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Geopark Announces Third Quarter 2019 Operational Update

Gasoil News - Published on Tue, 22 Oct 2019

Image Source: businesswire.com
Leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador, GeoPark Limited announced its operational update for the three-month period ended September 30, 2019.

Third Quarter 2019 Highlights

Consolidated oil and gas production up 6% to 39,619 boepd - adjusting for divested blocks, consolidated production increased by 9% (3% higher compared to 2Q2019)

Oil production increased by 8% to 33,693 bopd

Colombian oil production increased by 8% to 31,394 bopd (12% increase adjusting for divested blocks)

Chilean production increased by 27% to 3,358 boepd

New Guaco oil field discovered along the most western fault trend in block potentially opening-up new trend

Five new wells were tested and put on production in block

New wells drilled and tested are currently producing more than 3,600 bopd gross In Brazil on the REC-T-128 block (GeoPark operated, 70% WI)

New discovered Praia dos Castelhanos oil field initiated long-term testing at rate of approximately 200-220 bopd

Acquired three low-cost, low-risk exploration blocks in the Llanos basin in Colombia in partnership with Hocol (a 100% subsidiary of Ecopetrol) - with GeoPark selected as Operator - and adding 86-155 mmbbl of gross unrisked exploration resources1

Acquired four new attractive low-risk, low-cost blocks in Brazil, strengthening GeoPark's existing portfolio in the Reconcavo and Potiguar basins and adjacent to existing producing fields

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Posted By : Rabi Wangkhem on Tue, 22 Oct 2019
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