GeoPark, the Latin American oil and gas explorer, operator and consolidator, has announced a new oil field discovery following the drilling of exploration well Chachalaca 1, located on the Llanos 34 Block in Colombia. This is the seventh oil field discovery since the company entered the block in 2012. GeoPark operates and has a 45% working interest in the Llanos 34 Block.
The Chachalaca 1 exploratory well was drilled to a total depth of 12,270ft and completed. A test conducted with an electrical submersible pump in the Mirador formation, at approximately 11,606ft, resulted in a production rate of approximately 1100 b/d of 30°API, with approximately 6% water cut. Further production history is required to determine stabilized flow rates of the well and the extent of the field.
GeoPark’s drilling campaign restarted in June 2015 with two rigs currently operating in Colombia. Also in the Llanos 34 Block, the Jacana 1 exploration well and the Tilo 2 appraisal well are currently being drilled. Testing of these wells is expected to be conducted in the following weeks.
For the year 2015 GeoPark implemented a self-funded and flexible work program that can be adjusted to different oil price scenarios to match cash flows from operations.
“The Llanos 34 Block – particularly the Tigana and Tua oil fields – represents attractive low risk, low cost and high netback fields which provide a profitable production base during periods of low oil prices as currently being experienced",” said James F. Park, CEO of GeoPark.
Image: Llanos 34 Block/GeoPark