GeoPark Announces New Jauke Gas Field Discovery in Chile
August 20 2018 - 7:00AM
Business Wire
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,
Peru, Argentina, Brazil and Chile, today announced the successful
drilling and testing of the Jauke 1 exploration well in the Fell
block (GeoPark operated, 100% WI) in Chile.
GeoPark drilled and completed the Jauke 1 exploration well to a
total depth of 9,592 feet. A production test through different
chokes in the Springhill formation resulted in an average
production rate of 5.8 million standard cubic feet per day of gas
(or 970 boepd) with a wellhead pressure of 2,738 pounds per square
inch. Additional production history is required to determine
stabilized flow rates of the well and the extent of the reservoir.
Surface facilities are in place, the well is in production, and the
gas is being sold to Methanex through a long term gas contract.
Drilling and completion costs are estimated at $3.4 million, and at
current gas prices and testing rates, this well is expected to have
a payback period of 6-7 months.
The Jauke gas field is part of the large Dicky geological
structure in the Fell block – and has the potential for multiple
development drilling opportunities. Petrophysical analysis also
indicates hydrocarbon potential in the shallower El Salto formation
which will be tested in the future.
The Jauke exploration effort is part of GeoPark’s 2018 overall
40-45 well drilling program in Colombia, Argentina, Brazil, and
Chile – with five drilling rigs currently in operation.
James F. Park, Chief Executive Officer of GeoPark said: “This
discovery illustrates the hydrocarbon-generating capacity of
GeoPark’s unique Latin American multi-country platform. In addition
to the new gas production, revenues, reserves, and upside this new
field will contribute to our bottom-line, we are pleased to
congratulate our younger generation geoscience team for this new
success – further demonstrating the depth and range of the long
term oil-finding capacity being continuously developed within
GeoPark.”
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.
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 preliminary production test results and
hydrocarbon production, 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: https://www.businesswire.com/news/home/20180820005142/en/
INVESTORS:GeoPark LimitedStacy Steimel, +562 2242
9600Shareholder Value DirectorSantiago,
Chilessteimel@geo-park.comorMiguel Bello, +562 2242 9600Market
Access DirectorSantiago,
Chilembello@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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