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Ecopetrol & Pacific Take Decision Concerning the Quifa SW STAR Pilot Project

Source: www.gulfoilandgas.com 7/24/2014, Location: South America

Ecopetrol S.A. and Pacific Rubiales Energy Corp. announced at a meeting of Ecopetrol's board of directors in which the Synchronized Thermal Additional Recovery ("STAR") pilot project being developed in an area of the Quifa SW field was considered; and based on the technical analysis of the pilot a decision was made to adopt the recommendations included in the technical report prepared on June 6, 2014, entitled: "Joint Pacific Rubiales Energy - Ecopetrol S.A meeting, a review of the technical results of the STAR project" (the "Report").

The Report was prepared by technical teams appointed by Ecopetrol and Pacific Rubiales on April 22, 2014 to jointly examine the results of the STAR pilot project. The Report is limited to the results of the pilot project and does not constitute a ruling on the assessment of the STAR technology.

The recommendations contained in the Report are as follows:

In light of the fact that Ecopetrol and Pacific Rubiales are in agreement to consider that the STAR pilot project has provided sufficient information required for the evaluation of the technology and has reached the final approved date, both companies agree to recommend that:

- The STAR pilot project be concluded.

- That the process of closing the project should be carried out by reducing on a scheduled basis the injection of air in the IV2 well in order to obtain additional information concerning the extinction of the thermal front in the area of the STAR pilot project in the Quifa SW field. In the time that remains of the authorized injection approved by the Agencia Nacional de Hydrocarburos ("ANH"), the injection air flow should be reduced until it has reached zero flow by the authorized end-date. The closing process should be carried out in a manner that ensures the operational continuity of the Quifa partnership, safety conditions and environmental regulations.

- A technical team be appointed to conduct a comprehensive post-pilot study.

Ecopetrol and Pacific Rubiales will closely monitor the conclusions resulting from this post-pilot study. The pilot project allowed the companies to acquire valuable knowledge and experience concerning the use of technologies based on in-situ combustion recovery.

The two companies reiterate their interest in continuing to work together on the analysis and development of these and other initiatives that will help increase recovery factors and hydrocarbon production in joint operated fields to the benefit of both companies and the country.

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