GeoPark Ltd. (NYSE: GPRK) has made an oil discovery on the Llanos 34 Block in Colombia, the company said in a news release.
The company drilled and completed the Chachalaca 1 exploratory well to a total depth of 12,270 ft. A test conducted with an electrical submersible pump in the Mirador formation at about 11,606 ft resulted in a production rate of about 1,100 barrels of oil per day of 30 degree API, according to the news release. The water cut was about 6%.
Further production history is required to determine stabilized flow rates of the well and the extent of the field.
Chachalaca is GeoPark’s seventh oil field discovery since the company entered the block in 2012, said James F. Park, the company’s CEO.
“The Llanos 34 Block—particularly the Tigana and Tua oil fields—represents attractive low risk, low cost and high netback fields which provide a profitable production base during periods of low oil prices as currently being experienced,” Park said in the news release.
Geopark is currently drilling the Jacana 1 exploration well and the Tilo 2 appraisal well, both in the Llanos 34 Block. Testing of these wells is expected to be conducted in the following weeks.
GeoPark, the operator, has a 45% working interest in the Llanos 34 Block.
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