GeoPark Limited (“GeoPark” or the “Company”) (NYSE:GPRK), a
leading independent Latin American oil and gas explorer, operator
and consolidator with operations and growth platforms in Colombia,
Chile, Brazil, Argentina and Peru, and Wintershall Energía S.A.
(“Wintershall”), a subsidiary of the BASF group, the fourth largest
gas producer in Argentina with over 15 blocks, today announced the
discovery of a new oil field in the CN-V block (GeoPark 50% WI,
Wintershall 50% WI) in the Neuquen Basin, Mendoza Province of
Argentina.
The Rio Grande Oeste 1 exploration well – operated by GeoPark -
was drilled and completed to a total depth of 5,500 feet targeting
the Grupo Neuquen formation, where fifteen different potential
reservoir sands were identified - at depths that range from 1,800
to 5,500 feet - with a potential net pay of 400 feet. Preliminary
logging information indicated hydrocarbons in the upper, middle and
lower zones. The complete testing program is still underway. To
date, GeoPark has carried out production tests in four reservoir
sands, with early results showing a production rate by natural flow
of approximately 300 bopd of 28.0 degrees API, with a 7% water cut.
Additional testing and production history will be required to
determine stabilized flow rates of the well.
This discovery derisks other delineated and adjacent light oil
prospects in the CN-V block for future drilling and will provide
GeoPark with a reserve, production and cash flow base in Argentina.
GeoPark and its partner Wintershall are currently evaluating
subsequent activities in the CN-V block, including a development
plan for the Rio Grande Oeste oil field.
GeoPark acquired an interest in the CN-V block in 2015 through a
partnership with Wintershall. The block is located in the Mendoza
Province and covers an area of 117,000 acres, with 3D seismic
coverage of 180 sq km next to the producing Loma Alta Sur oil field
operated by YPF. The 3D seismic survey was acquired by Wintershall
in 2015. The CN-V block also has upside potential in the developing
Vaca Muerta unconventional play. Wintershall has the right to take
over operatorship pursuant to the terms and conditions of the
farm-in agreement.
GeoPark’s total work program for 2017 in Argentina includes 7
gross wells ($5-7 million total) expected to be drilled in 2H2017,
targeting shallow heavy oil exploration prospects in the Sierra del
Nevado and Puelen blocks (Pluspetrol operated, GeoPark with a 18%
WI) in the Neuquen Basin. The Puelen block is located north of the
producing El Corcobo oil field, operated by Pluspetrol, and Sierra
del Nevado is located east of the Llancanelo oil field, operated by
YPF.
The Mendoza Province is an attractive location for GeoPark to
resume its exploration and drilling activities in Argentina. The
Province produces more than 15% of Argentina's oil and offers
suitable infrastructure to support, refine and commercialize oil
production.
James F. Park, CEO of GeoPark, said: “We are pleased to be back
operating and investing in Argentina where GeoPark’s technical team
has a long and successful history of finding oil and gas and which
also represents a highly attractive under-explored and
under-developed hydrocarbon region with multiple new project
opportunities.”
GeoPark can be visited online at www.geo-park.com.
Additional information about Wintershall can be found on the
website www.wintershall.com.
NOTICE
Additional information about GeoPark can be found in the
“Investor Support” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and
percentages included in this press release have been rounded for
ease of presentation. Percentage figures included in this press
release have not in all cases been calculated on the basis of such
rounded figures, but on the basis of such amounts prior to
rounding. For this reason, certain percentage amounts in this press
release may vary from those obtained by performing the same
calculations using the figures in the financial statements. In
addition, certain other amounts that appear in this press release
may not sum due to rounding.
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 that appear in a number of places in
this press release include, but are not limited to, statements
regarding the intent, belief or current expectations, regarding
various matters, including the acquisition, estimated capital
expenditures and currently estimated gross unrisked resources
relating to the acquisition. 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 filings with the U.S. Securities and Exchange
Commission.
The reserve estimates provided in this release are estimates
only, and there is no guarantee that the estimated reserves will be
recovered. Actual reserves may eventually prove to be greater than,
or less than, the estimates provided herein. Statements relating to
reserves are by their nature forward-looking statements.
Readers are cautioned that the exploration resources disclosed
in this press release are not necessarily indicative of long term
performance or of ultimate recovery. Unrisked prospective resources
are not risked for change of development or chance of discovery. If
a discovery is made, there is no certainty that it will be
developed or, if it is developed, there is no certainty as to the
timing of such development. There is no certainty that any portion
of the Prospective Resources will be discovered. If discovered,
there is no certainty that it will be commercially viable to
produce any portion of the resources. Prospective Resource volumes
are presented as unrisked.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170810005315/en/
INVESTORS:GeoPark LimitedSantiago, ChileStacy Steimel,
+562 2242 9600Shareholder Value
Directorssteimel@geo-park.comorBuenos Aires, ArgentinaDolores
Santamarina, +5411 4312 9400Investor
Managerdsantamarina@geo-park.comorMEDIA:Sard Verbinnen &
CoNew York, USAJared Levy, +1
212-687-8080jlevy@sardverb.comorKelsey Markovich,+1
212-687-8080kmarkovich@sardverb.com
GeoPark (NYSE:GPRK)
Historical Stock Chart
From Apr 2024 to May 2024
GeoPark (NYSE:GPRK)
Historical Stock Chart
From May 2023 to May 2024