GeoPark in new oil field discovery in Colombia

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

Jacana field is located southwest of the large Tigana oil field, following the same fault trend, and appears to be a combination structural-stratigraphic trap. GeoPark drilled and completed the Jacana 1 exploratory well to a total depth of 10,900 ft.

Both the Guadalupe and Mirador formations had indications of hydrocarbons during drilling and from electric log interpretation. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 10,200 ft, resulted in a production rate of approximately 1,880 bopd of 14.9 degree API, with approximately 1.9% water cut. Further production history is required to determine stabilized flow rates of the well and the extent of the field.  

GeoPark restarted its drilling campaign in June 2015 with successful results so far that include the recently announced Chachalaca light oil discovery. Currently, the company is drilling the Tilo 2 appraisal well, also in the Llanos 34 Block, with testing scheduled for the coming weeks. GeoPark is planning to begin drilling the Jacana 2 appraisal well following the completion of Jacana 1.