Colombia: GeoPark announces new light oil field discovery in Colombia
27 Aug 2015
GeoPark, the Latin American oil and gas explorer, operator and consolidator with operations in Chile, Colombia, Brazil, Argentina and Peru, has announced 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 approx. 11,606 feet, resulted in a production rate of approx. 1,100 barrels of oil per day of 30.0 degree API, with approx. 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.'