GeoPark announces new light oil field discovery in Colombia

Aug 27, 2015 12:00 AM

GeoPark Limited, the Latin American oil and gas explorer, operator and consolidator with operations in Chile, Colombia, Brazil, Argentina and Peru[1], today announces a new oil field discovery following the drilling of exploration well Chachalaca 1, located on the Llanos 34 Block in Colombia. GeoPark operates and has a 45% working interest in the Llanos 34 Block.

GeoPark drilled and completed the Chachalaca 1 exploratory well to a total depth of 12,270 feet. A test conducted with an electrical submersible pump in the Mirador formation, at approximately 11,606 feet, resulted in a production rate of approximately 1,100 barrels of oil per day of 30.0 degree API, with approximately 6% water cut. Further production history is required to determine stabilized flow rates of the well and the extent of the field.

GeoPark's drilling campaign restarted in June 2015 with two rigs currently operating in Colombia. As of the date of this release the Company is drilling the Jacana 1 exploration well and the Tilo 2 appraisal well, both in the Llanos 34 Block. Testing of these wells is expected to be conducted in the following weeks.

For the year 2015 the Company implemented a self-funded and flexible work program that can be adjusted to different oil price scenarios to match cash flows from operations.

James F. Park, Chief Executive Officer of GeoPark, said, "Congratulations to our team who continue to find oil on our Colombian Llanos 34 Block – with Chachalaca being our seventh oil field discovery since we entered the block in 2012. The Llanos 34 Block – particularly the Tigana and Tua oil fields – represents attractive low risk, low cost and high netback fields which provide a profitable production base during periods of low oil prices as currently being experienced."

Producing Oil Fields and Exploration Prospects in the Llanos 34 Block, Colombia

Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.

Cover_242-width

The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


 

Upcoming Conferences
« June 2019 »
June
MoTuWeThFrSaSu
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Register to announce Your Event

View All Events