Press Release: GeoPark Ltd Discover New Oil Field in Colombia
SANTIAGO, Chile, Sept. 2, 2015 /PRNewswire/ — GeoPark Limited (“GeoPark”) GPRK, +3.17% the Latin American oil and gas explorer, operator and consolidator with operations in Chile, Colombia, Brazil, Argentina and Peru, today announces a new oil field discovery following the drilling of exploration well Jacana 1, located on the Llanos 34 Block in Colombia. GeoPark operates and has a 45% working interest in the Llanos 34 Block.
The Jacana field is located south-west of the large Tigana oil field, following the same fault trend, and appears to be a combination structural-stratigraphic trap. GeoPark drilled and completed the Jacana 1 exploratory well to a total depth of 10,900 feet. Both the Guadalupe and Mirador formations had indications of hydrocarbons during drilling and from electric log interpretation. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 10,200 feet, resulted in a production rate of approximately 1,880 barrels of oil per day of 14.9 degree API, with approximately 1.9% water cut. Further production history is required to determine stabilized flow rates of the well and the extent of the field.
GeoPark restarted its drilling campaign in June 2015 with successful results so far that include the Chachalaca light oil discovery recently announced on August 27, 2015. Currently, the Company is drilling the Tilo 2 appraisal well, also in the Llanos 34 Block, with testing scheduled for the following weeks. The Company is planning to begin drilling the Jacana 2 appraisal well following the completion of Jacana 1.
These activities are part of the Company’s fully-funded 2015 work program that can be adjusted to different oil price scenarios in order to match cash flows from operations, preserve cash and maintain balance sheet strength.
James F. Park, Chief Executive Officer of GeoPark, said, “Again, the strength of GeoPark’s oil finding team and the attractive geology and economics of the Llanos 34 Block have been demonstrated by the new Jacana discovery, immediately following our earlier Chachalaca discovery. We are back with the drill bit and, even in the current low oil price environment, continuing to profitably grow our production, reserves and cash flow on the Llanos 34 Block.”
Producing Oil Fields and Exploration Prospects in the Llanos 34 Block, Colombia