BOGOTA, Colombia, June 18, 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
Tarotaro 1 exploration well 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 Tarotaro 1 well to a total
depth of 3,175 metres. A test conducted with an electrical
submersible pump ("ESP") in the Guadalupe formation, at
approximately 2,955 metres, resulted in a production rate of
approximately 2,239 barrels of oil per day ("bopd") of 15.5 degrees
API oil, with a 0.6% water cut, through a choke of 14.3 millimetres
("mm") and well head pressure of 250 pounds per square inch
("psi"). Further monitoring of 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 Tarotaro 1 is now being marketed and sold. A new
development well, Tarotaro 2, has also been spudded to further
appraise the field.
The Tarotaro oil field is the fourth oil field discovery in
Colombia since GeoPark's entry
into Colombia in early 2012.
Previously, GeoPark has announced the Max, Tua and Potrillo oil
fields. GeoPark has identified additional attractive prospects on
its Colombian properties and is carrying out a 15-20 well drilling
program in Colombia in 2013.
GeoPark has interests in exploration, development and production
blocks in Colombia, Chile, Brazil
and Argentina. During 2013, GeoPark will carry out a total
35-45 well drilling program in Colombia and Chile – with a total expected work program
investment of US$200-230 million.
Commenting, James F. Park, CEO of
GeoPark, said: "GeoPark is pleased to announce our fourth new oil
field discovery in Colombia in a
little more than one year and we believe these results further
demonstrate our team's ability to consistently find and develop oil
and gas reserves through the drill bit. We have seen step-change
growth in our production, reserves and cash flow since entering
Colombia last year and we look
forward to additional positive results from the ongoing 2013
drilling campaign, both in Colombia and Chile. Our oil finding and operating
track-record is the back-bone of GeoPark and it strongly
complements our new project acquisition efforts which are
successfully building a high potential asset portfolio across four
countries."
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:
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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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