GeoPark Holdings Limited announced the successful drilling, testing and putting into production of a new oil well in the Tua oil field on the Llanos 34 Block in Colombia. GeoPark operates and has a 45 percent working interest in the Llanos 34 Block.
GeoPark drilled and completed the Tua 3 well to a total depth of 10,748 feet (3,276 meters). A test conducted with an electrical submersible pump (ESP) in the Mirador formation, at approximately 9,944 feet (3,031 meters), resulted in a production rate of approximately 1,127 barrels of oil per day ("bopd") of 19.4 degrees API oil, with less than a 1 percent water cut, through a choke of 17 millimeters and well head pressure of 25 pounds per square inch. Further production history will be required to determine stabilized flow rates and the extent of the reservoir. Surface facilities are already in place and the produced crude oil is now being marketed.
The Tua oil field was discovered in July 2012 with the Tua 1 well, which is currently producing at a rate of approximately 927 bopd. The Tua 2 well, drilled in August 2012, will be completed during December 2012 in the Guadalupe formation. Preliminary interpretations of available seismic data provide evidence that the Tua structure contains multiple drilling opportunities and further development of the field will include the drilling of the Tua 4 and Tua 5 wells in 2Q 2013.
The Tua oil field is the second oil field discovery by GeoPark this year in Colombia where GeoPark discovered the Max oil field earlier this year. GeoPark has identified additional attractive prospects on its Colombian properties and is planning an aggressive and balanced program of development drilling and new exploration during 2013.
GeoPark has interests in ten exploration, development and production blocks in Colombia - in addition to six blocks in Chile and three blocks in Argentina. In 2012, GeoPark will carry out a 42-46 well drilling program in Chile and Colombia - with a total work program investment of $200-210 million.
Commenting, James F. Park, CEO of GeoPark, said: "The result from our new Tua well is significant because it confirms the development and production potential of the Tua oil field and it increases the overall prospectivity of our Colombian acreage where additional attractive opportunities have been identified. We also believe it reflects the strength of our team by its success in hitting the ground running in Colombia this year where we have been able to create value and build a solid business -- with the opportunity to do much more."
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