SANTIAGO, Chile--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: “GPRK”), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina, and Peru1, today announced the start-up of its drilling program in the Llanos 34 Block (GeoPark operated with a 45% working interest) in Colombia.
GeoPark’s 2016 drilling program in the Llanos 34 Block commenced the second week of June with the spudding of the Jacana 3 appraisal well and is expected to continue with the drilling of the Jacana 4 well. The Jacana oil field, discovered in September 2015, is currently producing approximately 5,700 bopd gross from two wells and is located south-west and on trend with the large Tigana oil field.
In Colombia, GeoPark is targeting to drill approximately 6 wells (including 1-2 exploration wells) in the Llanos 34 Block during 2016 to continue the Company’s low cost economic production growth. This block became a leading geological and economic success story, providing multiple oil field discoveries year after year since it was started-up by GeoPark in early 2012.
These activities are part of the Company’s risk balanced, fully funded and modular 2016 work program that can be rapidly adjusted based on different oil price scenarios to preserve cash or to accelerate growth.
GeoPark can be visited online at www.geo-park.com
Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including expected 2016 production growth and capital expenditures plan. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission.
1 Transaction executed with Petroperu on October 1, 2014 with final closing subject to Peru Government approval