GeoPark Announces First Quarter 2017 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 Peru, today announced its operational update for the three-month period ended March 31, 2017 (“1Q2017”).

(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

  • Consolidated oil and gas production up 12% to 25,180 boepd (up 6% compared to 4Q2016)
  • Oil production up 25% to 20,487 bopd
  • Gas production down 24% to 28.2 mmcfpd
  • 1Q2017 exit production of approximately 26,100 boepd
  • 2017 exit production target of 30,000+ boepd

Exploration, Appraisal and Development Well Drilling Success

  • In Colombia in the Llanos 34 Block (GeoPark operated with 45% WI):
  • Discovery of new Chiricoca oil field with Chiricoca 1 exploration well currently producing 950 bopd gross
  • Further appraisal and development of the Jacana oil field with:
  • Appraisal well Jacana 11 extending south-west limits of field and currently producing 2,200 bopd gross
  • Appraisal well Jacana Sur 2 and development wells Jacana 7 and Jacana 8 were drilled and are waiting for completion/testing expected during April/May
  • Further development of Tigana oil field with:
  • Tigana Sur 6 development well found thicker Guadalupe pay and is currently producing 1,700 bopd gross

Read the full press release.