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GeoPark announces Jacana oilfield expansion

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Oilfield Technology,

GeoPark Limited has announced the successful testing of the Jacana 6 appraisal well in the Jacana oilfield in the Llanos 34 Block (GeoPark operated with a 45% working interest) in Colombia.

GeoPark drilled and completed the Jacana 6 appraisal well to a total depth of 11 684 feet. A test conducted with an electric submersible pump in the Guadalupe formation, across multiple sand units, resulted in a production rate of approximately 1800 bpd of 16 degrees API, with a 17% water cut, through a choke of 38/64 mm and wellhead pressure of 80 lb per square inch. Additional selective interval testing and production history are required to determine the stabilised flow rate and water cut source. Surface facilities are in place and the well is already in production.

The Jacana 6 well was drilled to test the western limits of the field and is located approximately 1.7 km southwest of the successful Jacana 5 appraisal well which extended the northwest field boundaries and continues to produce at approximately 3600 bpd with less than 1% water cut (at a formation depth approximately 50 ft down dip of the Jacana 6 well). The successful appraisal drilling in the Jacana Field this year has substantially increased the field size, as well as, grown field production to over 13 000 bpd gross from six wells. DeGolyer & MacNaughton, the independent reserve engineering firm, is currently evaluating information to issue an updated reserve certification as of December 2016 (expected to be released in February 2017).

As recently announced, GeoPark will focus the bulk of its 2017 work and investment programme on appraising and developing the Tigana/Jacana oil trend to determine the full extent of the oil accumulation and continue to grow production. GeoPark’s total five country programme (at a US$45-50 oil price) is targeting 20 - 25% production growth from a fully-funded US$80 - 90 million capital program and with a forecasted consolidated exit production of 30 000+ boe/d net.

James F. Park, Chief Executive Officer of GeoPark, said:

“Great rocks, big traps, high-recovery wells, growing scale, supporting infrastructure, good geography, efficient low costs, and fast cycle self-funding cash flows -all being powered forward by GeoPark’s dependable and motivated operating team. The Tigana/Jacana oil complex is proving up all the ingredients of a world class oil play and a foundational asset to drive GeoPark’s value growth now and in the coming years. Our team continues to push out the boundaries of the field with every new appraisal well. We still have the opportunity to drill 1-2 more development wells before the end of the year and are gearing up to drill another 15+ wells to further appraise this play in 2017.”

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