GeoPark Announces Third Quarter 2018 Operational Update - GeoPark
Go Back

GeoPark Announces Third Quarter 2018 Operational Update

October 18, 2018

NEW OIL AND GAS PRODUCTION RECORD AND
NEW EXPLORATION SUCCESSES IN COLOMBIA AND CHILE

Bogotá, Colombia – 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, Peru, Argentina, Brazil and Chile, today announced its operational update for the three- month period ended September 30, 2018 (“3Q2018”).

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 2018 Highlights

New Production Record

  • Consolidated oil and gas production up 31% to 37,214 boepd (up 4% compared to 2Q2018)
  • Oil production increased by 35% to 31,266 bopd (up 3% compared to 2Q2018)
  • Gross operated production in Colombia surpassed 65,000 boepd milestone
  • Gas production increased by 17% to 35.7 mmcfpd (up 6% compared to 2Q2018)
  • Current net production of 38,000 boepd

New Exploration Successes

  • Discovery in Colombia of Tigui oil field with successful drilling and testing of Tigui 1 exploration well in the Llanos 34 block (GeoPark operated, 45% WI), now producing 1,600 bopd
  • Discovery in Chile of Jauke gas field with successful drilling and testing of Jauke 1 exploration well in the Fell block (GeoPark operated, 100% WI), now producing 4.3 mmcfpd and representing the second new gas field discovery in Chile in 2018

New Infrastructure Development

  • Flowline construction to connect the Llanos 34 block oil fields in Colombia to regional pipeline infrastructure is on budget and on schedule, and expected to be operational in 1Q2019

New Project Advances

  • Environmental Impact Assessment (EIA) to initiate operations in Peru in the Situche Central oil field in the Morona block (GeoPark operated, 75% WI), completed, submitted and under review by Peruvian authorities

Upcoming 4Q2018 Catalysts

  • Testing 5 drilled wells and drilling 10 new wells, including development, exploration and appraisal wells in Colombia, Argentina and Brazil
  • GeoPark capital allocation process currently underway and 2019 work program and investment guidelines to be released in November with 3Q2018 results

→ Read the full press release.