GeoPark Announces Third Quarter 2014 Operational Update Production Increases 66% To 21,548 boepd - GeoPark
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GeoPark Limited (“GeoPark”) (NYSE: GPRK), the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia, Brazil, Argentina and Peru1, announces today its 3Q2014 operational update.

Oil and gas production increased 66% to a record 21,548 boepd, compared to 3Q2013 – led by strong and continuing growth from GeoPark’s Llanos 34 Block in Colombia together with the initial contribution from the start-up of production in the Company’s Tierra del Fuego Blocks in Chile. The Company continues on-track to reach full year production targets.

13 new wells were drilled in 3Q2014, consisting of six new wells in Colombia and seven wells in Chile, of which two were exploration wells and eleven were development and appraisal wells. In addition, the Company continued with the delineation and appraisal of the Tigana Field on the Llanos 34 Block in Colombia.

Strategic developments during 3Q2014 include the award in Colombia of a new exploratory block (VIM-3), which covers an area of 225,000 acres in the Lower Magdalena basin. In addition, in October 2014, GeoPark entered into Peru (its fifth country platform in Latin America) through the acquisition of the high-impact Morona Block in a joint-venture with Petroperu. The Morona Block covers an area of 1.9 million acres in the prolific Marañon Basin and includes 55 million barrels of 2P reserves, certified by Ryder Scott, and 200 to 600 million barrels of exploration resources.

Read the full press release.