Geopark Announces First Quarter 2016 Operational Update - GeoPark
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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 its operational update for the three month period ended March 31, 2016 (“First Quarter” or “1Q2016”).

(All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified).

Quarterly Highlights

  • Oil and gas production up 15% to 22,518 boepd

– Oil production up 16% to 16,347 bopd
– Gas production up 12% to 37.0 mmcfpd

  • Work program quickly adjusted to manage through lower first quarter oil prices

-Adopted more conservative 2016 work program scenario for $25-30/bbl oil price environment with $20-25 million capital investment targeting 0-5% production growth. Modular work program can be increased with sustained increase in oil prices
– Continued cost cutting with meaningful operating, G&A and cash costs reductions. Also included temporary shut-in of 3 marginal fields in Colombia

  • New gas drilling and production in Chile

– Resumed drilling in Chile with gas well Pampa Larga 16 already on production and gas well Ache Este 1 currently under evaluation (good hydrocarbon shows and reservoir potential)

¹Transaction executed with Petroperu on October 1, 2014 with final closing subject to Peru Government approval

Read the full press release.