Ecopetrol and Talisman announce the commercial viability of the Akacias area in Block CPO-09

Ecopetrol and Talisman announce the commercial viability of the Akacias area 
in Block CPO-09 
- 55% of the production is owned by Ecopetrol and 45% by Talisman 
- The original oil in place is initially estimated at 1.3 billion barrels and 
a recovery factor of at least 10% is estimated. 
- Ecopetrol estimates an initial incorporation of 35 million barrels of 
- 1.5 million barrels of heavy crude were produced in the tests. 
BOGOTA, Colombia, Dec. 9, 2013 /CNW/ - Ecopetrol S.A. (BVC: ECOPETROL; NYSE: 
EC; TSX: ECP), operator of the CPO-09 heavy oil block, which is jointly 
developed with the Canadian firm Talisman Energy Inc., informs that it 
declared the initial commercial viability of the Akacias area to the National 
Hydrocarbons Agency (the "ANH"). 
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The area, located within the block CPO-09, is in the Acacias municipality in 
the Meta Department. 
The original oil in place is estimated to reach at least 1.3 billion barrels 
with an estimated minimum 10% recovery factor. 
Pursuant to Ecopetrol's development plan, as initially approved, we estimate 
an initial incorporation of 35 million barrels of reserves (including 
royalties). 55% of such reserves are owned by Ecopetrol, under its 
participating interest in the contract. 
With the declaration of commercial viability and upon obtaining the applicable 
environmental permits, the development and production is expected to begin in 
an area covering 9,825 hectares. The extension of Akacias makes up for 4.7% of 
the total CPO-09 Block (208,248 hectares), whose partners continue their 
exploration activity in search of more hydrocarbon reserves. 
Akacias is adjacent to Ecopetrol's major direct-operations area, with its 
fields Castilla, Chichimene and Apiay currently producing 215,000 boe. which 
represents an important synergy for the development of the new area whose 
commercial viability was declared. 
Ecopetrol's CEO, Javier Gutierrez Pemberthy stated that "Akacias constitutes 
one of the major exploration achievements in recent years in Colombia and 
clearly shows the heavy crude potential in the area of Llanos, which is the 
focus of the exploratory campaign to reach Ecopetrol's target of producing 1 
million of clean barrels in 2015 and 1.3 million barrels in 2020. We should 
continue working together with our partner, Talisman Colombia, in the 
assessment and development not only of Akacias, but also of the potential 
existing across all the licensed area." 
Hal Kvisle, President and CEO of Talisman stated that "we are very pleased to 
work with Ecopetrol, as our partner and operator of Block CPO-9, in the 
important Akacias oil field discovery, and we are very encouraged by the 
results already obtained. We should proceed to agree a development plan and to 
obtain the required environmental permits. This important milestone reflects a 
significant step towards the realization of our business in Colombia." 
Nine wells have been drilled up to now as part of the the Akacias area 
delimitation campaign. The discovery well (Akacias-1) was drilled at the end 
of 2010, while extended production tests began in May 2011 reaching an average 
production of 2,000 Bpd. The cumulative production reached 1.5 million barrels 
of crude with API gravity between 7 and 9. 
The total current average production of the tested wells is 5,500 boe and 
Ecopetrol estimates reaching a production volume of 25,000 boe by the end of 
Foreseen activities for the development of the block should continue being 
performed with the highest environmental and social standards, in line with 
the corporate social responsibility policies in place at both partner 
The reserves corresponding to Ecopetrol should form part of the Company's 
total reserves by the end of December, once the certification is completed by 
the independent firms responsible for this process. It is worth clarifying 
that the audited volume of reserves shall be officially submitted in the 
Resource & Reserves Statement (IRR, for its acronym in Spanish) to the ANH in 
the first quarter of 2014. 
Ecopetrol is the largest company in Colombia and is integrated into the oil 
chain; it is among the 40 major oil companies in the world and among the four 
main ones in Latin America. Besides Colombia - where it generates over 60% of 
the national production - it is present in exploration and production 
activities in Brazil, Peru & US (Gulf of Mexico). Ecopetrol owns the largest 
refinery in Colombia and most of the pipeline and multi-product pipeline 
network in the country, and is significantly increasing its participation in 
This report contains statements associated with the business perspectives, 
estimates for operational and financial outcomes and affirmations associated 
to Ecopetrol's growth. All the above are projections, and as such are solely 
based on the expectations of its directors with respect to the future of the 
company and its ongoing access to capital to fund the company's commercial 
plan. The realization of such estimates in the future depends on market 
conditions, regulations, competitiveness, performance of Colombia's economy 
and industry, to mention a few; therefore, they are subject to changes without 
previous notice.

SOURCE  Ecopetrol S.A. 
Media Relations (Colombia), Jorge Mauricio Tellez, Phone: + 571-234-4329, Fax: 
+571-234-4480, e-mail:; Investor Relations 
Director, Alejandro Giraldo, Phone: +571-234-5190, Fax: +571-234-5628, e-mail: 
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CO: Ecopetrol S.A.
-0- Dec/09/2013 13:01 GMT
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