Colombia’s state-run Ecopetrol has hit a second crude discovery in the Boranda block in the department of Santander, the company said on Monday.

The Boranda-2 ST well is the second drilled from the platform that spud the Boranda-1 well in the Boranda block, known formerly as Playon in 2017. The well is around 1200 metres south-east of the initial find, Ecopetrol said.

The well targeted the basal sandstones of the Eocene formation and was drilled to a final depth of 13,932 feet with crude of 23 degrees API.

Boranda-2 ST is around 1000 feet deeper than Boranda-1, Ecopetrol said. Initial tests found the well producing an accumulated 2397 barrels of oil and a daily average production of 960 barrels with a water cut of less than 2%, the company said.

"This finding is part of Ecopetrol's strategy of increasing reserves, which includes as one of its focuses exploring areas near production fields," Ecopetrol’s executive vice president Alberto Consuegra said in a statement.

“In this case, the Boranda wells are located in the production strip of the Pavas-Cáchira fields to the northeast and Aullador and Cristalina to the southwest.”

The well is near the Payoa crude oil receiving station and the Barrancabermeja refinery, which Ecopetrol says is a competitive and operational advantage for the block.

The block is operated by Parex Resources, who holds a 50% stake in Boranda, while Ecopetrol holds the remaining 50%.

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Ecopetrol in second Boranda block find