BOGOTA, Colombia, Nov. 7, 2012 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL;NYSE: EC; TSX: ECP) reports that its affiliate Equion Energia, the operator of the exploratory well Mapale-1 drilled in the waters of the Caribbean Sea off Colombia's coast, has indicated that fluid tests and recordings carried out on the well show the presence of dry natural gas.
With exploratory drilling complete, Equion Energia will begin the technical evaluation phase, which will take into account the well's results and previously acquired seismic data in the area, in order to determine the potential of the gas discovery.
The Mapale-1 well was drilled offshore on Block RC5, an area awarded by the ANH in 2007. Equion Energia is the operating company and has a 40.56% stake and the other partners are Ecopetrol with a 32% stake and Petrobras with a 27.44% stake.
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.