GeoPark 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 and testing of the new Tigana Sur 1 exploration well in the Llanos 34 Block in the central Llanos basin in Colombia.GeoPark operates and has a 45% working interest in the Llanos 34 Block.
GeoPark drilled and completed the Tigana Sur 1 well to a total depth of 3,692 metres. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 3,522 metres, resulted in a production rate of approximately 1,597 barrels of oil per day (“bopd”) of 15.3 degree API, with a 0.2% water cut, through a choke of 9.9 millimetres and well head pressure of 314 pounds per square inch. Further production history will be required to determine stabilized flow rates and the extent of the reservoir. The Tigana Sur 1 oil field discovery is a new structure located south of and along the same structural trend as the Tigana 1 oil field discovery tested and announced on 11 December 2013.
Commenting, James F. Park, CEO of GeoPark, said: "Once again, the prospectivity of the Llanos 34 Block and the strength of GeoPark's oil finding team has been demonstrated by the new Tigana Sur discovery -- our fifth new oil field in the Llanos 34 Block since its acquisition in 2012. With this new discovery and the opportunity for further development drilling on the currently producing fields, this Block has become a major contributor to our growing production base in Colombia.”
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.
