GeoPark discovers new light oil field in Colombia

SANTIAGO, Chile -- GeoPark Limited discovered a new oil field following the drilling of exploration well Chachalaca 1, located on the Llanos 34 Block in Colombia. GeoPark operates and has a 45% working interest in the block.

GeoPark drilled and completed Chachalaca 1 to a total depth of 12,270 ft. A test conducted with an electrical submersible pump in the Mirador formation, at approximately 11,606 ft, resulted in a production rate of approximately 1,100 bopd of 30.0 degree API, with approximately 6% water cut. Further production history is required to determine stabilized flow rates of the well and the extent of the field.

GeoPark's drilling campaign restarted in June 2015 with two rigs currently operating in Colombia. The company is currently drilling the Jacana 1 exploration well and the Tilo 2 appraisal well, both in the Llanos 34 Block. Testing of these wells is expected to be conducted in the following weeks.

"Congratulations to our team who continue to find oil on our Colombian Llanos 34 Block—with Chachalaca being our seventh oil field discovery since we entered the block in 2012,” James F. Park, CEO of GeoPark, said. “The Llanos 34 Block—particularly the Tigana and Tua oil fields—represents attractive low risk, low cost and high netback fields, which provide a profitable production base during periods of low oil prices as currently being experienced."