New oil field discovery in Colombia
GeoPark Holdings Limited (“GeoPark”), the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia, Brazil and Argentina (AIM: GPK), is pleased to announce the successful drilling, testing and putting into production of the Tarotaro 1 exploration well 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 Tarotaro 1 well to a total depth of 3,175 metres. A test conducted with an electrical submersible pump (“ESP”) in the Guadalupe formation, at approximately 2,955 metres, resulted in a production rate of approximately 2,239 barrels of oil per day (“bopd”) of 15.5 degrees API oil, with a 0.6% water cut, through a choke of 14.3 millimetres (“mm”) and well head pressure of 250 pounds per square inch (“psi”). Further monitoring of production history will be required to determine stabilized flow rates and the extent of the reservoir.
Surface facilities are already in place and the produced crude oil from Tarotaro 1 is now being marketed and sold. A new development well, Tarotaro 2, has also been spudded to further appraise the field.
The Tarotaro oil field is the fourth oil field discovery in Colombia since GeoPark’s entry into Colombia in early 2012. Previously, GeoPark has announced the Max, Tua and Potrillo oil fields. GeoPark has identified additional attractive prospects on its Colombian properties and is carrying out a 15-20 well drilling program in Colombia in 2013.
GeoPark has interests in exploration, development and production blocks in Colombia, Chile, Brazil and Argentina. During 2013, GeoPark will carry out a total 35-45 well drilling program in Colombia and Chile – with a total expected work program investment of US$200-230 million.
Commenting, James F. Park, CEO of GeoPark, said: “GeoPark is pleased to announce our fourth new oil field discovery in Colombia in a little more than one year and we believe these results further demonstrate our team’s ability to consistently find and develop oil and gas reserves through the drill bit. We have seen step-change growth in our production, reserves and cash flow since entering Colombia last year and we look forward to additional positive results from the ongoing 2013 drilling campaign, both in Colombia and Chile. Our oil finding and operating track-record is the back-bone of GeoPark and it strongly complements our new project acquisition efforts which are successfully building a high potential asset portfolio across four countries.”
In accordance with the AIM Rules, the information in this announcement has been reviewed by Salvador Minniti, a geologist with 32 years of oil and gas experience and Director of Exploration of GeoPark.
GeoPark can be visited online at www.
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