Ecopetrol Makes Oil Discovery in Colombia

Ecopetrol announced the discovery of crude oil in the Mito-1 exploratory well located in the municipality of Puerto Gaitan, in the Meta province.

The exploratory well (A-3) comprises part of the exploration campaign in the Cano Sur block in the Llanos Orientales, where the presence of hydrocarbons had already been reported at stratigraphic wells in 2010 (Mago 1 and Draco-1).

Ecopetrol is the operator and owner of all the rights of the Cano Sur Contract for Exploration and Exploitation signed with the National Hydrocarbon Agency (ANH – Agencia Nacional de Hidrocarburos).

The Mito-1 exploratory well is located in the Eastern sector of the Cano Sur Contract contiguous to the Quifa field, in which Ecopetrol also has a participation.

The Mito-1 well was drilled vertically to a depth of 3,310 feet, equivalent to more than one kilometer. It was then completed with an artificial lift system using a progressive cavity pump (PCP). The accumulation of hydrocarbons has been proven in the basal sands of the Carbonera formation.

The production testing conducted to date brings up a production of crude oil of 13.5o API, with an average flow of 225 barrels per day, a water cut on the order of 10%, and a daily average production of 200 barrels of crude.

In coming weeks the evaluation of the conditions for production and the behavior of the deposit discovered with the Mito-1 well will continue. Additionally, Ecopetrol will proceed with the drilling campaign within the Cano Sur block, which will encompass more than 10 exploratory wells, and additional stratigraphic wells in coming months.

This new finding reaffirms the importance of the Llanos Orientales in Ecopetrol's growth strategy. The Meta province represents about 40% of the company's crude production, and is one of the focal points of the exploratory campaign in its strategy leading up to 2020.