Ecopetrol SA (ECOPETL), Colombia’s state- controlled oil company, rose from an eight-month low after the company announced an oil find in the central part of the country, its first solo discovery of the year.
Ecopetrol gained 0.4 percent to 4,915 pesos at 1:25 p.m. in Bogota, its first rally since March 8. The shares fell to 4,895 pesos yesterday, the lowest since July. Ecopetrol was the most actively traded stock by value today on Colombia’s Colcap index, which was little changed.
Ecopetrol said yesterday after markets closed that it had made its first discovery of the year in a well owned by the company without partners. Initial tests at the well in Colombia’s Meta province yielded an average 202 barrels of oil a day, according to the statement.
While the find won’t significantly increase reserves, “any find is good,” Rupert Stebbings, the head of equity sales at Bancolombia SA’s brokerage, said in a telephone interview. “Ecopetrol in the last year hasn’t made a big discovery and also hasn’t bought any production either.”