Independent Latin American oil and gas explorer GeoPark Limited has completed the Jacana 3 appraisal well, in Llanos 34 Block in Colombia, which flowed at a rate of 1,650 barrels per day.
Petrophysical logging analysis in the well, which was drilled to a total depth of 11,008 feet, demonstrated hydrocarbons throughout the asset’s Guadalupe formation without identifying oil-water contact. The Jacana oil field was discovered by GeoPark in September 2015 and is located southwest and on trend with the prolific Tigana oil field - also within the Llanos 34 Block.
GeoPark has already started drilling the Jacana 4 well and will perform additional drilling to delineate the full extent of the field. The company plans to drill approximately six wells, including one to two exploration wells, in the Llanos 34 Block during 2016.
“Results speak for themselves. Since acquiring the non-productive Llanos 34 Block in 2012, the GeoPark team has discovered eight new oil fields and grown production from zero to 34,000 barrels of oil per day (gross),” said James F. Park, CEO of GeoPark, in a company statement.
“This big growth was the result of pioneering a new geological play-type, innovative cost-saving drilling and production operations, and rapid and efficient facility and infrastructure development – all operated within a compatible and shared community environment. And, the bottom-line works. Even at $40 oil prices, new Llanos 34 Block wells cost approximately $3-4 million per well, have IRRs greater than 100 percent and paybacks in less than 12 months,” he added.
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