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Stock Market & Financial Investment News

News Breaks
March 28, 2014
17:05 EDTECEcopetrol continues to grow in deepwater Gulf of Mexico
Ecopetrol announced that its U.S. affiliate placed the most competitive bids for 11 blocks in the "Central Planning Area Lease Sale 231" round held in New Orleans on March 19, as disclosed by the Bureau of Ocean Energy Management, or BOEM, the governmental authority in charge of the process in the U.S. In this lease sale, Ecopetrol America partnered with Murphy Exploration and Production in 7 blocks and with Murphy Exploration and Production and Venari Offshore LLC in 4 blocks. The official awarding of the blocks will be conducted by BOEM in the coming months after the checking of bids and ascertaining that the companies fulfill the conditions required for the round. The economic bids placed by Ecopetrol America and its partners in the 11 blocks add up to approximately $73.2M with Ecopetrol America's share consisting of approximately $33.7M. In case of being granted, these blocks allow deep sea hydrocarbon exploration in water depths of over 221 meters for a 10-year period. Further, Ecopetrol America would increase its participation in the U.S. Gulf Coast basin to 149 blocks. The results obtained strengthen Ecopetrol's position in the U.S. Gulf of Mexico, which it considers a focus area in its internationalization process.
News For EC From The Last 14 Days
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November 21, 2014
08:15 EDTECTalisman Energy, Ecopetrol announce discovery in Block CPO-9, Colombia
Talisman Energy (TLM) affiliate Talisman Oil & Gas and Ecopetrol S.A. (ECP) have proven the presence of hydrocarbons in the Nueva Esperanza-1 exploratory well, located in block CPO-9, Department of Meta, Colombia. The Nueva Esperanza-1 well was spudded on July 18, 2014 and reached total depth at 12,056 feet on September 26, 2014. During an initial 8-day flow test using an electro submersible pumping system, 309 feet of perforations in the T2 formation stabilized at a daily flow rate of 910 barrels of 8 degrees API crude oil with less than 2% water cut during the last day of flow. Talisman and Ecopetrol are jointly analyzing the results and will file an application with the Colombian authorities to place the Nueva Esperanza-1 well on long-term test. Approval has been granted to drill two down-dip appraisal wells, the first of which, Nueva Esperanza-2, started drilling operations on November 16.
November 20, 2014
10:29 EDTECEcopetrol initiated with a Hold at Deutsche Bank (pre-open)
Target $26.
November 19, 2014
09:19 EDTECEcopetrol approved to divest shares in Empresa de Energia de Bogota
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