Geopark Holdings Limited Tua oil field development (5193T)
14 December 2012 - 6:00PM
UK Regulatory
TIDMGPK
RNS Number : 5193T
Geopark Holdings Limited
14 December 2012
Embargoed for release 14 December 2012
at 7:00 am
GEOPARK HOLDINGS LIMITED
TUA OIL FIELD DEVELOPMENT IN COLOMBIA
GeoPark Holdings Limited ("GeoPark" or the "Company"), the Latin
American oil and gas exploration and production company with
operations and producing properties in Chile, Colombia and
Argentina (AIM: GPK), is pleased to announce 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% working interest in the Llanos 34 Block.
GeoPark drilled and completed the Tua 3 well to a total depth of
3,276 metres. A test conducted with an electrical submersible pump
(ESP) in the Mirador formation, at approximately 3,031 metres,
resulted in a production rate of approximately 1,127 barrels of oil
per day ("bopd") of 19.4deg API oil, with less than a 1% water cut,
through a choke of 17 millimetres 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 2Q2013.
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 US$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."
In accordance with the AIM Rules, the information in this
announcement has been reviewed by Salvador Minniti, a geologist
with 32 years of oil and gas experience and Director of Exploration
of GeoPark.
GeoPark can be visited online at www.geo-park.com
For further information please contact:
GeoPark Holdings Limited
Andres Ocampo (Buenos Aires) +54 11 4312 9400
Pablo Ducci (Chile) +56 2 2242 9600
Oriel Securities - Nominated Adviser
and Joint Broker
+44 (0)20 7710
Michael Shaw (London) 7600
Tunga Chigovanyika (London)
Macquarie Capital (Europe) Limited
- Joint Broker
+44 (0)20 3037
Jeffrey Auld (London) 2000
Steve Baldwin (London)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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