GeoPark Ltd. drilled and tested a new appraisal well in its Jacana oil field in Colombia this week. The Latin America-focused oil and gas exploration firm drilled its so-called Jacana 11 well to a total depth of more than 11,600 feet and says that its production test, conducted with an electric submersible pump in the Guadalupe formation, revealed a production rate of some 2,100 barrels of oil per day.
The energy company notes, however, that the although the well is now officially in production, it is also “still cleaning up” and GeoPark will need a longer assessment timeline to determine the long-term flow rates that can be expected.
GeoPark CEO James F. Park remains optimistic about the results, however. “More oil, more production, more area, more value, more to come,” said Park. “A great beginning already from the start-up of our 30-plus-well 2017 drilling program.” The company also noted that it plans to follow up this move with the drilling of its so-called Jacana South 2 well to “further test the extension of the field in the north-west direction. ”
In addition to announcing that it completed its new well, GeoPark also recently revealed that it will hold its fourth-quarter earnings call on March 8 at 10:00 am (Eastern Time). The company will also discuss its updated 2016 reserve certification and the recent drilling results during the conference call.