New Jacamar Oil Field
DiscoveryExtension of Jacana Oil Field BoundariesNew
Zone Addition in Jacana Oil FieldAdditional Production in
Tigana Oil Field
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
and testing successes in the Llanos 34 Block (GeoPark operated with
a 45% working interest) in Colombia.
New Jacamar Oil Field Discovery
Exploring a fault trend southeast of the Tigana/Jacana oil field
complex, GeoPark drilled and completed the Jacamar 1 exploration
well to a total depth of 10,627 feet. A test conducted with an
electric submersible pump in the Guadalupe formation resulted in a
production rate of approximately 1,000 bopd of 17.5 degrees API,
with 13% water cut, through a choke of 38/64 mm and wellhead
pressure of 79 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. Oil shows during drilling and petrophysical analysis
indicate the potential for hydrocarbon production also in the
shallower Mirador and the deeper Gacheta formations.
Jacana Oil Field Extension
Following the drilling of the Jacana Sur 2 appraisal well in the
first quarter of 2017 to test the northwest boundaries of the
Jacana oil field, a test was conducted with an electric submersible
pump in the Guadalupe formation. It resulted in a production rate
of approximately 270 bopd of 16.5 degrees API, with 21% water cut,
through a choke of 32/64 mm and wellhead pressure of 48 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.
Jacana Oil Field New Formation Addition
Following the drilling of the Jacana 8 appraisal well in the
first quarter of 2017 to test a channel sand in the Mirador
formation, which had not previously produced oil in the Jacana oil
field, a test conducted with an electric submersible pump resulted
in a production rate of approximately 1,850 bopd of 24.0 degrees
API, with 0.4% water cut, through a choke of 32/64 mm and wellhead
pressure of 100 pounds per square inch. The deeper Guadalupe
formation was also tested and oil was found in an area which
previously had no reserves assigned to it. 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 Oil Field Production Addition
GeoPark drilled and completed the Tigana Sur 5 development well
to a total depth of 11,310 feet. A test conducted with an electric
submersible pump in the Guadalupe formation resulted in a
production rate of approximately 1,010 bopd of 14.9 degrees API,
with a 0.4% water cut, through a choke of 32/64 mm and wellhead
pressure of 85 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.
Current Drilling
Current drilling by GeoPark includes:
- Colombia: Jacana 9 appraisal well to
test the northern limits of the Jacana oil field and Curucucu 1
exploration well to test a new prospect adjacent to the
newly-discovered Jacamar oil field – both wells in the Llanos 34
Block (GeoPark operated with a 45% WI) in the Llanos Basin
- Argentina: Rio Grande Oeste 1
exploration well in the CN-V Block (GeoPark operated with a 50% WI)
in the Neuquen Basin
- Chile: Kimiri Aike 4 development well
in the Fell Block (GeoPark operated with a 100% WI) in the
Magallanes Basin
GeoPark’s total oil and gas production is continuing to grow
with new drilling results and is currently over 27,900 boepd.
Oil Market Hedge Position
For the period July 2017 to December 2017, GeoPark secured a
minimum Brent price of $51 per barrel for 6,000 bopd through a
zero-cost collar structure that includes a maximum price of $57.5
per barrel. Approximately 50-60% of GeoPark’s production is hedged
through the third quarter of 2017 at a floor of $51-$53 per barrel
and 25-30% is hedged through the fourth quarter of 2017 at a floor
of $51.
James F. Park, CEO of GeoPark, commented: “Congratulations to
our team for being able to execute and deliver such impressive
results across our assets in such a compressed period. We continue
to find more oil and grow production in the Llanos 34 Block as we
work to extend limits, add new formations and explore new
accumulations. We also are now exploring and developing familiar
and reliable rocks in Argentina and Chile. GeoPark has always grown
by the drill bit and continues to demonstrate an exceptional
drilling success rate with world-beating finding and development
costs.”
GeoPark can be visited online at www.geo-park.com
NOTICE
Additional information about GeoPark can be found in the
“Investor Support” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and
percentages included in this press release have been rounded for
ease of presentation. Percentage figures included in this press
release have not in all cases been calculated on the basis of such
rounded figures, but on the basis of such amounts prior to
rounding. For this reason, certain percentage amounts in this press
release may vary from those obtained by performing the same
calculations using the figures in the financial statements. In
addition, certain other amounts that appear in this press release
may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION
This press release contains statements that constitute
forward-looking statements. Many of the forward-looking statements
contained in this press release can be identified by the use of
forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’
‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’
‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in
this press release include, but are not limited to, statements
regarding the intent, belief or current expectations, regarding
various matters, including expected 2017 production growth, payback
timing, IRR and capital expenditures plan. Forward-looking
statements are based on management’s beliefs and assumptions, and
on information currently available to the management. Such
statements are subject to risks and uncertainties, and actual
results may differ materially from those expressed or implied in
the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are
made, and the Company does not undertake any obligation to update
them in light of new information or future developments or to
release publicly any revisions to these statements in order to
reflect later events or circumstances, or to reflect the occurrence
of unanticipated events. For a discussion of the risks facing the
Company which could affect whether these forward-looking statements
are realized, see filings with the U.S. Securities and Exchange
Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20170612005387/en/
INVESTORS:Stacy Steimel, +562 2242 9600Shareholder Value
DirectorSantiago, Chilessteimel@geo-park.comorDolores Santamarina,
+5411 4312 9400Investor ManagerBuenos Aires,
Argentinadsantamarina@geo-park.comorMEDIA:Sard Verbinnen
& CoJared Levy, +1 212-687-8080New York,
USAjlevy@sardverb.comorSard Verbinnen & CoKelsey Markovich, +1
212-687-8080New York, USAkmarkovich@sardverb.com
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