GeoPark announces new Jacana oil field discovery in Colombia

GeoPark, the Latin American oil and gas explorer, operator and consolidator, has announced the discovery of a new oil field following the drilling of exploration well Jacana 1, located on the Llanos 34 Block in Colombia.

The field is located southwest of Tigana oil field. GeoPark drilled and completed the Jacana 1 exploratory well to a total depth of 10,900 feet. Both the Guadalupe and Mirador formations had indications of hydrocarbons during drilling and from electric log interpretation. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 10,200 feet, resulted in a production rate of approximately 1,880 barrels of oil per day of 14.9 degree API, with approximately 1.9 percent water cut. Further production history is required to determine stabilized flow rates of the well and the extent of the field.

GeoPark restarted its drilling campaign in June with successful results that include the Chachalaca light oil discovery recently announced on Aug. 27. Currently, the company is drilling the Tilo 2 appraisal well, also in the Llanos 34 Block, with testing scheduled for the following weeks.

These activities are part of the company’s fully-funded 2015 work program that can be adjusted to different oil price scenarios in order to match cash flows from operations, preserve cash and maintain balance sheet strength.