GeoPark Announces Fourth Quarter 2017 Operational Update - GeoPark
Go Back

GeoPark Announces Fourth Quarter 2017 Operational Update

January 10, 2018

GEOPARK GROWTH TRACK RECORD CONTINUES:
RECORD PRODUCTION, DRILLING SUCCESS, FIELD EXPANSION, KEY NEW ACREAGE ADDED

 GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Brazil, Argentina, Chile and Peru, today announced its operational update for the three-month period ended December 31, 2017 (“4Q2017”).

All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when otherwise specified.

Fourth Quarter Highlights

30% growth in oil and gas production

  • Consolidated oil and gas production up 30% to 30,654 boepd (up 8% compared to 3Q2017)
  • Oil production increased by 35% to 25,341 bopd (up 9% compared to 3Q2017)
  • Colombian oil production increased by 39% to 24,293 (up 9% compared to 3Q2017)
  • Gas production increased by 11% to 31.9 mmcfpd (up 4% compared to 3Q2017)
  • Annual 2017 average production up 23% to 27,586 boepd, exceeding guidance of 26,500-27,500 boepd
  • Record 2017 exit production of 31,977 boepd

Drilling success in Colombia, Brazil and Chile

  • GeoPark’s 2017 work program included a total of 35 wells drilled (28 operated with a success rate of over 85%) as part of its $100-110 million capital expenditures plan.

Drilling results in the fourth quarter were as follows: Colombia:

  • Drilling results drive gross production to over 54,000 bopd in the Llanos 34 block (GeoPark operated, 45% WI) with the addition of 7,900 bopd gross from new wells
  • Jacana 13 and 17 appraisal wells completed, tested and put on production
  • Tigana Norte 3 and 4 appraisal wells and Tigana Sur Oeste 2, 3, and 7 development wells drilled, tested and put on production
  • Tigana Norte 5 appraisal well currently being tested
  • Tigana Norte 3, 4 and 5 appraisal wells were drilled outside the 3P outline defined in the 2016 DeGolyer and MacNaughton (D&M) reserve certification

Brazil:

  • Jet 1 exploration well in the Potiguar basin is under stimulation and testing

Chile:

  • Uaken 1 exploration well testing a new low-cost shallow gas play and currently under production test

New attractive acreage added

Colombia: high-impact exploration acreage acquired adjacent to Llanos 34 block

  • Tiple exploration acreage
  • Zamuro exploration acreage in Llanos 32 block

Argentina: low-cost acquisition in the prolific Neuquen basin with cash flows, reserves and upside

  • 100% WI and operatorship in Aguada Baguales, El Porvenir and Puesto Touquet blocks, with current production of 2,700 boepd (70% light oil, 30% gas)

→ Read the full press release.