GeoPark announces its first oil and gas discovery in Ecuador

Quito, Ecuador – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator today announced its first hydrocarbon discovery in the Perico block (GeoPark non-operated, 50% WI) in the Oriente basin in Ecuador.

The Jandaya 1 exploration well was drilled and completed to a total depth of 10,975 feet where a total of 70- 80 feet vertical depth of potential hydrocarbon bearing reservoir was encountered in three formations, with the Hollin formation as the main target.

To date, the operator has carried out production tests in the lower Hollin formation, showing a production rate of 750 barrels of oil per day of 28 degrees API and 0.8 million standard cubic feet per day of gas, for a combined 890 barrels of oil equivalent per day with a 8% water cut, after five days of testing. The complete testing program is underway, and the operator plans to start production tests in the upper Hollin formation in the upcoming days. Additional testing and production history will be required to determine stabilized flow rates of the well and the extent of the reservoir.

Read the full press release.