Ecopetrol S.A. (TSX: T.ECP, Stock Forum) Monday said it has proven the presence of hydrocarbons at Cusuco 1, an exploratory well in Colombia, this according to a company news release.
The integrated oil and gas company added that initial tests carried out on the Cusuco 1 well, using an artificial lift system, yielded an average crude oil production of 140 barrels of oil per day (BOD) of 13.8° API and a water cut of 4%.
Cusuco 1 is part of the CPO-10 Exploration and Production Agreement of December 18, 2008, between Ecopetrol and the National Hydrocarbons Agency. Ecopetrol holds 100% interest in this block.