Ecopetrol Discovers New Hydrocarbon Field in Colombia

Ecopetrol announced the discovery of hydrocarbons in the Tisquirama Este-1 exploratory well, located in the municipality of San Martin, Cesar.

In initial tests, the well produced 624 barrels of oil per day, with a water cut of less than 1 percent and API gravity of 23 degrees. The results from this well are expected to significantly increase production from the Tisquirama block, where currently around 2,400 barrels are produced daily.

The Tisquirama Este-1 well forms part of the Company's near field exploration strategy to detect new structures and fields. The Tisquirama block has been producing commercially since the 1960s.

Ecopetrol is the operator and holds all rights of the Tisquirama production agreement, signed with the National Hydrocarbons Agency (ANH) in October of 2007.

From a technical point of view, the well is defined as directional and reached a depth of approximately 9,100 feet, equivalent to 1.7 miles (2.8 kilometers). The initial tests were performed in the Lisama formation with a new technology using encapsulated electric submersible pumps. The presence of hydrocarbons was confirmed at an approximate depth of 7,900 feet, with a net pay zone of 45 feet in three sands and porosities varying between 15 and 22 percent.

To determine the potential and size of the finding, the Company will perform more extensive production tests over the next few months and drill two delimitation wells.

This new finding adds to the nine successful exploratory wells already drilled by the Company during 2011 and reinforces the work of continually increasing production with the goal of reaching one million equivalent barrels per day in 2015 and 1.3 million in 2020.