GeoPark Holdings Limited: New Development Drilling Success in Tua Oil Field in Colombia

SANTIAGO, Chile, June 13, 2013 /PRNewswire/ -- 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 Tua 4 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.

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GeoPark drilled and completed the Tua 4 well to a total depth of 3,432 metres. A test conducted with an electric submersible pump ("ESP") in the Gacheta formation, at approximately 3,290 metres, resulted in a production rate of approximately 526 barrels of oil per day ("bopd") of 11 degrees API oil, with 3% water cut, through a choke of 51 mm and well head pressure of 125 pounds per square inch ("psi"). A second test conducted with an ESP in the Guadalupe formation, at approximately 3,260 metres, resulted in a production rate of approximately 857 bopd of 16.1 degrees API oil, with a 1.3% water cut, through a choke of 19 millimetres and well head pressure of 59 psi. 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 from the Guadalupe formation is now being marketed and sold.  

The Tua oil field was discovered in July 2012 with the Tua 1 well. Current gross production of the Tua oil field is approximately 4,800 bopd.

GeoPark has announced the discovery of three oil fields (Max, Tua and Potrillo) since moving into Colombia in early 2012 and Colombia oil production net to GeoPark grew to 4,932 bopd in 1Q 2013 – representing a 66% increase vs. proforma 1Q 2012. During 2013, GeoPark plans to carry out a 15-20 well exploration and development drilling program in Colombia and is currently testing a new prospect on the Llanos 34 Block.

GeoPark has interests in 27 exploration, development and production blocks in Colombia, Chile, Brazil and Argentina.  During 2013, GeoPark plans to carry out a total 35-45 well drilling program with an expected work program investment of US$200-230 million.

Commenting, James F. Park, CEO of GeoPark, said: "GeoPark has continued to demonstrate consistent success from the drill bit – leading to important growth in our production, reserves and cashflow. We look forward to further results this year from our active drilling campaign currently underway in both Colombia and Chile."

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 

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SOURCE GeoPark Holdings Limited