SANTIAGO, Chile, June 13, 2013 /PRNewswire/ -- 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
Tua 4 well in the Tua oil field on the Llanos 34 Block in
Colombia. GeoPark operates and has a 45% working interest in
the Llanos 34 Block.
(Logo: http://photos.prnewswire.com/prnh/20130603/MX24008LOGO-b
)
GeoPark drilled and completed the Tua 4 well to a total depth of
3,432 metres. A test conducted with an electric submersible pump
("ESP") in the Gacheta formation, at approximately 3,290 metres,
resulted in a production rate of approximately 526 barrels of oil
per day ("bopd") of 11 degrees API oil, with 3% water cut, through
a choke of 51 mm and well head pressure of 125 pounds per square
inch ("psi"). A second test conducted with an ESP in the Guadalupe
formation, at approximately 3,260 metres, resulted in a production
rate of approximately 857 bopd of 16.1 degrees API oil, with a 1.3%
water cut, through a choke of 19 millimetres and well head pressure
of 59 psi. 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 from the
Guadalupe formation is now being marketed and sold.
The Tua oil field was discovered in July
2012 with the Tua 1 well. Current gross production of the
Tua oil field is approximately 4,800 bopd.
GeoPark has announced the discovery of three oil fields (Max,
Tua and Potrillo) since moving into Colombia in early 2012 and Colombia oil production net to GeoPark grew to
4,932 bopd in 1Q 2013 – representing a 66% increase vs. proforma 1Q
2012. During 2013, GeoPark plans to carry out a 15-20 well
exploration and development drilling program in Colombia and is currently testing a new
prospect on the Llanos 34 Block.
GeoPark has interests in 27 exploration, development and
production blocks in Colombia,
Chile, Brazil and Argentina. During 2013,
GeoPark plans to carry out a total 35-45 well drilling program with
an expected work program investment of US$200-230 million.
Commenting, James F. Park, CEO of
GeoPark, said: "GeoPark has continued to demonstrate consistent
success from the drill bit – leading to important growth in our
production, reserves and cashflow. We look forward to further
results this year from our active drilling campaign currently
underway in both Colombia and
Chile."
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
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Juan Pablo Spoerer
(Chile)
Pablo Ducci
(Chile)
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+54 2 2242
9600
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Oriel Securities –
Nominated Adviser and Joint Broker
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Michael Shaw
(London)
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+44 (0)20 7710
7600
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Tunga Chigovanyika
(London)
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Macquarie Capital
(Europe) Limited – Joint Broker
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Steve Baldwin
(London)
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+44 (0)20 3037
2000
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SOURCE GeoPark Holdings Limited