Operations Progress at the Quifa-7 Well
September 10, 2009 at 09:26 AM EDT
BOGOTA, Sept. 10 /PRNewswire-FirstCall/ -- ECOPETROL S.A. (NYSE: EC) announced the end of drilling of the Quifa-7 well (Prospect H) to a depth of 3,097 feet, with preliminary well evaluation data indicating good potential of oil accumulation on the Carbonera Basal Sands Formation.
The exploratory well Quifa-7 was drilled by Meta Petroleum LTD, Operator of the Quifa Association Contract, located on the Eastern Plains basin in the province of Meta. ECOPETROL S.A. shares 30% of the investment cost and 40% of hydrocarbons produced from the Quifa block.
Quifa-7 is the third well drilled so far this year on the Quifa block, following wells Quifa-I9 and Quifa-8, the latter of which was drilled last August with satisfactory results.
The data obtained from the Quifa-7 well is currently being reviewed to enable a more accurate determination of the petrophysical characteristics of the zone of interest. On the other hand, the results of Quifa-8 early in the initial tests show an average crude production of 100 barrels per day, 13.7 degrees API.
Initial production tests will commence in a few days on Quifa-7, to which effect Meta Petroleum LTD, the Operator, and ECOPETROL S.A. will determine the technical aspects relative to the intervals that will be tested in this well to begin subsequently with the long-term tests.
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 (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: firstname.lastname@example.org Media Relations (Colombia) Mauricio Tellez Phone: +571-2345377 Fax: +571-2344480 Email: email@example.com Website: www.ecopetrol.com.co ECP - DIR - R - 001
SOURCE Ecopetrol S.A.