BOGOTÁ, Colombia, July 11, 2019 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL;NYSE: EC) reports that the Boranda-2 ST well, located in Rionegro (Santander), has discovered the presence of crude in the Eoceno basal sands.
The well was drilled from the same platform as the Boranda-1 discovery well (finding reported in 2017 in the Playón block, now known as Boranda), some 1,200 meters to the southeast.
In initial tests the well produced a total of 2,397 barrels of oil accumulated and posted average daily production of 960 barrels, with a water cut of less than 2%. The final depth achieved was 13,932 feet, and it confirmed the finding of medium crude with API of 23º.
The production unit at Boranda-2 ST is considered independent from the one found in the Boranda-1 production well, and is approximately 1,000 feet deeper.
Ecopetrol owns a 50% stake in the block, with the other 50% owned by Parex, who is the operator.
The proximity to Payoa and Provincia crude oil receiving stations and the Barrancabermeja refinery generate a competitive and operational advantage for this block, whose findings confirm its prospectivity.
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.