Statement from the Colombian Petroleum Association regarding the decision of the Council of State concerning the precautionary measures of the technical regulation for Fracking in Colombia

In light of the decision of the Council of State that ratifies the precautionary measures regarding the technical standards that regulate the implementation of the exploration and production technique of hydrocarbons known as fracking, the Colombian Petroleum Association, ACP, allows itself to express to the public:

1. We respect the decision of the High Court to maintain the precautionary measures on technical regulations 90341 and 3004 of the Ministry of Mines and Energy; however, we regret the outcome of the ruling.
2. We believe that the decision does not take into account the recommendations issued by the Expert Commission to advance with the Comprehensive Research Pilot Projects (PPII) that will provide us with complete and transparent information and will contribute the necessary technical and environmental elements to determine any regulatory adjustments in the future, if necessary.
3. From the hydrocarbons industry, we have insisted on the importance of advancing in the development of unconventional reservoirs and not missing the opportunity to ensure Colombia's energy security, to have the necessary resources to supply the domestic market, generate surpluses for export, and achieve the economic, social, and environmental benefits that it would bring to Colombian households, industries, and the country in general.
4. Although the decision of the High Court does not imply that fracking has been banned in Colombia, it is inevitable that this decision will affect investor confidence and legal security, putting at risk Colombia's fiscal and energy sustainability.
5. We reiterate that the industry is open to answering all questions and providing information regarding the development of unconventional reservoirs and the fracking technique, and to continue contributing to the search for solutions for the viability of this technique for the benefit of Colombia.