The well, which reached a total depth of 2,883ft, had identified various oil and gas shows since entering the Tablazo and Rosablanca formations last week.
The identification of liquid hydrocarbons on electric logs led to a decision to undertake two drill stem tests (DST) in both the Rosablanca and Tablazo formations.
A DST in the Rosablanca Formation failed to flow indicating that reservoir to be tight and non-commercial while a second DST in the Tablazo Formation flowed formation water only.
Gold Oil signed an agreement with the Colombian company Montecz, whereby Montecz pays 100% of the costs (up to $2m) of the Rosablanca-2.
The joint venture will evaluate the results of this well over the coming months to determine the remaining prospectivity of the Rosablanca.
Gold Oil retains a 25% interest in the permit.
