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, Peru, Argentina, Brazil and Chile, today announced the successful testing of the Tigana Norte 9 appraisal well in the Tigana oil field in the Llanos 34 block (GeoPark operated, 45% WI) in Colombia.
GeoPark drilled and completed the Tigana Norte 9 well to a total depth of 11,581 feet. A production test conducted with an electric submersible pump in the Guadalupe formation resulted in a production rate of approximately 1,150 bopd of 13.9 degrees API, with approximately 1% water cut, through a choke of 80/64 inches and wellhead pressure of 120 pounds per square inch. 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 9 well was drilled outside the 3P reserve outline defined in the 2017 DeGolyer and MacNaughton reserve certification and did not encounter an oil-water contact. The well extends and broadens the Tigana oil field towards the northeastern limits of the Llanos 34 block.
Reporting Date for 1Q2018 Results Release, Conference Call and Webcast
GeoPark will report its 1Q2018 financial results on Monday, May 7, 2018 after the market close.
In conjunction with 1Q2018 results press release, GeoPark’s management will host a conference call on May 8, 2018 at 10:00 am (Eastern Daylight Time) to discuss these 1Q2018 financial results. To listen to the call, participants can access the webcast located in the Investor Support section of the company’s website at www.geo-park.com.
Interested parties may participate in the conference call by dialing the numbers provided below:
United States Participants: 866-547-1509
International Participants: +1 920-663-6208
Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.
An archive of the webcast replay will be made available in the Investor Support section of the company’s website at www.geo-park.com after the conclusion of the live call.
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, and 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.