GeoPark Holdings Limited announced the successful drilling, testing and putting into production of two new oil wells in Colombia: Max 2 in the Max oil field in the Llanos 34 Block and La Cuerva CH NE 1 in the La Cuerva oil field in the La Cuerva Block. GeoPark operates both blocks - with a 45-percent working interest in Llanos 34 Block and a 100-percent working interest in La Cuerva Block.
GeoPark drilled and completed the Max 2 well to a total depth of 10,866 feet (3,312 meters). A test conducted with an electrical submersible pump (ESP) in the Guadalupe formation, at approximately 10,171 feet (3,100 meters), resulted in a production rate of approximately 1,532 barrels of oil per day (bopd) of 13.7 API oil, with less than a 1 percent water cut, through a choke of 19 millimeters (mm) and well head pressure of 70 pounds per square inch (psi). 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 and sold. The Max oil field was discovered in March 2012 with the Max 1 well, which is currently producing at a rate of approximately 1,031 bopd.
GeoPark drilled and completed La Cuerva CH NE 1 well to a total depth of 4,196 feet (1,279 meters). A test conducted with an ESP in the Carbonara C5 formation, at approximately 3,855 feet (1,175 meters), resulted in a production rate of approximately 440 bopd of 20.8 API oil, with a 14% water cut, through a choke of 8.7 mm and well head pressure of 100 psi. 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 and sold.
GeoPark has interests in ten exploration, development and production blocks in Colombia - in addition to interests in six blocks in Chile and three blocks in Argentina. During 2013, GeoPark will carry out a 35-45 well drilling program in Colombia and Chile - with a total expected work program investment of $200-230 million.
James F. Park, CEO of GeoPark, said: "Since acquiring our Colombian projects just one year ago, we have hit the ground running and been able to record continuous growth in our crude oil production -- both from exploration and development drilling. We are also pleased that our Colombian drilling activities are matching our recent drilling successes in Chile and leading to overall increases in production and cash flow. We look forward to further positive results from our $200+ million investment program through 2013."
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