Tempranillo North-1 Well is located in the Township of Aipe, Huila
Ecopetrol S.A. reports it has confirmed the presence of hydrocarbons in the Tempranillo North-1 well located in the Unified Production Agreement in the Pijao-Potrerillo area, signed between Ecopetrol and the National Hydrocarbons Agency (ANH) of Colombia.
The Tempranillo North-1 well is located in the township of Aipe, Huila.
Well drilling began in the final week of October and by December 2009 had reached a total depth of 10,235 feet, equivalent to over three kilometers.
The well drilled through two layers of the Caballos Formation, where accumulations of hydrocarbons were found at three intervals. Upper layer sands revealed two intervals at depths below 8,500 feet, with a net hydrocarbon thickness of 40 feet. Lower layer sands are located below 9,700 feet and revealed a net hydrocarbon interval of 16 feet.
Short Drill Stream Tests (DSTs) performed during the month of January 2010 revealed that the Caballos Formation produced crude oil of 24 degrees API, with an average volume of 1,000 barrels per day supported by an artificial lift system, a low gas-oil ratio, and water cut of about 1%.
This new finding increases our reserves inventory in this region of Colombia. Tempranillo North-1 is the fourth discovery made in the Pijao-Potrerillo area during the last 2 years, after the discovery of Tenax, Arrayan and Tempranillo.
Bogotá, Colombia -January 29 of 2009
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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: investors@ecopetrol.com.co
Media Relations (Colombia)
Mauricio Téllez
Phone: + 571-2345377
Fax: +571-2344480
Email: mtellez@ecopetrol.com.co
Website: www.ecopetrol.com.co