GeoPark provides Q2 2014 production update

GeoPark Limited the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia, Brazil and Argentina, today announces its 2Q 2014 operational update.

For the quarter ended June 30, 2014, GeoPark’s oil and gas average production increased 57% to a record 20 441 bpd, compared to 2Q 2013. Production increases were led by strong growth from GeoPark’s Llanos 34 Block in Colombia and the start-up of production in the Company’s Tierra del Fuego Blocks in Chile. The Company continues on-track to reach full year production targets.

In 2Q 2014, a total of 13 new wells were drilled, consisting of seven wells in Chile and six wells in Colombia, of which ten were exploration wells and three were development and appraisal wells. These new wells are part of the total US$ 220 million to US$ 250 million work and investment program in 2014, which consists of drilling 50 - 60 wells.

Oil and Gas Production UpdateConsolidated:

In 2Q 2014, total oil and gas average production increased 57% to 20,441 boepd, compared to 13 020 boepd reported for 2Q 2013.  On a proforma basis (includes operations from the recently closed Manati field acquisition in Brazil in both periods), average production increased by 21%.

Consolidated oil production accounted for 70% of total reported production and increased by 33% to 14 325 bopd in 2Q 2014, compared to 10 798 bpd for 2Q 2013.

Colombia:

In Colombia, oil production increased by 68% compared to 2Q 2013. This increase is mainly a result of the new discoveries in the Tigana, Tigana Sur and Aruco fields in the Llanos 34 Block (GeoPark operated with a 45% working interest (WI)) as well as the development and appraisal of the Max, Tua and Tarotaro fields.

Adapted from a press release by David Bizley

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/18072014/geopark-provides-q2-2014-production-update/