GeoPark Provides Update and Internal Reserve Estimate for the Tigana oil Field in the Llanos 34 Block in Colombia - GeoPark
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GeoPark Limited (“GeoPark”) (NYSE: GPRK), the Latin American oil and gas explorer, operator and consolidator with operations in Chile, Colombia, Brazil, Argentina and Peru, provides an update and preliminary internal reserve estimate for the Tigana oil field in the Llanos 34 Block in Colombia. GeoPark operates and has a 45% working interest in the Llanos 34 Block.

From well drilling and production information to date, 3D seismic mapping, and a field area size estimate of 3,000-4,000 acres, GeoPark’s preliminary internal original oil in place (OOIP) estimate is 140-170 million barrels of oil (mmbo) and preliminary internal 3P gross reserve estimate is 45–65 mmbo for the Tigana oil field. Additional appraisal drilling will be required to delineate the Tigana field and, therefore, the above figures are preliminary and subject to change with new information.

GeoPark discovered the Tigana oil field in December 2013 and, since that time, its team in Colombia has moved efficiently to:

  • Drill a total of eight wells;
  • Put seven wells in production with a total current rate of approximately 11,000 bopd gross – and a water cut of approximately 3.5%;
  • Install facilities and infrastructure to handle approximately 20,000 barrels of fluid per day (“bfpd”) (with plans underway to expand to 100,000 bfpd); and
  • Produce approximately 2.1 million barrels of oil to date.

The Tigana field represents a combination trap with a structural component (to the east, west and north) and a stratigraphic component (to the south). Oil has been tested and is being produced from both the Mirador (approximately 21-29° API crude oil) and Guadalupe (approximately 15.5° API crude oil) formations.

Read the full press release.