Ecopetrol: Progress in Drilling and Testing Operations at the Quifa Block
September 22, 2009 at 18:37 PM EDT
BOGOTA, Sept. 22 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (NYSE: EC) reported that Meta Petroleum LTD has completed drilling the exploratory well Quifa-9 in Prospect D, which forms part of the Quifa Partnership Contract, in the Llanos Orientales basin, located in the Meta province in Colombia. Pursuant to the Quifa Partnership Contract, Ecopetrol shares 30% of the costs and investments, and receives 40% of the hydrocarbons produced.
The Quifa-9 well is the fourth type A-3 exploratory well drilled in the Quifa block during 2009. Information gathered from electronic records indicates the presence of the Formacion Arenas Basales de Carbonera (the largest field in the area) at an actual vertical depth of 2,304 feet, as well as water-oil contact at 2,333 feet. In the coming days, operator Meta Petroleum LTD and Ecopetrol will define the technical aspects of the tests to be performed and move on to the eventual completion of the Quifa-9 well as a hydrocarbon producer.
With respect to the previously drilled wells in the Quifa block, the Quifa-7 and Quifa-8 wells are currently in the initial testing stage while the Quifa-5 well has completed extensive testing. The results were as follows:
Well Test duration Average daily oil production (barrels a day) Quifa-5 5 months 169 Quifa-7 7 days 154 Quifa-8 16 days 178
Pursuant to the Quifa Partnership Contract, operator Meta Petroleum LTD is preparing the documentation required to request a declaration from Ecopetrol of commercial viability of the discoveries.
Ecopetrol is Colombia's largest integrated oil company and is among the top 40 oil companies in the world and the four largest oil companies in Latin America. Besides Colombia, where it accounts for 60% of total production, the Company is involved in exploration and production activities in Brazil, Peru and the United States (the Gulf of Mexico). Ecopetrol has the principal refinery in Colombia, most of the network of oil and multiple purpose pipelines in the country, and it is considerably increasing its participation in biofuels.
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.
Contact us for any additional information: Investor Relations Alejandro Giraldo Phone: +571-234-5190 Email: email@example.com Media Relations (Colombia) Mauricio Tellez Phone: + 571-234-5377 Fax: +571-234-4480 Email: firstname.lastname@example.org Website: http://www.ecopetrol.com.co
SOURCE Ecopetrol S.A.