Ecopetrol S.A. (BVC: ECOPETROL;NYSE: EC) reports that the Boranda-2 ST well, located in Rionegro (Santander), has discovered the presence of crude in the Eoceno basal sands.

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Image: Conventional oil production. Photo: courtesy of Vlado/FreeDigitalPhotos.net.

The well was drilled from the same platform as the Boranda-1 discovery well (finding reported in 2017 in the Playón block, now known as Boranda), some 1,200 meters to the southeast.

In initial tests the well produced a total of 2,397 barrels of oil accumulated and posted average daily production of 960 barrels, with a water cut of less than 2%. The final depth achieved was 13,932 feet, and it confirmed the finding of medium crude with API of 23º.

The production unit at Boranda-2 ST is considered independent from the one found in the Boranda-1 production well, and is approximately 1,000 feet deeper.

Ecopetrol owns a 50% stake in the block, with the other 50% owned by Parex, who is the operator.

The proximity to Payoa and Provincia crude oil receiving stations and the Barrancabermeja refinery generate a competitive and operational advantage for this block, whose findings confirm its prospectivity.

Source: Company Press Release