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 the discovery of the new Curucucu oil field in the Llanos 34 block (GeoPark operated with a 45% WI) in Colombia.
GeoPark drilled and completed the Curucucu 1 exploration well to a total depth of 14,600 feet. A production test conducted with an electric submersible pump in the Guadalupe formation resulted in a production rate of approximately 1,700 barrels of oil per day, of 15.8 degrees API, with 0.4% water cut, through a choke of 100/64 inches and wellhead pressure of 70 pounds per square inch. Additional production history is required to determine stabilized flow rates of the well. Surface facilities are in place and the well is already in production. Petrophysical log analysis during drilling also indicated the presence of potentially productive hydrocarbons in the shallower Mirador formation.
To minimize surface construction costs and share production facilities, the Curucucu 1 exploration well was drilled from an existing well pad in the recently discovered Jacamar oil field. The well was drilled with a horizontal extension of more than 9,000 feet; representing a record for the Llanos 34 block. Curucucu oil field is located on a new fault trend to the east of Tigana/Jacana fault trend, adjacent to the Jacamar oil field. It is the eleventh oil field discovered by GeoPark since acquiring the prolific Llanos 34 block in 2012, and one of three new oil fields added in 2017.
GeoPark plans to drill approximately seven wells in the Llanos 34 block during 3Q2017 with a focus on further delineating the southern Jacana and northern Tigana oil fields.
James F. Park, CEO of GeoPark, said: "Another geological and operational win for our team - with our thirteenth new oil field discovery in Colombia and successfully drilling a highly technical well with an extended reach. GeoPark's long term investment in our people, oil and gas capabilities, and regional platform continues to pay off and propel us into the leading position to take advantage of the exciting and abundant opportunities in Latin America today."
GeoPark can be visited online at www.geo-park.com
Additional information about GeoPark can be found in the "Investor Support" section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward looking statements contained in this press release can be identified by the use of forward-looking words such as anticipate,'' believe,'' could,'' expect,'' should,'' plan,'' intend,'' will,'' estimate'' and potential,'' among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including the acquisition, estimated capital expenditures and currently estimated gross unrisked resources relating to the acquisition. Forward-looking statements are based on management's beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission.
The reserve estimates provided in this release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. Statements relating to reserves are by their nature forward-looking statements.
Readers are cautioned that the exploration resources disclosed in this press release are not necessarily indicative of long term performance or of ultimate recovery. Unrisked prospective resources are not risked for change of development or chance of discovery. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. There is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective Resource volumes are presented as unrisked.
Stacy Steimel, +562 2242 9600
Shareholder Value Director
Buenos Aires, Argentina
Dolores Santamarina, +5411 4312 9400
New York, USA
Sard Verbinnen & Co
Jared Levy, +1 212-687-8080
Kelsey Markovich, +1 212-687-8080