BOGOTA, Colombia, March 30, 2017 Ecopetrol S.A. (BVC: ECOPETROL;
NYSE: EC) ("Ecopetrol" or the "Company") reports that the Boranda-1
well discovered the presence of crude in the Magdalena Middle
Valley, municipality of Rionegro, department of Santander.
The Boranda-1 well was at a depth of 3,657 meters, where the
discovery of medium crude (20º API) was confirmed in the Esmeraldas
formation, in four intervals of oil sands with a total thickness of
40 meters.
Boranda-1 is operated by Parex, with an interest of 50%, while
Ecopetrol holds the other 50%.
The nearby crude receiving stations (Payoa at 30 km; Provincia
at 40 km) and the Barrancabermeja refinery (90 km) afford it a
competitive and operational advantage.
This new discovery forms part of Ecopetrol's strategy. One of
its focuses is on exploration in regions near production fields.
Boranda is in the production range of the Aullador and Cristalina
fields to the southwest, and Pavas-Cachira to the northeast.
Over the past four months the country's leading company has
participated in deep-water discoveries in the Gulf of Mexico, the
United States (Warrior) and the Colombian Caribbean (Purple
Angel). In addition, its Hocol subsidiary announced the finding of
Bullerengue Sur-1.
For 2017, Ecopetrol has an exploration budget of US$652 million, with which it will drill 17 wells
directly and with partners; six will be drilled offshore, one in
the Gulf of Mexico (United States) and the other five in
Colombia; the remaining 11 will be
in various regions of the country.
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
E-mail: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
e-mail: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.