BOGOTA, Colombia, March 31, 2014 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that the exploratory well Tibirita-1A, located in the municipality of San Martin, Meta province (Colombia), has shown the presence of hydrocarbons.
Initial testing at the well indicated a hydrocarbon column of 50 feet. Testing also indicated an average daily production of 580 barrels of crude oil of 11.3° API and 1% water cut, by means of an artificial lifting system of progressive cavity pump.
Drilling of the well began the first week of February and ended on the 14th of the month, reaching a depth of 8,608 feet (slightly more than 2.6 kilometers) through rock of the Eocene geological period.
The Tibirita discovery on Cano Sur Western block, coupled with the Trasgo discovery in August of 2011, as well as other finds in neighboring blocks CPO-10 and CPO-11, have helped strengthen Ecopetrol's position in the development of heavy crude in this area of the country where last year the Cano Sur Este block was declared commercially viable.
The Cano Sur Exploration and Production contract was signed by Ecopetrol and the National Hydrocarbons Agency on June 20, 2005.
Based on the results obtained, Ecopetrol will continue the evaluation and scale activities of the Tibirita discovery.
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.