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April 9, 2014
08:05 EDTGPRKGeoPark announces new oil discovery in Colombia
GeoPark announced the successful drilling and testing of the new Aruco exploration well in the Llanos 34 Block in the central Llanos basin in Colombia. GeoPark operates and has a 45% working interest in the Llanos 34 Block. GeoPark drilled and completed the Aruco 1 well to a total depth of 10,705 feet. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 10,075 feet, resulted in a production rate of approximately 1,154 gross barrels of oil per day of 16.8 API, with approximately 4.8% water cut, through a choke of 42/64 inches and well head pressure of 193 pounds per square inch. Further production history will be required to determine stabilized flow rates and the extent of the reservoir.
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January 20, 2015
07:05 EDTGPRKGeoPark targets 5% production growth in FY15
GeoPark is positioned at the beginning of 2015 with a cash balance of approximately $130M, over 20,000 boepd of oil and gas production, a solid reserve and resource base, a long term-maturing debt profile, and a large portfolio of attractive and largely discretional projects - both oil and gas - in multiple countries. This scale and positioning permit GeoPark to protect and preserve its balance sheet and capital during the current oil price downturn by adjusting investment activity and selectively allocating capital to the optimal projects under current conditions. Preparing for a period of low oil prices and continuous volatility, the company's 2015 plan is based on an average oil price assumption of $45-50 per barrel. At this base oil price assumption, GeoPark is targeting a fully-funded $60M-$70M work and investment program with flat to 5% production growth over 2014 production levels. If oil prices increase, the company will increase its work and investment program on identified drill-ready projects resulting in increased production growth.
07:04 EDTGPRKGeoPark exceeds FY14 production target with 20,557 boepd
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