Peru Approves Ecopetrol Entrance to Maranon Basin

With the publication of Supreme Decree 033-2010-MEM/DM of June 11, 2010, the Peruvian Government authorized Perupetro S.A. to sign an amendment to the License Contract for the exploration and exploitation of hydrocarbons in Lot 117, pursuant to which Petrobras Energia del Peru S.A. ("Petrobras) will cede 25% of its ownership interest in such lot to Ecopetrol del Peru S.A., a subsidiary of Ecopetrol S.A.

Lot 117 is located on the Peruvian-Colombian border, in the Maynas Province of the Department of Loreto and has an area of 1,368,523 hectares.

The amendment stipulates that Ecopetrol will have a 25% participation in Lot 117, which is operated by Petrobras, whose ownership interest will now decrease to 50%. The remaining 25% will continue to be owned by the Peruvian branch of Inpex North Peru Ltd.

Plans are currently underway for the acquisition of seismic information on Lot 117, which will bring better knowledge and definition of the lot's potential.

With the amendment approval, Ecopetrol will be able to consolidate its globalization process, especially in Peru, where it already participates in exploration blocks with companies such as Talisman.