GPK Geopark

TIDMGPK

RNS Number : 2244V

Geopark Limited

11 December 2013

 
 Embargoed for release at 7:00    11 December 2013 
  am 
 

GEOPARK LIMITED

FOURTH NEW OIL FIELD DISCOVERY

IN THE LLANOS 34 BLOCK, COLOMBIA

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 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 1 well to a total depth of 3,403 metres. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 3,185 metres, resulted in a production rate of approximately 1,469 barrels of oil per day ("bopd") of 15.1 degree API, with a 0.8% water cut, through a choke of 10.7 millimetres and well head pressure of 350 pounds per square inch. Further production history will be required to determine stabilized flow rates and the extent of the reservoir. In addition, electric logging indicated the shallower Mirador formation to be a prospective oil reservoir for potential future development.

Tigana represents the fourth new oil field discovery by GeoPark in the Llanos 34 Block since acquiring the Block in 2Q2012 when it had no production or well history. In addition to the Tigana Oil Field, discoveries by GeoPark on the Llanos 34 Block are:

-- Max Oil Field: discovered in May 2012 with two wells currently producing approximately 1,384 bopd gross (623 bopd net).

-- Tua Oil Field: discovered in June 2012 with five wells producing currently approximately 6,064 bopd gross (2,729 bopd net).

-- Tarotaro Oil Field: discovered in June 2013 with four wells currently producing approximately 3,497 bopd gross (1,573 bopd net).

Total current production from Llanos 34 Block is approximately 10,945 bopd gross (4,925 bopd net) without including the new production from well Tigana 1. (These figures also do not include other GeoPark producing assets outside of Llanos 34 Block in Chile, Colombia, Argentina and Brazil.)

In addition, GeoPark has recently completed the drilling of a new exploration prospect on the Llanos 34 Block with the well Tigana Sur 1, which will be tested in the following weeks in the Guadalupe and Mirador formations.

GeoPark has a risk-balanced portfolio of 29 exploration, development and production blocks with proven oil and gas reserves and production in Colombia, Chile, Brazil and Argentina. (Three blocks in Brazil remain subject to the approval of the Brazilian regulatory agency.) GeoPark is currently completing its 2013 drilling program in Colombia and Chile, comprising approximately 37-39 wells and with a total expected work program investment of approximately US$210-220 million.

Commenting, James F. Park, CEO of GeoPark, said: "Our congratulations to GeoPark's team in Colombia which, since acquiring the Llanos 34 Block with no production last year, has rapidly built an important crude oil production base by discovering and developing four new oil fields. This track-record demonstrates both GeoPark's capabilities to efficiently find oil and execute - as well as the attractiveness and strategic potential of GeoPark's asset base in Colombia. We look forward to results from further exploration and development drilling on this Block in the coming year."

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 Limited 
 Pablo Ducci (Chile) 
  Sofia Chellew (Chile)                        +54 2 2242 9600 
 
 Oriel Securities - Nominated Adviser and 
  Joint Broker 
 Michael Shaw (London)                         +44 (0)20 7710 7600 
 Tunga Chigovanyika (London) 
 
 Macquarie Capital (Europe) Limited - Joint 
  Broker 
 Steve Baldwin (London)                        +44 (0)20 3037 2000 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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