GeoPark Announces Further Extension of Tigana Oil Field in Colombia
December 06 2017 - 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,
Chile, Brazil, Argentina, and Peru, today announced the successful
drilling and testing of the Tigana Norte 4 appraisal well in the
Tigana oil field in Llanos 34 block (GeoPark operated, 45% WI) in
Colombia.
GeoPark drilled and completed the Tigana Norte 4 well to a total
depth of 11,730 feet. Oil shows during drilling and petrophysical
analysis indicated the potential for hydrocarbons in both Guadalupe
and Mirador formations. A production test conducted with an
electric submersible pump in the Guadalupe formation resulted in a
production rate of approximately 1,900 bopd of 14.1 degrees API,
with approximately 1.8% water cut, through a choke of 34/64 inches
and wellhead pressure of 178 pounds per square inch. Bottom-hole
pressure recorders from latest testings performed indicated a
producing drawdown of approximately 30%. 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 Norte 4 well follows the recently drilled Tigana
Norte 3 and Tigana Norte 2 wells (currently producing 4,600 bopd
with less than 0.2% water cut in aggregate) and extends and
broadens the Tigana oil field towards the northeastern limits of
the Llanos 34 block. The well was drilled outside the 3P reserve
outline defined in the 2016 DeGolyer and MacNaughton (D&M)
reserves certification, to a bottom-hole location that is
approximately 75 feet down dip of the Tigana Norte 1 well (previous
lowest-known-oil in the 2016 D&M reserves certification), and
did not encounter the oil-water contact.
GeoPark is currently drilling the Tigana Norte 5 well to a
bottom-hole location that is further down dip of Tigana Norte 4
well to further delineate the northeastern boundaries of the Tigana
oil field.
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 preliminary production test results for
the Tigana Norte well, hydrocarbon production in both the Guadalupe
and Mirador formations, expected growth for GeoPark and Latin
America’s under-developed hydrocarbon potential. 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/20171206005390/en/
INVESTORS:GeoPark LimitedStacy Steimel, +562 2242
9600Shareholder Value DirectorSantiago,
Chilessteimel@geo-park.comorMEDIA:Sard Verbinnen &
CoJared Levy, +1 212-687-8080New York,
USAjlevy@sardverb.comorKelsey Markovich, +1 212-687-8080New York,
USAkmarkovich@sardverb.com
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