GeoPark Achieves Further Development Drilling Success at Jacana Oil Field, Colombia

Published: July 26, 2016 |

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GeoPark Limited has reported successful drilling and testing of the Jacana 4 development well in the Jacana oil field in the Llanos 34 Block (GeoPark operated with a 45 percent working interest) in Colombia.

GeoPark drilled and completed the Jacana 4 development well to a total depth of 10,370 feet. A test conducted with an electric submersible pump in the Guadalupe formation resulted in a production rate of approximately 1,950 barrels of oil per day of 16 degrees API, with 1 percent water cut, through a choke of 40/64 mm and wellhead pressure of 70 pounds per square inch. Additional production history is required to determine stabilized flow rates of the well. Surface facilities are in place and the well is already in production.

The Jacana 4 well followed the recent successful Jacana 3 appraisal well, which extended the size of the Jacana field. Jacana 4 was drilled to TD in a record-time of 8.8 days at a total drilling and completion cost of $2.9 million. At current oil prices, Jacana 4 is expected to have an IRR greater than 200 percent and a repayment period of less than six months (before year-end 2016).

GeoPark has identified approximately 40-45 additional drilling locations to fully develop the oil reserves in the Tigana and Jacana oil fields in the Llanos 34 Block.

About GeoPark
GeoPark is a leading independent Latin oil and gas explorer, operator and consolidator with oil and gas assets and growth platforms in Chile, Colombia, Brazil, Peru and Argentina.

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