SANTIAGO, Chile, Aug. 27, 2015 /PRNewswire/ -- GeoPark
Limited ("GeoPark") (NYSE: GPRK), the Latin American oil and gas
explorer, operator and consolidator with operations in Chile, Colombia, Brazil, Argentina and Peru[1], today announces 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
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% 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."
Producing Oil Fields and Exploration Prospects in the Llanos 34
Block, Colombia
GEOPARK
CONTACT:
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Pablo Ducci –
Director Capital Markets
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pducci@geo-park.com
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Santiago,
Chile
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T: +562 2242
9600
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www.geo-park.com
|
NOTICE
Additional information about GeoPark can be found in the
"Investor Support" section of the Web site at www.geo-park.com
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING
INFORMATION
This press release contains statements that constitute
forward-looking statements. Many of the forward looking statements
contained in this press release can be identified by the use of
forward-looking words such as ''anticipate,'' ''believe,''
''could,'' ''expect,'' ''should,'' ''plan,'' ''intend,'' ''will,''
''estimate'' and ''potential,'' among others.
Forward-looking statements appear in a number of places in this
press release and include, but are not limited to, statements
regarding the intent, belief or current expectations, regarding
various matters, including oil discoveries and production in the
Llanos 34 block. Forward-looking statements are based on
management's beliefs and assumptions and on information currently
available to the management. Such statements are subject to risks
and uncertainties, and actual results may differ materially from
those expressed or implied in the forward-looking statements due to
various factors.
Forward-looking statements speak only as of the date they are
made, and the Company does not undertake any obligation to update
them in light of new information or future developments or to
release publicly any revisions to these statements in order to
reflect later events or circumstances or to reflect the occurrence
of unanticipated events. For a discussion of the risks facing the
Company which could affect whether these forward-looking statements
are realized, see the Company's filings with the U.S. Securities
and Exchange Commission.
[1] Transaction executed with Petroperu on October 1, 2014 with final closing subject to
Peru Government approval.
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SOURCE GeoPark Limited