Ecopetrol Strikes Oil In La Paz Formation, Puerto Wilches, Santander

Colombian petroleum company Ecopetrol (NYSE: EC, BVC: ECO) has announced today that its exploratory well Flamencos-1 in Puerto Wilches, Santander, has encountered oil in the La Paz formation. The Ecopetrol well reached a depth of 8,561 feet (2,620 meters) and penetrated the La Paz formation between 7,465 and 8,263 feet (2,276-2,519 meters).

During the initial tests, extraction in sand 52 feet above the base of the formation produced 2,413 barrels of 30˚ API and a flow of 600 barrels a day with less than 1% water. This unit is part of the same formation as the Cantagallo and Las Garzas field. Its proximity to the these receiving stations and the Barrancabermeja refinery create a competitive and operational advantage, says Ecopetrol in a statement.

“This find is part of the strategy of exploration in areas near production fields, to incorporate reserves and barrels of production in shorter times,” said Felipe Bayón, president of Ecopetrol.