Ecopetrol S.A. on Tuesday reported that Meta Petroleum LTD has completed drilling the exploratory well Quifa-9 in Prospect D, which forms part of the Quifa Partnership Contract, in the Llanos Orientales basin, located in the Meta province in Colombia. Pursuant to the Quifa Partnership Contract, Ecopetrol shares 30% of the costs and investments, and receives 40% of the hydrocarbons produced.
The Quifa-9 well is the fourth type A-3 exploratory well drilled in the Quifa block during 2009. Information gathered from electronic records indicates the presence of the Formacion Arenas Basales de Carbonera (the largest field in the area) at an actual vertical depth of 2,304 feet, as well as water-oil contact at 2,333 feet. In the coming days, operator Meta Petroleum LTD and Ecopetrol will define the technical aspects of the tests to be performed and move on to the eventual completion of the Quifa-9 well as a hydrocarbon producer.
With respect to the previously drilled wells in the Quifa block, the Quifa-7 and Quifa-8 wells are currently in the initial testing stage while the Quifa-5 well has completed extensive testing. The results were as follows:
Well Test duration Average daily oil production (barrels a day) Quifa-5 5 months 169 Quifa-7 7 days 154 Quifa-8 16 days 178
Pursuant to the Quifa Partnership Contract, operator Meta Petroleum LTD is preparing the documentation required to request a declaration from Ecopetrol of commercial viability of the discoveries.
Ecopetrol is Colombia's largest integrated oil company and is among the top 40 oil companies in the world and the four largest oil companies in Latin America. Besides Colombia, where it accounts for 60% of total production, the Company is involved in exploration and production activities in Brazil, Peru and the United States (the Gulf of Mexico). Ecopetrol has the principal refinery in Colombia, most of the network of oil and multiple purpose pipelines in the country, and it is considerably increasing its participation in biofuels.
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