Ecopetrol S.A. has found evidence of hydrocarbon presence in the Quifa-5 well, which is located in the Quifa Block, in the Eastern Plains basin in the province of Meta.
The Quifa-5 exploratory well was drilled by Meta Petroleum LTD., the operator under the Quifa joint venture agreement with ECOPETROL S.A. signed on December 22, 2003. Ecopetrol has a 30% interest in the Quifa Association Contract.
Drilling of the Quifa-5 well began on November 18, 2008, reaching total depth (3,262 feet MD -- "measured depth") on November 24, 2008, having reached the exploration target on the basal sandstones of the Carbonera Formation.
The data obtained from the drilling and the electric logs is currently being evaluated to determine the petrophysical characteristics of the zone of interest, as the preliminary results indicate the presence of hydrocarbons. Nevertheless, it is necessary to wait for the results of the production tests to determine if the well can be classified as a discovery well in accordance with the Quifa Association Contract.
In the next few days, the initial production tests will take place on the Quifa-5 well, at which point Ecopetrol S.A. and the Operator Meta Petroleum LTD. must define the technical aspects related to the intervals that are to be tested in the well.
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