OREANDA-NEWS. Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) affiliate Talisman (Colombia) Oil & Gas Ltd., ("Talisman") and Ecopetrol S.A. (BVC: ECOPETROL NYSE: EC; TSX: ECP) have proven the presence of hydrocarbons in the Nueva Esperanza-1 exploratory well (A2b), 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° 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.

Nueva Esperanza-1 is the second oil discovery made by Talisman and Ecopetrol in Block CPO-9, following the discovery of hydrocarbons in the Akacias structure in 2010. In accordance with Colombian regulations, the partners declared commerciality of the Akacias Field in December 2013 and currently await receipt of a development license.

The Nueva Esperanza structure is adjacent to, and along the same structural trend as, the Akacias Field. Additional exploration wells along the continuation of this trend are planned.

Ecopetrol S.A. is the operator of Block CPO-9 with a 55% interest and Talisman (Colombia) Oil & Gas Ltd. (TCOG) has a 45% interest in the license.