GeoPark hits oil at Tigana Norte 1 well in Colombia


GeoPark hits oil at Tigana Norte 1 well in Colombia

SANTIAGO -- GeoPark Limited (GeoPark) reported the discovery of the Tigana Norte 1 oil well on its Llanos 34 Block in Colombia. GeoPark is the Operator of and has a 45% working interest in the Llanos 34 Block.

GeoPark drilled and completed the Tigana Norte 1 well to a total depth of 12,141 ft. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 11,557 ft, resulted in a production rate of approximately 1,061 bopd of 14.6 ° API, with a 0.49% water cut, through a choke of 24/64 inches and well head pressure of $402.57 (235 pounds) per square inch. Further production history will be required to determine stabilized flow rates of the well.

Production and reservoir analyses from the Tigana 1, 2 and 3, Tigana Sur 1 and Tigana Norte 1 wells on the Llanos 34 Block now indicate that three previously delineated fields and prospects form part of a single larger combined (structural and stratigraphic) trap and field, productive from the Cretaceous Guadalupe and Tertiary Mirador formations. The field is currently producing over 8,500 bopd gross from the 5 wells drilled and completed to date. The Company is carrying out further development and appraisal drilling this year on the Tigana Field complex, including the Tigana Sur Oeste 1 well that is currently being completed. Preliminary results suggest that the stratigraphic component of the trap could enhance the exploration potential of the Llanos 34 Block area.

Since taking over the Llanos 34 Block with no production and no reserves in Colombia two years ago, GeoPark has grown production on this block to approximately 20,000 bopd gross. In 2014, GeoPark is carrying out a 10 well drilling program on Llanos 34 Block, as part of an overall 18-23 well drilling program in Colombia.

James F. Park, CEO of GeoPark, said, "The extension of the Tigana Field is encouraging and we salute our team in successfully discovering, developing, building the necessary infrastructure and putting into production this field in record time. The Tigana Field production has grown from zero to 8,500 bopd gross in less than 7 months. We also believe the new larger combined Tigana Field interpretation will positively impact the field’s reserves and development potential.”

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