GeoPark Ltd., Bogota, has cut its 2020 capital expenditures program to $70-80 million, some 60% from prior preliminary estimates ($180-200 million including capital expenditures for Colombian operator Amerisur Resources Plc assets).
The bulk of the revised 2020 work program will be allocated to the Llanos basin in Colombia, both appraisal work in the operated (45%) Llanos 34 Block where, in September 2019, the company discovered oil with the Guaco 1 well, and to carry out discretionary development, appraisal, and exploration activities in the CPO-5 Block (non-operated, 30%) (OGJ Online, Sept. 23, 2019). GeoPark acquired a 30% interest in the ONGC Videsh-operated CPO-5 Block, through its acquisition of Amerisur which closed in January (OGJ Online, Nov. 15, 2019).