GeoPark Limited (“GeoPark” or the “Company”) (NYSE: “GPRK”), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina, and Peru, today announced new drilling successes in the Llanos 34 Block (GeoPark operated with a 45% working interest), in Colombia, consisting of:
1. Discovery of the new Chiricoca oil field, following the successful drilling and testing of the Chiricoca 1 exploration well, and
2. Further expansion of the Tigana oil field, following the successful drilling and testing of the Tigana Sur 6 development well.
Chiricoca 1 Well
GeoPark drilled and completed the Chiricoca 1 exploration well to a total depth of 11,966 feet. A production test conducted with an electric submersible pump in the Mirador formation resulted in a production rate of approximately 1,000 bopd of 34 degrees API, with 9% water cut, through a choke of 33/64 mm and wellhead pressure of 34 pounds per square inch. The deeper Guadalupe formation was also tested and produced water with traces of heavy oil. Additional production history is required to determine stabilized flow rates of the well. Surface facilities are in place and the well is already in production.
Tigana Sur 6 Well
GeoPark drilled and completed the Tigana Sur 6 development well to a total depth of 11,645 feet. A production test conducted with an electric submersible pump in the lower Guadalupe formation resulted in a production rate of approximately 1,600 bopd of 15 degrees API, with 8% water cut, through a choke of 52/64 mm and wellhead pressure of 70 pounds per square inch. Additional production history is required to determine stabilized flow rates of the well. Surface facilities are in place and the well is already in production.
The Tigana Sur 6 well encountered a good quality reservoir in the lower Guadalupe formation, with a net pay of approximately 57 feet as well, which represents a significant thickening (almost 60% more) of the average net pay of the lower Guadalupe formation in other producing wells in the Tigana oil field. In addition, the well encountered a new set of reservoir sands in the upper Guadalupe formation, which appear to be oil-bearing from preliminary petrophysical logging information. Further production testing will be required to confirm if this zone is oil productive.
James F. Park, CEO of GeoPark, commented: “GeoPark’s active drilling program in the first half of 2017 is already paying off – all underpinned by continued exciting results from our Colombia projects; especially the Tigana and Jacana oil fields, where our team keeps drilling to push out and define field boundaries. During 2017, additional big rewards are expected from our total 30-35 well drilling program in Colombia and across our rich asset platform in Latin America – including high potential prospects in Argentina, Chile, and Brazil.”