Petroleo Brasileiro S.A. - Petrobras (PBR)

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Ecopetrol Shares Gain Pre-Market After Gas Discovery in Colombian CaribbeanBY Midnight Trader
— 7:40 AM ET 12/03/2014
07:40 AM EST, 12/03/2014 (MT Newswires) -- Ecopetrol S.A (EC

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) shares are up more than 4% pre-market Wednesday after the Colombian oil company said late Tuesday that it had discovered the first hydrocarbons in the deep waters of the Colombian Caribbean.

The discovery was made in the exploratory Orca-1 well, located 40 kilometers north of the coast of Guajira province. Drilling was completed in September and showed the accumulation of natural gas at a depth of 12,000 feet (3,657 meters).

Ecopetrol (EC

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) has a 30% stake in the project, with operating company Petrobras (PBR) having a 40% stake and Spain's Repsol also 30%.

Following completion of this phase of exploration and initial tests, in-depth technical studies will begin to determine gas potential of the discovery, the company said.

Ecopetrol ADRs recently traded at $20.10 after setting their lowest level since May 2009 on Tuesday. The new 52-week range is $19.25 - $43.26. PBR is up 0.6% pre-bell and is also trading near a 52-week low.

Price: 20.10, Change: +0.78, Percent Change: +4.04