BOGOTA, Colombia, Feb. 7, 2011 /PRNewswire/ -- Ecopetrol S.A. ("Ecopetrol" or the "Company") (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) informs that it has proven the presence of hydrocarbons at the exploratory well Tinkhana-1, located in the block known as Western Area (Area Occidental) in Putumayo.
The well is part of exploratory work being carried out pursuant to the Western Area Production Agreement entered into with the National Hydrocarbon Agency, in which Ecopetrol holds a 100% interest.
The well is located within the jurisdiction of the municipality of Orito, 4.8 kilometers northeast of Quriyana field, where on April 6, 2009 Ecopetrol announced the presence of hydrocarbons at another well.
Tinkhana-1 commenced drilling operations on November 17, 2010, reaching a final depth of 6,812 feet, the equivalent of more than two kilometers. Ecopetrol is currently moving ahead with initial well testing on the Lower Caballos Formation, which, with original discovery pressure at a thickness of 16 feet, is producing an average oil flow of 140 BOPD of 25 degree API gravity.
Ecopetrol's CEO Mr. Javier Gutierrez Pemberthy said, "It is satisfying to have this first find of 2011 recorded in the Putumayo basin, an area of major hydrocarbon potential. In our favor also is the production and transport infrastructure already in place, which could allow Tinkhana-1's production to move at a faster pace, as well as that of other projects which have proven successful in that region of the country."
Ecopetrol will continue running tests on the Caballos formation in the weeks to come. A following evaluation will be used to determine the well's size and production potential.
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 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 it 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.