GeoPark Announces Third Quarter 2017 Operational Update - GeoPark
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GeoPark Announces Third Quarter 2017 Operational Update

October 12, 2017

RECORD PRODUCTION, NEW OIL FIELD DISCOVERIES, AND EXPANDED ACREAGE

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, Chile, Brazil, Argentina, and Peru, today announced its operational update for the three-month period ended September 30, 2017 (“3Q2017”).

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

Third Quarter Highlights

Oil and gas production up 28%

  • Consolidated oil and gas production up 28% to 28,325 boepd (up 8% compared to 2Q2017)
  • Oil production increased by 37% to 23,237 bopd (up 6% compared to 2Q2017)
  • Colombian oil production increased by 43% to 22,301 (up 6% compared to 2Q2017)
  • Gas production declined by 1% to 30.5 mmcfpd (up 21% compared to 2Q2017)
  • Current production exceeds 29,000 boepd, with the year-end exit production goal of 30,000+ boepd on target and average annual 2017 production close to the high end of the range, 26,500 – 27,500

Colombia drilling success drives gross production to over 50,000 bopd

In the Llanos 34 block (GeoPark operated, 45% WI):

  • Curucucu 1 exploration well discovered new oil field, and currently producing 1,600 bopd
  • Jacana 12 appraisal well successfully drilled and currently producing 3,100 bopd
  • Tigana Norte 2 development well successfully drilled and currently producing 2,000 bopd
  • Jacana 10 appraisal well successfully drilled and currently producing 900 bopd
  • Jacana 13 and 17 appraisal wells drilled and completed with testing planned in fourth quarter
  • New wells drilled are currently producing more than 7,500 bopd gross

→ Read the full press release.