km) in Paleozoic rock. Initial tests were made on the intermediate deposit of late Eocene Age basal sandstone beds at a perforated interval of 16 feet. Positive results besides those of the tests were also obtained from fluid samples in the top of the sand packages from the Late Cretaceous period.

Ecopetrol will analyze the results obtained over the next months and drill new delimitation wells in the CPO-10 block in order to enable the start of production of the future fields.

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