GeoPark Announces Fourth 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 Peru, today announced its operational update for the three-month period ended December 31, 2016 (“4Q2016”).

(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 2% to 23,593 boepd (up 7% compared to 3Q2016)
o Oil production up 10% to 18,798 bopd o Gas production down 19% to 28.7 mmcfpd
o Colombian production up 13% to 17,545 boepd
o Annual 2016 average production up 10% to 22,400 boepd
o Record 2016 exit production of approximately 24,400 boepd

• 100% drilling success in Llanos 34 Block (GeoPark operated with 45% WI)
o Jacana 6 appraisal well successfully tested and put on production at approximately 650 bopd with 5-6% water cut – extending the southwest limit of the field with new certified reserve volumes expected to be announced in the first half of February
o Tigana 4 and Tigana Sur 4 wells successfully drilled, tested and put on production at current rate of approximately 6,000 bopd gross

• Initiated 2017 drilling program to accelerate production growth by 20-25%
o 2017 average production expected to grow to 26,500-27,500 boepd with approximately 30-35 new wells
o Chiricoca 1 exploration well successfully drilled and currently being completed for testing expected in mid-January 2017
o 5-6 new wells expected to be drilled in 1Q2017 to continue appraising and developing the
Tigana/Jacana oil field trend
o Initiate onshore exploration drilling in Brazil in early February, with one exploration well in the Reconcavo basin

• Peruvian Presidential Decree received for Morona Block acquisition from Petroperu
o Final regulatory approval received for block which includes Situche Central field (40.2 mmboe gross 2P reserves) and 300-500 mmboe gross exploration resources

• New hedges provide $53-54/bbl oil price floor
o Secured minimum Brent price of $53/bbl and $54/bbl for 2,000 bopd and 4,000 bopd respectively through September 2017
o New volumes complement existing hedged production of 6,000 bopd through June 2017 with a minimum Brent price of $50/bbl
o 50-60% of oil production hedged during 1H2017

Read the full press release.