GeoPark Ltd., the Latin American oil and gas explorer, operator and consolidator with operations in Chile, Colombia, Brazil, Argentina and Peru, announced a new oil field discovery following the drilling of exploration well Jacana 1, located on the Llanos 34 Block in Colombia. GeoPark operates and has a 45% working interest in the Llanos 34 Block.
The Jacana field is located southwest of the large Tigana oil field, following the same fault trend, and appears to be a combination structural-stratigraphic trap. GeoPark drilled and completed the Jacana 1 exploratory well to a total depth of 10,900ft. Both the Guadalupe and Mirador formations had indications of hydrocarbons during drilling and from electric log interpretation. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 10,200ft, resulted in a production rate of approximately 1880 b/d of 14.9 degree API, with approximately 1.9% water cut. Further production history is required to determine stabilized flow rates of the well and the extent of the field.
GeoPark restarted its drilling campaign in June 2015 with successful results so far that include the Chachalaca light oil discovery recently announced on 27 August, 2015. Currently, the company is drilling the Tilo 2 appraisal well, also in the Llanos 34 Block, with testing scheduled for the following weeks. The company is planning to begin drilling the Jacana 2 appraisal well following the completion of Jacana 1.
These activities are part of the company's fully-funded 2015 work program that can be adjusted to different oil price scenarios in order to match cash flows from operations, preserve cash and maintain balance sheet strength.