SANTIAGO, Chile, July 10, 2014 /PRNewswire/ -- GeoPark Limited ("GeoPark") (NYSE: GPRK), the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia, Brazil and Argentina, today announces the discovery of the Tigana Norte 1 oil well on its Llanos 34 Block in Colombia. GeoPark is the Operator of and has a 45% working interest in the Llanos 34 Block.
GeoPark drilled and completed the Tigana Norte 1 well to a total depth of 12,141 feet. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 11,557 feet, resulted in a production rate of approximately 1,061 barrels of oil per day ("bopd") of 14.6 degrees API, with a 0.49% water cut, through a choke of 24/64 inches and well head pressure of 235 pounds per square inch. Further production history will be required to determine stabilized flow rates of the well.
Production and reservoir analyses from the Tigana 1, 2 and 3, Tigana Sur 1 and Tigana Norte 1 wells on the Llanos 34 Block now indicate that three previously delineated fields and prospects form part of a single larger combined (structural and stratigraphic) trap and field, productive from the Cretaceous Guadalupe and Tertiary Mirador formations. The field is currently producing over 8,500 bopd gross from the 5 wells drilled and completed to date. The Company is carrying out further development and appraisal drilling this year on the Tigana Field complex, including the Tigana Sur Oeste 1 well that is currently being completed. Preliminary results suggest that the stratigraphic component of the trap could enhance the exploration potential of the Llanos 34 Block area.
Since taking over the Llanos 34 Block with no production and no reserves in Colombia two years ago, GeoPark has grown production on this block to approximately 20,000 bopd gross. In 2014, GeoPark is carrying out a 10 well drilling program on Llanos 34 Block, as part of an overall 18-23 well drilling program in Colombia.
James F. Park, CEO of GeoPark, said, "The extension of the Tigana Field is encouraging and we salute our team in successfully discovering, developing, building the necessary infrastructure and putting into production this field in record time. The Tigana Field production has grown from zero to 8,500 bopd gross in less than 7 months. We also believe the new larger combined Tigana Field interpretation will positively impact the field's reserves and development potential."
Additional information about GeoPark can be found in the "Investor Support" section on 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 expected 2014 production growth and capital expenditures plan. 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.
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SOURCE GeoPark Limited