GeoPark Announces New Oil Field Discovery Along Western Fault Trend in Llanos 34 Block in Colombia
September 23 2019 - 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, Chile and Ecuador, today announced the
discovery of the new Guaco oil field in the Llanos 34 block
(GeoPark operated, 45% WI) in Colombia.
GeoPark drilled and completed the Guaco 1 exploration well
located along the third and most western major fault trend in the
Llanos 34 block. This is the first oil discovery along this trend
and potentially opens up a new play. The well was drilled to a
total depth of 11,936 feet. Similar to other Llanos 34 fields, it
appears to be both a structural and stratigraphic trap. Oil shows
during drilling and petrophysical analysis indicated the potential
for hydrocarbons in both the Guadalupe and Mirador formations. A
production test conducted with an electric submersible pump in the
Guadalupe formation resulted in a production rate of approximately
960 barrels of oil per day, 24.6 degrees API, 0.3% water cut,
through a choke of 35/64 inches and wellhead pressure of 50 pounds
per square inch.
Additional production history is required to determine the
stabilized flow rates of the well and further appraisal and
development drilling will be necessary to determine the extent of
the field. Surface facilities are in place and the well is already
in production. The Guaco discovery represents the fourteenth oil
field discovered and put into production by GeoPark since acquiring
Llanos 34, an exploration block with zero production in 2012.
James F. Park, CEO of GeoPark, said: “Congratulations to
GeoPark’s oil-finding team for continuing to look out beyond the
prolific already-discovered producing oil fields and formations to
search for and discover new opportunities. This result underscores
the exciting potential still remaining in the Llanos Basin and the
attractiveness of GeoPark’s recently-acquired exploration blocks
surrounding Llanos 34.”
NOTICE
Additional information about GeoPark can be found in the
“Investor Support” section on the website at www.geo-park.com.
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 production growth, expected
schedule, economic recovery, payback timing, IRR, drilling
activities, demand for oil and gas, capital expenditures plan,
regulatory approvals, reserves and exploration resources.
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.
Oil and gas production figures included in this release are stated
before the effect of royalties paid in kind, consumption and
losses, except when specified.
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.
Readers are cautioned that the exploration resources disclosed
in this press release are not necessarily indicative of long-term
performance or of ultimate recovery. Unrisked prospective resources
are not risked for change of development or chance of discovery. If
a discovery is made, there is no certainty that it will be
developed or, if it is developed, there is no certainty as to the
timing of such development. There is no certainty that any portion
of the Prospective Resources will be discovered. If discovered,
there is no certainty that it will be commercially viable to
produce any portion of the resources. Prospective Resource volumes
are presented as unrisked.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190923005400/en/
INVESTORS: Stacy Steimel – Shareholder Value Director
ssteimel@geo-park.com Santiago, Chile T: +562 2242 9600
Miguel Bello – Market Access Director mbello@geo-park.com
Santiago, Chile T: +562 2242 9600
MEDIA: Jared Levy – Sard Verbinnen & Co
jlevy@sardverb.com New York, USA T: +1 (212) 687-8080
Kelsey Markovich – Sard Verbinnen & Co
kmarkovich@sardverb.com New York, USA T: +1 (212) 687-8080
GeoPark (NYSE:GPRK)
Historical Stock Chart
From Aug 2024 to Sep 2024
GeoPark (NYSE:GPRK)
Historical Stock Chart
From Sep 2023 to Sep 2024