Geopark Holdings Limited OIL FIELD DISCOVERY TAROTARO FIELD COLOMBIA (1344H)
June 17 2013 - 1:00AM
UK Regulatory
TIDMGPK
RNS Number : 1344H
Geopark Holdings Limited
17 June 2013
Embargoed for release 17 June 2013
at 7:00 am
GEOPARK HOLDINGS LIMITED
NEW OIL FIELD DISCOVERY:
TAROTARO FIELD IN COLOMBIA
GeoPark Holdings 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, testing and
putting into production of the Tarotaro 1 exploration well 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 Tarotaro 1 well to a total
depth of 3,175 metres. A test conducted with an electrical
submersible pump ("ESP") in the Guadalupe formation, at
approximately 2,955 metres, resulted in a production rate of
approximately 2,239 barrels of oil per day ("bopd") of 15.5 degrees
API oil, with a 0.6% water cut, through a choke of 14.3 millimetres
("mm") and well head pressure of 250 pounds per square inch
("psi"). Further monitoring of production history will be required
to determine stabilized flow rates and the extent of the
reservoir.
Surface facilities are already in place and the produced crude
oil from Tarotaro 1 is now being marketed and sold. A new
development well, Tarotaro 2, has also been spudded to further
appraise the field.
The Tarotaro oil field is the fourth oil field discovery in
Colombia since GeoPark's entry into Colombia in early 2012.
Previously, GeoPark has announced the Max, Tua and Potrillo oil
fields. GeoPark has identified additional attractive prospects on
its Colombian properties and is carrying out a 15-20 well drilling
program in Colombia in 2013.
GeoPark has interests in exploration, development and production
blocks in Colombia, Chile, Brazil and Argentina. During 2013,
GeoPark will carry out a total 35-45 well drilling program in
Colombia and Chile - with a total expected work program investment
of US$200-230 million.
Commenting, James F. Park, CEO of GeoPark, said: "GeoPark is
pleased to announce our fourth new oil field discovery in Colombia
in a little more than one year and we believe these results further
demonstrate our team's ability to consistently find and develop oil
and gas reserves through the drill bit. We have seen step-change
growth in our production, reserves and cash flow since entering
Colombia last year and we look forward to additional positive
results from the ongoing 2013 drilling campaign, both in Colombia
and Chile. Our oil finding and operating track-record is the
back-bone of GeoPark and it strongly complements our new project
acquisition efforts which are successfully building a high
potential asset portfolio across four countries."
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.
GeoPark can be visited online at www.geo-park.com
For further information please contact:
GeoPark Holdings Limited
Juan Pablo Spoerer (Chile)
Pablo Ducci (Chile) +54 2 2242 9600
Oriel Securities - Nominated Adviser
and Joint Broker
+44 (0)20 7710
Michael Shaw (London) 7600
Tunga Chigovanyika (London)
Macquarie Capital (Europe) Limited
- Joint Broker
+44 (0)20 3037
Steve Baldwin (London) 2000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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