Continued Exploration Success Opens
New Drilling Opportunities and Plays in the Llanos Basin
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a
leading independent Latin American oil and gas explorer, operator
and consolidator, announces the appointment of a new Chief
Financial Officer (“CFO”) and provides an operating activity update
in the Llanos 123 (GeoPark operated, 50% WI) and Llanos 87 (GeoPark
operated, 50% WI) blocks in Colombia.
New CFO Appointment
GeoPark is pleased to announce the appointment of Jaime
Caballero Uribe to the position of CFO, effective January 15, 2024.
Jaime will be responsible for GeoPark’s financial stewardship and
associated activities, including capital allocation, business
planning, performance management and execution, oil and gas
marketing/commercial, capital markets, shareholder value, tax,
financial reporting and information technology. He brings more than
25 years of industry and finance experience to GeoPark, including
senior positions in large corporations as well as in start-ups and
entrepreneurial businesses. Until August 2023, Jaime was Group CFO
at Ecopetrol (NYSE: EC) – the largest corporation in Colombia and
one of the 400 largest companies in the world where he helped the
management team achieve various performance records, including the
delivery of more than $20 billion in growth financing and debt
refinance. During his tenure, he was recognized by the
Institutional Investor publication as one of the top three sector
CFOs in Latin America. Previously, he held multiple positions at BP
plc over 17 years, where his most recent appointment was CFO for
the Brazil Region, which includes Colombia, Uruguay and Venezuela.
Jaime holds a degree in Law from Universidad de los Andes, an MBA
in Energy Business from Fundaçao Getulio Vargas, and certificates
in CFO Excellence from Wharton and Energy Innovation and Emerging
Technologies from Stanford.
Andrés Ocampo, Chief Executive Officer of GeoPark, said: “We are
proud to have Jaime joining our leadership team – an accomplished
CFO and business executive who has worked for more than 25 years in
our industry and region, and has a consistent track record of
helping teams create value for investors, and drive business
performance. I would also like to say thank you and congratulations
to the GeoPark team for the continued exploration successes and
developing these exciting new plays in Colombia and Ecuador.”
2023 Exploration Campaign Adds 5,500 Bopd Gross and Opens New
Drilling Opportunities
GeoPark announces the successful drilling, testing and putting
on production of two new exploration wells, (i) the Bisbita Centro
1 well in the Llanos 123 Block and (ii) the Zorzal Este 1 well in
the Llanos 87 Block. These two wells are currently producing
approximately 1,500 bopd gross in aggregate.
GeoPark’s 2023 exploration drilling campaign continues
delivering positive results with multiple new plays being opened,
adding new appraisal and delineation activity.
The main highlights of the 2023 exploration and appraisal
drilling campaign include:
- Four successful exploration wells in the Llanos 123 and Llanos
87 blocks, adding over 3,200 bopd gross in aggregate and including
Toritos, a new stratigraphic play in the Paleocene
- Three successful wells in the new combined
structural/stratigraphic U-sand play in the Perico Block (Ecuador),
adding 2,300 bopd gross in aggregate
- Positive preliminary logging information in the Halcon 1 well
in the CPO-5 Block (GeoPark non-operated, 30% WI) and currently
drilling the Perico 1 exploration well, both targeting the
Paleocene play and trend
GeoPark’s 2024 drilling campaign will focus on continuing the
development of the Llanos 34 Block (GeoPark operated, 45% WI), and
on appraising and delineating the new plays being opened by the
2023 exploration drilling campaign in the Llanos Basin in Colombia
and in the Oriente Basin in Ecuador.
Llanos 123 Block
The Bisbita Centro 1 exploration well reached total depth in
November 2023 with logging information indicating hydrocarbon
potential in the Paleocene (Guadalupe) formation. Testing
activities started in late November 2023 and the well is currently
producing approximately 860 bopd of 19 degrees API with a water cut
of less than 1%.
The Bisbita Centro 1 well is the third successful exploration
well drilled by GeoPark in the Llanos 123 Block in 2023, following
the Saltador 1 and the Toritos 1 exploration wells that initiated
testing in July and October 2023, respectively.
Llanos 87 Block
The Zorzal Este 1 exploration well reached total depth in
November 2023 with logging information indicating hydrocarbon
potential in the Paleocene (Guadalupe) formation. Testing
activities started in late November 2023 and the well is currently
producing approximately 660 bopd of 33 degrees API with a water cut
of less than 1%.
Based on these positive results, GeoPark added a new appraisal
well, the Zorzal Este 2 well, which spudded in late November 2023
and is expected to reach total depth in late December 2023/early
January 2024.
The complete testing program of the Bisbita Centro 1 and the
Zorzal Este 1 exploration wells is underway and additional
production data will be required to determine the stabilized flow
rates of the wells and the extent of the reservoirs.
_____________________________ Production numbers as of December
18, 2023.
NOTICE
Additional information about GeoPark can be found in the Invest
with Us 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.
This press release contains certain oil and gas metrics,
including information per share, operating netback, reserve life
index and others, which do not have standardized meanings or
standard methods of calculation and therefore such measures may not
be comparable to similar measures used by other companies. Such
metrics have been included herein to provide readers with
additional measures to evaluate the Company’s performance; however,
such measures are not reliable indicators of the future performance
of the Company and future performance may not compare to the
performance in previous periods.
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 GeoPark’s 2024 drilling campaign,
production expectations and other similar matters. 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 (SEC).
Oil and gas production figures included in this release are
stated before the effect of royalties paid in kind, consumption and
losses. Annual production per day is obtained by dividing total
production by 365 days.
Information about oil and gas reserves: The SEC permits
oil and gas companies, in their filings with the SEC, to disclose
only proven, probable and possible reserves that meet the SEC’s
definitions for such terms. GeoPark uses certain terms in this
press release, such as “PRMS Reserves” that the SEC’s guidelines do
not permit GeoPark from including in filings with the SEC. As a
result, the information in the Company’s SEC filings with respect
to reserves will differ significantly from the information in this
press release.
NPV10 for PRMS 1P, 2P and 3P reserves is not a substitute for
the standardized measure of discounted future net cash flow for SEC
proved reserves.
The reserve estimates provided in this release are estimates
only, and there is no guarantee that the estimated reserves will be
recovered. Actual reserves may eventually prove to be greater than,
or less than, the estimates provided herein. Statements relating to
reserves are by their nature forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231219309449/en/
For further information, please contact: INVESTORS: Stacy
Steimel ssteimel@geo-park.com Shareholder Value Director T: +562
2242 9600 Miguel Bello mbello@geo-park.com Market Access Director
T: +562 2242 9600 Diego Gully dgully@geo-park.com Investor
Relations Director T: +55 21 99636 9658 MEDIA:
Communications Department communications@geo-park.com
GeoPark (NYSE:GPRK)
Historical Stock Chart
From Apr 2024 to May 2024
GeoPark (NYSE:GPRK)
Historical Stock Chart
From May 2023 to May 2024