GeoPark Completes New Well in Colombia’s Tigana Oil Field

GeoPark Limited announced that it has completed the drilling and testing of a well in Colombia’s Tigana oil field that may have an output of around 1,800 barrels of oil equivalent per day. The development well, the Tigana Sur 4, is already in production after being drilled to a depth of approximately 11,400 feet (3,475 meters) in less than nine days at a cost of $3.1 million USD, according to the company.

Along with eight other wells in the Tigana field, which GeoPark discovered in 2013, this site is now generating roughly 17,000 barrels of oil equivalent per day.

The company also has holdings in the nearby Jacana oil field, which was discovered in September 2015 and is producing around 12,600 barrels per day from six wells. Combined, the two fields have yielded some 13 million barrels to date, according to GeoPark.

The firm plans to complete work on another well, the Chiricoca 1 exploration well, in Tigana this month. GeoPark also expects to begin drilling an appraisal well in the Jacana field before the end of January, another key investment in the more than $80 million USD it has budgeted to spend during 2017 in capital expenditures.

In a statement, the company said it will release more information about its drilling and investment timeline on January 9.