GeoPark Announces New Jacana Oil Field Discovery in Colombia

GeoPark Limited (“GeoPark”) (NYSE: GPRK), the Latin American oil and gas explorer, operator and consolidator with operations in Chile, Colombia, Brazil, Argentina and Peru¹, today announces a new oil field discovery following the drilling of exploration well Jacana 1, located on the Llanos 34 Block in Colombia. GeoPark operates and has a 45% working interest in the Llanos 34 Block.

The Jacana field is located south-west of the large Tigana oil field, following the same fault trend, and appears to be a combination structural-stratigraphic trap. GeoPark drilled and completed the Jacana 1 exploratory well to a total depth of 10,900 feet. Both the Guadalupe and Mirador formations had indications of hydrocarbons during drilling and from electric log interpretation. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 10,200 feet, resulted in a production rate of approximately 1,880 barrels of oil per day of 14.9 degree API, with approximately 1.9% water cut. Further production history is required to determine stabilized flow rates of the well and the extent of the field.

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