GeoPark Announces New Oil Field Discovery in Colombia

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 is pleased to announce the successful drilling and testing of the new Aruco 1 exploration well in the Llanos 34 Block in the central Llanos basin in Colombia. GeoPark operates and has a 45% working interest in the Llanos 34 Block.

GeoPark drilled and completed the Aruco 1 well to a total depth of 10,705 feet. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 10,075 feet, resulted in a production rate of approximately 1,154 gross barrels of oil per day (“bopd”) of 16.8° API, with approximately 4.8% water cut, through a choke of 42/64 inches and well head pressure of 193 pounds per square inch. Further production history will be required to determine stabilized flow rates and the extent of the reservoir.

The Aruco discovery represents the sixth new oil field discovery by GeoPark on the Llanos 34 Block in Colombia. Since acquiring the block in 2012 with no production or reserves, GeoPark has grown production on the Llanos 34 Block to over 15,000 bopd gross (over 6,700 bopd net).

Commenting, James F. Park, CEO of GeoPark, said: “Our repeated success with the drill bit has positioned us strongly in Colombia, which represents one of GeoPark’s key drivers – along with Chile and Brazil – of our consistent performance and growth. We have an ambitious risk-balanced work plan for 2014 with 50-60 new wells – with the objective of continuing to build an attractive and enduring upstream business in the high-potential Latin American hydrocarbon market.”

→ Read the full press release.