Ecopetrol SA (NYSE:EC,TSX:ECP) announced that drilling at its Aullador-I exploratory well, located in Santander province, Colombia, indicates that crude oil is present at the site.
As quoted in the press release:
The well was drilled to a depth of 11,393 feet. Tests averaged 300 barrels of crude oil per day of 24 degrees API, obtained by natural flow. The well shows low watercut and sediment (BSW) of only 0.1% and a gas-oil ratio of 200.
In the following months extensive testing will be carried out in order to define the potential of the discovery.