Geopark Limited New discovery in Columbia (0481W)
December 20 2013 - 1:00AM
UK Regulatory
TIDMGPK
RNS Number : 0481W
Geopark Limited
20 December 2013
Embargoed for release at 7:00 20 December 2013
am
GEOPARK LIMITED
FIFTH 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 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.
GeoPark can be visited online at www.geo-park.com
For further information please contact:
GeoPark Limited
Pablo Ducci (Chile)
Sofia Chellew (Chile) +56 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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