GPK Geopark

TIDMGPK

RNS Number : 4340G

Geopark Holdings Limited

06 June 2013

 
 Embargoed for release at 7:00    6 June 2013 
  am 
 

GEOPARK HOLDINGS LIMITED

NEW EXPLORATION DISCOVERY IN COLOMBIA

GeoPark Holdings Limited ("GeoPark"), the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia, Brazil and Argentina (AIM: GPK), is pleased to announce the successful drilling, testing and putting into production of the new Potrillo 1 exploration well in the Yamu Block in the central Llanos basin in Colombia. GeoPark operates the Yamú Block.

GeoPark drilled and completed the Potrillo 1 well to a total depth of 3,560 metres. A production test conducted with a jet pump in the Carbonera C7 formation, at approximately 3,014 metres, resulted in a production rate of approximately 650 barrels of oil per day ("bopd") of 33.0 API oil with an approximately 50% water cut. 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.

Commenting, James F. Park, CEO of GeoPark, said: "Congratulations to our team who are continuing to have exploration success on our attractive acreage in Colombia and immediately turning it into new production and cash flow. Since acquiring our position in Colombia a little more than one year ago, GeoPark has made three new oil field discoveries (operated) and more than doubled our net oil production."

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 
 Juan Pablo Spoerer (Chile) 
  Pablo Ducci (Chile)                          +54 2 2242 9600 
 
 Oriel Securities - Nominated Adviser and 
  Joint Broker 
 Michael Shaw (London)                         +44 (0)20 7710 7600 
 Tunga Chigovanyika (London) 
 
 Macquarie Capital (Europe) Limited - Joint 
  Broker 
 Steve Baldwin (London)                        +44 (0)20 3037 2000 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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