New oil field discovered in Colombia


New oil field discovered in Colombia

BOGOTA -- GeoPark Holdings, a Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia, Brazil and Argentina, has announced 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.

GeoPark drilled and completed the Tarotaro 1 well to a total depth of 3,175 m. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 2,955 m, resulted in a production rate of approximately 2,239 bopd of 15.5 degrees API oil, with a 0.6% water cut, through a choke of 14.3 mm and well head pressure of 250 pounds per square inch. 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 $200-230 million.


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