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Successful exploration in Gorgon confirms new gas province in the Colombian Caribbean deep-water

BOGOTA, Colombia, May 3, 2017 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company) reports that the Gorgon-1 exploratory well showed presence of gas in the Colombian Caribbean deep-water, in zones with depths ranging between 3,675 and 4,415 meters below average sea level.

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The discovery proves gas presence on a structured located in the same geological trend of the Kronos field. Gorgon-1 is located 27 km away from the Purple Angel-1 well, which recently confirmed the extension of the gas Reservoir discovered with the Kronos-1 well in 2015. 

The three successful wells confirm to Ecopetrol the existence of a gas-bearing province in this zone of the Colombian Caribbean.

Gorgon-1 is part of the Purple Angel block. This block borders the Fuerte Sur blocks (where Kronos 1 was discovered), Cl-5 and Fuerte Norte. Ecopetrol's holding in these blocks is 50% and Anadarko is the operator, also holding 50%.  The four blocks cover a total area of 14,900 square kilometers.

As reported by Anadarko, the operator, the well established a record for the country, as it crossed the greatest water layer in the history of offshore drilling of Colombia (2,316 m). Between 3,675 and 4,415 meter depth (more than 1.3 kilometers below the marine bed), net gas sand intervals were found, which add up to 80 and 110 meters (260 to 360 feet).

The confirmation of gas fields in the area opens the possibility for Colombia to develop a gas production specialized "cluster", which would allow for sharing facilities and improving projects' profitability and efficiency.

This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.

For further information, please contact:                 

Head of Corporate Finance and Investor Relations
María Catalina Escobar
Phone: (+571) 234 5190

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329

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SOURCE Ecopetrol S.A.

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