GeoPark Limited Completes Drilling of Two New Oil Wells in Colombia

GeoPark Limited has completed a new exploration well in its Llanos 34 block, where it operates with a 45% working interest. This Chiricoca 1 well was drilled to a total depth of nearly 12,000 feet, and the initial test showed a production rate of 1,000 barrels of oil per day, now giving the company proven reserves in the Chiricoca field. While the well is now online and producing, the company says that more time is needed to determine what long-term output levels can be expected.

GeoPark Limited, which is based in Santiago, Chile, also revealed this week that it has completed its second well this year in its Tigana Field. Following up on its Tigana Sur 4 well that went online in early January, the firm has now drilled its Tigana Sur 6 development well to a depth of 11,645 feet, with an initial production rate of approximately 1,600 barrels per day. Overall, the Tigana field that was already producing some 16,000 barrels of oil per day even before it finished this new well, according to GeoPark.

These two new wells are the product of GeoPark’s plan to drill up to 35 new wells this year among its holdings in Colombia and Latin America. The company revealed in early January that it has budgeted more than $80 million USD in 2017 to spend in capital expenditures

“GeoPark’s active drilling program in the first half of 2017 is already paying off — all underpinned by continued exciting results from our Colombia projects, especially the Tigana and Jacana oil fields where our team keeps drilling to push out and define field boundaries,” said James F. Park, CEO of GeoPark Limited.