Anadarko records third deepwater success in Colombia at Gorgon

The Gorgon discovery marks another feather in the cap for Anadarko's deepwater exploration campaign in Colombia. The well broadens the offshore gas play following the successful Kronos and Purple Angel wells. Development will be contingent on gas price and the government establishing a competitive deepwater fiscal regime. Kronos and Purple Angel are in close proximity, which will allow for project optimisation through shared infrastructure. For Anadarko, we expect the decision to move forward with development to compete with the company's strong tight oil inventory in the US. Ecopetrol will continue its own exploration campaign to further derisk the Caribbean offshore.