GeoPark Announces Second Quarter 2017 Operational Update - GeoPark
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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 June 30, 2017 (“2Q2017”).

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 24%

  • Consolidated oil and gas production up 24% to 26,123 boepd (up 4% compared to 1Q2017)
  • Oil production up 41% to 21,930 bopd (up 7% compared to 1Q2017)
  • Colombian oil production jumped 49% to 20,951 (up 9% compared to 1Q 2017)
  • Gas production down 25% to 25.2 mmcfpd
  • Current production of over 28,000 boepd
  • 2017 exit production target of 30,000+ boepd and average annual 2017 production of 26,500 to 27,500 boepd

Exploration, Field Extension and Value Growth Successes in Colombia

In the Llanos 34 Block (GeoPark operated with a 45% WI):

  • Discovery of the new Jacamar oil field, located in a fault trend southeast of the Tigana/Jacana oil fields
  • Extension of the Jacana oil field with Jacana Sur 2 appraisal well successfully expanding the northwest boundary
  • Jacana 8 appraisal well producing from the Mirador formation and finding additional reserves in the deeper Guadalupe formation
  • New gross production added of approximately 5,700 bopd

Drilling and Testing Underway in Chile and Argentina

  • Kimiri Aike 4 gas development well drilled in 2Q2017 expected to be put into production in 3Q2017 in the Fell Block in Chile (GeoPark operated with a 100% WI)
  • Rio Grande Oeste 1 oil exploration well drilled in 2Q2017 with testing expected in 3Q2017 in the CN- V Block in Argentina (GeoPark operated with a 50% WI)
  • Ache 3 development well in the Fell Block
  • Uaken shallow gas prospect located in the Fell Block

Read the full press release.