| 2016-11-23 08:38:45|
GPRK 08:38 11/23 11/23/16
GeoPark announces further expansion of Jacana oil field in Colombia
GeoPark announced the successful testing of the Jacana 6 appraisal well in the Jacana Oil Field in the Llanos 34 Block 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 1,800 bpd of 16 degrees API, with a 17% water cut, through a choke of 38/64 mm and wellhead pressure of 80 pounds per square inch. Additional selective interval testing and production history are required to determine the stabilized 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 3,600 bopd with less than 1% water cut. 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 bopd gross from six wells. DeGolyer & MacNaughton, the independent reserve engineering firm, is currently evaluating information to issue an updated reserve certification as of December, expected to be released in February 2017. GeoPark's total five country program, at a $45-$50 oil price, is targeting 20%-25% production growth from a fully-funded $80-$90M capital program and with a forecasted consolidated exit production of 30,000+ boepd net. James Park, CEO of GeoPark, said: "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."