BOGOTA, Colombia--(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 Peru, today announced the successful drilling and testing of the Tigana Norte 4 appraisal well in the Tigana oil field in Llanos 34 block (GeoPark operated, 45% WI) in Colombia.
GeoPark drilled and completed the Tigana Norte 4 well to a total depth of 11,730 feet. Oil shows during drilling and petrophysical analysis indicated the potential for hydrocarbons in both Guadalupe and Mirador formations. A production test conducted with an electric submersible pump in the Guadalupe formation resulted in a production rate of approximately 1,900 bopd of 14.1 degrees API, with approximately 1.8% water cut, through a choke of 34/64 inches and wellhead pressure of 178 pounds per square inch. Bottom-hole pressure recorders from latest testings performed indicated a producing drawdown of approximately 30%. Additional production history is required to determine stabilized flow rates of the well. Surface facilities are in place and the well is already in production.
The Tigana Norte 4 well follows the recently drilled Tigana Norte 3 and Tigana Norte 2 wells (currently producing 4,600 bopd with less than 0.2% water cut in aggregate) and extends and broadens the Tigana oil field towards the northeastern limits of the Llanos 34 block. The well was drilled outside the 3P reserve outline defined in the 2016 DeGolyer and MacNaughton (D&M) reserves certification, to a bottom-hole location that is approximately 75 feet down dip of the Tigana Norte 1 well (previous lowest-known-oil in the 2016 D&M reserves certification), and did not encounter the oil-water contact.
GeoPark is currently drilling the Tigana Norte 5 well to a bottom-hole location that is further down dip of Tigana Norte 4 well to further delineate the northeastern boundaries of the Tigana oil field.
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 preliminary production test results for the Tigana Norte well, hydrocarbon production in both the Guadalupe and Mirador formations, expected growth for GeoPark and Latin America’s under-developed hydrocarbon potential. 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.