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News Breaks
July 10, 2014
08:05 EDTGPRKGeoPark announces new oil well discovry in Llanos 34 Block IN colombia
GeoPark announced the discovery of the Tigana Norte 1 oil well on its Llanos 34 Block in Colombia. GeoPark is the Operator of and has a 45% working interest in the Llanos 34 Block. GeoPark drilled and completed the Tigana Norte 1 well to a total depth of 12,141 feet. A test at approximately 11,557 feet, resulted in a production rate of approximately 1,061 Bopd of 14.6 degrees API, with a 0.49% water cut, through a choke of 24/64 inches and well head pressure of 235 pounds per square inch. Further production history will be required to determine stabilized flow rates of the well. The field is currently producing over 8,500 bopd gross from the 5 wells drilled and completed to date. The company is carrying out further development and appraisal drilling this year on the Tigana Field complex.
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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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