Ecopetrol announces new oil finding at Santander
December 18, 2017 at 08:50 AM EST
BOGOTÁ, Colombia, Dec. 18, 2017 /PRNewswire/ -- Ecopetrol (BVC: ECOPETROL; NYSE: EC) reports that the Coyote-1 well confirmed the presence of oil in the Valle Medio del Magdalena basin, in the town of San Vicente de Chucurí, Department of Santander.
The finding was recorded at between 2,042 and 2,177 meters in depth, confirming the presence of crude of 25º - 28º API (lighter and more liquid than heavy Colombian crudes) in the Esmeraldas formation, in petroleum sand intervals with total thickness of 29 meters.
Coyote-1 is one of the exploratory projects that Ecopetrol (50%) and Parex (50%) are sharing in the De Mares block.
The new finding will ensure synergies and competitive advantages in the region, thanks to installed capacity and operations at the La Cira-Infantas, Lisama and Colorado fields, as well as the proximity of the Barrancabermeja refinery. All of this production, transport and refining infrastructure is within a distance of 26 kilometers.
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 forwardlooking 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
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SOURCE Ecopetrol S.A.