-- The well confirms the extension of the gas reservoir discovered at Kronos-1 in July 2015. Confirms a gas column of more than 520 meters in this field.
-- Purple Angel-1 reached a total depth of 4,795 meters, including a 1,835 meter water table. Just this well proved gas presence at different intervals, with added thicknesses ranging from 21 to 34 meters.
-- Ecopetrol holds a 50% share in this block, and Anadarko, the operator company, has the remaining 50%. Both companies are also partners in the United States, where a discovery recently was announced at Warrior well.
-- Ecopetrol increased its exploration budget this year to US$ 650 million with the final purpose of intensifying the search for new hydrocarbon reserves.
BOGOTA, Colombia, March 8, 2017 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") reports that Purple Angel-1 well proved gas presence in Colombian Caribbean deep waters, at 4.7 kilometers of the discovery announced at Kronos-1 well in July 2015.
Purple Angel-1 well reached a total depth of 4,795 meters, including a 1,835 meter water table, and registered gas pay intervals totaling an estimated 21 to 34 meter thickness (between 70 and 110 feet).
Both wells confirm the potential of this hydrocarbon province, located in the southern Colombian Caribbean. Based on the information obtained from the two wells, it is estimated that the Kronos field has a gas column of at least 520 meters.
Ecopetrol holds a 50% share in the Purple Angel block, and on Fuerte Norte and Fuerte Sur blocks. The remaining 50% share is held by Anadarko, the operator Company.
The Bolette Dolphin, a state of the art drillship used in this operation began drilling of Gorgon-1 well last February 25th in Purple Angel block located 27 km Northeast of Purple Angel-1.
The drilling of this well is part of the exploration campaign foreseen by Ecopetrol in 2017, with a 650 million dollars investment, which includes drilling five wells in Colombian Caribbean water.
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
Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
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