GeoPark makes oil discovery in Colombia

GeoPark Ltd. reported the successful drilling and testing of the Aruco 1 exploration well on the Llanos Block 34 in the central Llanos basin in Colombia.

A test conducted with an electrical submersible pump in the Guadalupe formation, at a total depth of 10,075 ft, resulted in a gross production rate of 1,154 b/d of 16.8° gravity oil. The well flowed with 4.8% water cut through a 42/64-in. choke and wellhead pressure of 193 psi. The company said further production history will be required to determine stabilized flow rates and the extent of the reservoir.

The Aruco discovery is GeoPark’s sixth oil discovery on Llanos Block 34. Since acquiring the block in 2012 with no production or reserves, the company has increased production on the block to more than 15,000 b/d gross and more than 6,700 b/d net (OGJ Online, July 11, 2012; Mar. 27, 2013; June 17, 2013).

“We have an ambitious risk-balanced work plan for 2014 with 50-60 new wells, with the objective of continuing to build an attractive and enduring upstream business in the high-potential Latin American hydrocarbon market,” said James F. Park, GeoPark chief executive officer.

GeoPark, operator of Llanos Block 34, holds 45% working interest.

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