Geopark Holdings Limited New exploration discovery in Colombia (4340G)
June 06 2013 - 2:00AM
UK Regulatory
TIDMGPK
RNS Number : 4340G
Geopark Holdings Limited
06 June 2013
Embargoed for release at 7:00 6 June 2013
am
GEOPARK HOLDINGS LIMITED
NEW EXPLORATION DISCOVERY IN COLOMBIA
GeoPark Holdings Limited ("GeoPark"), the Latin American oil and
gas explorer, operator and consolidator with operations and
producing properties in Chile, Colombia, Brazil and Argentina (AIM:
GPK), is pleased to announce the successful drilling, testing and
putting into production of the new Potrillo 1 exploration well in
the Yamu Block in the central Llanos basin in Colombia. GeoPark
operates the Yamú Block.
GeoPark drilled and completed the Potrillo 1 well to a total
depth of 3,560 metres. A production test conducted with a jet pump
in the Carbonera C7 formation, at approximately 3,014 metres,
resulted in a production rate of approximately 650 barrels of oil
per day ("bopd") of 33.0 API oil with an approximately 50% water
cut. Further production history will be required to determine
stabilized flow rates and the extent of the reservoir. Surface
facilities are already in place and the produced crude oil is now
being marketed and sold.
Commenting, James F. Park, CEO of GeoPark, said:
"Congratulations to our team who are continuing to have exploration
success on our attractive acreage in Colombia and immediately
turning it into new production and cash flow. Since acquiring our
position in Colombia a little more than one year ago, GeoPark has
made three new oil field discoveries (operated) and more than
doubled our net oil production."
In accordance with the AIM Rules, the information in this
announcement has been reviewed by Salvador Minniti, a geologist
with 32 years of oil and gas experience and Director of Exploration
of GeoPark.
GeoPark can be visited online at www.geo-park.com
For further information please contact:
GeoPark Holdings Limited
Juan Pablo Spoerer (Chile)
Pablo Ducci (Chile) +54 2 2242 9600
Oriel Securities - Nominated Adviser and
Joint Broker
Michael Shaw (London) +44 (0)20 7710 7600
Tunga Chigovanyika (London)
Macquarie Capital (Europe) Limited - Joint
Broker
Steve Baldwin (London) +44 (0)20 3037 2000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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