Ecopetrol: Quifa-8 Well Progress Report
August 26, 2009 at 18:40 PM EDT
BOGOTA, Aug. 26 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) hereby reports that preliminary evidence of the presence of hydrocarbons was found while drilling the Quifa-8 Well.
The well is a part of the Quifa Block, located in the basin of the Oriental Plains in the Department of Meta in Colombia.
The Quifa-8 delineation well was drilled by Meta Petroleum Ltd., who is the operator of the Quifa Association Contract signed on December 22, 2003.
Preliminary petrophysical results indicate the presence of hydrocarbons in a net zone of 49.5 feet divided into two potential reservoirs with porosities of over 30%.
Ecopetrol participates in 30% of the costs and investments, and in 40% of the hydrocarbons produced as a result of exploratory activity in the Quifa Block.
The preliminary results of the Quifa-8 Well may lead to an extension of the reservoir found in the Quifa-5 Well, which was drilled in November 2008.
Over the next few days, initial production testing will be conducted on the Quifa-8 Well, followed by extensive production testing. Until such tests have concluded, it will not be possible to determine the reserves and production potential therein.
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: email@example.com Media Relations (Colombia) Mauricio Tellez Phone: + 571-234-5377 Fax: +571-234-4480 Email: firstname.lastname@example.org Website: www.ecopetrol.com.co
SOURCE Ecopetrol S.A.