Breaking News: GeoPark Limited Discovers New Oil Field In Colombia’s Eastern Plain

Latin American oil and gas explorer GeoPark Limited announced this morning a new oil field discovery following the drilling of exploration well Tilo 1, located on the Llanos 34 Block in Casanare Department,Colombia, several hours East of Bogotá. GeoPark operates and has a 45% working interest in the Llanos 34 Block. Geographically speaking, the Tilo prospect was defined as a structural trap with three-way dip closure on the down-thrown side of a normal fault – targeting the two principal productive reservoirs of the Llanos 34 Block: Guadalupe, and the secondary target of Mirador sandstones.

GeoPark drilled and completed the Tilo 1 exploratory well to a total depth of 11,293 feet. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 10,707 feet, resulted in a production rate of approximately 1,000 barrels of oil per day of 14.2 degree API, with approximately 10% water cut. Further production history is required to determine stabilized flow rates of the well and the extent of the field. The company will undertake a technical evaluation to ascertain whether the Tilo field is potentially a northeast extension of the larger Tigana field.

James F. Park, Chief Executive Officer of GeoPark (NYSE: GPRK) which has operations in Chile, Colombia, Brazil, Argentina and Peru, said, “Congratulations to our team who continue to find oil in our Colombian Llanos 34 Block – with Tilo being our sixth oil field discovery. The Llanos 34 Block – particularly the Tigana and Tua oil fields – represents attractive low risk, low cost and high netback fields which provide an important and secure production base during periods of oil price volatility.”