Ecopetrol announces new oil finding at Cundinamarca
July 05, 2018 at 09:36 AM EDT
- The Búfalo-1 well located in the Valle Medio del Magdalena confirmed the presence of dry gas and light crude oil
- Búfalo-1 is operated by Ecopetrol and its partner CPVEN E&P Corp
BOGOTÁ, Colombia, July 5, 2018 /PRNewswire/ -- Ecopetrol (BVC: ECOPETROL; NYSE: EC) reports that Búfalo-1 well confirmed the presence of oil in the Valle Medio del Magdalena, located near the town of Guaduas, Department of Cundinamarca.
The finding recorded a depth of 1,153 meters, in the Middle Magdalena Valley basin, where the presence of dry gas and light crudes was evident in the Grupo Honda.
Bufalo-1 is operated by Ecopetrol, who holds a 51% stake, and its partner CPVEN E&P Corp, who holds a 49% interest. The well is the first discovery in the VMM32 Exploration Contract.
The drilling works complied with environmental requirements, there were zero accidents and the works were in complete harmony with the communities in the area.
The Bufalo-1 well is located very close to Ecopetrol's transport infrastructure, which could facilitate its commercial production stage.
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.
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SOURCE Ecopetrol S.A.