Colombia-focused Parex Resources has discovered oil in the Magdalena Middle Valley in Santander, Colombia, according to partner Ecopetrol.

The Parex-operated Boranda-1 well, drilled to a depth of 3,657 m (11,998 ft) in the Esmeraldas Formation, found crude in four intervals of oil sands with a total thickness of 40 m (131 ft).

The discovery’s proximity to nearby receiving stations and the Barrancabermeja refinery give it a competitive and operational advantage, the release said.

Ecopetrol and Parex each hold 50% interest in the well.