GeoPark discovers new oil field in Colombia

GeoPark Limited today announced a new oil field discovery following the drilling of exploration well Chachalaca 1, located on the Llanos 34 Block in Colombia.

"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,” CEO James Park said. “The Llanos 34 Block – particularly the Tigana and Tua oil fields – represents attractive low-risk, low-cost and high-net back fields which provide a profitable production base during periods of low oil prices as currently being experienced."

GeoPark drilled and completed the Chachalaca 1 exploratory well to a depth of 12,270 feet. A test conducted with an electrical submersible pump 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 percent water cut.

GeoPark's drilling campaign restarted in June with two rigs operating in Colombia. GeoPark is currently 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.

GeoPark is a Latin American oil and gas explorer, operator and consolidator with operations in Chile, Colombia, Brazil, Argentina and Peru. It has a 45 percent working interest in the Llanos 34 Block.