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GeoPark completes appraisal drilling in Jacana oil field in Colombia

GeoPark, a independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina, and Peru, announced the successful drilling and testing of the Jacana 3 appraisal well in the Jacana oil field in the Llanos 34 Block (GeoPark operated with a 45% working interest) in Colombia.

GeoPark drilled and completed the Jacana 3 appraisal well to a total depth of 11,008 feet. Petrophysical logging analysis in the well demonstrated hydrocarbons throughout the Guadalupe formation without identifying an oil-water contact. A production test in the Guadalupe formation with an electric submersible pump over a period of 7 days resulted in a flow rate of approximately 1,650 barrels per day of oil of 15 degrees API, with approximately 1% water cut, through a choke of 43/64 inches and wellhead pressure of 50 pounds per square inch. Further 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 Jacana oil field was discovered by GeoPark in September 2015 and is located southwest and on trend with the prolific Tigana oil field – also within the Llanos 34 Block. GeoPark has already started drilling the Jacana 4 well and will perform additional drilling to delineate the full extent of the field. (GeoPark plans to drill approximately 6 wells, including 1-2 exploration wells, in the Llanos 34 Block during 2016.)

James F. Park, CEO of GeoPark, commented: “Results speak for themselves. Since acquiring the non-productive Llanos 34 Block in 2012, the GeoPark team has discovered eight new oil fields and grown production from zero to 34,000 barrels of oil per day (gross). This big growth was the result of pioneering a new geological play-type, innovative cost-saving drilling and production operations, and rapid and efficient facility and infrastructure development – all operated within a compatible and shared community environment. And, the bottom-line works. Even at $40 oil prices, new Llanos 34 Block wells cost approximately $3-4 million per well, have IRRs greater than 100% and paybacks in less than 12 months.”

 

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