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Ecopetrol to sell half of Capachos block

Tuesday, May 13, 2014

Colombia's state-run oil company Ecopetrol said it had reached a deal to sell a 50 percent stake in its Capachos oil block to Canadian-listed Parex Resources.

Parex will pay the full cost of the first two wells to be developed on the block under the terms of the deal reached on May 5, Ecopetrol said.

Ecopetrol said the Capachos block in Colombia's eastern plains may contain light crude at a depth of around 16,000 feet.

Source: Reuters