GeoPark Limited Announces Drilling Successful Drilling and Testing of Tigana Sur 4 Development Well in the Tigana Oil Field in the Llanos 34 Block
January 04, 2017 at 03:05 am IST
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GeoPark Limited (“GeoPark” or the “company”) announced the successful drilling and testing of the Tigana Sur 4 development well in the Tigana oil field in the Llanos 34 Block (GeoPark operated with a 45% working interest) in Colombia, resulting in consolidated net exit production of approximately 24,400 boepd. The company drilled and completed the Tigana Sur 4 development well to a total depth of 11,414 feet. A test conducted with an electric submersible pump in the Guadalupe formation resulted in a production rate of approximately 1,800 bopd of 14.7 degrees API, with 3% water cut, through a choke of 46/64 mm and wellhead pressure of 78 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 Tigana Sur 4 well was drilled to total depth in a record time of 8.8 days, with an estimated drilling and completion cost of $3.1 million. At current oil prices and production rates, this well is expected to have a payback period of less than 6 months and an IRR greater than 500%. The Tigana oil field, discovered by GeoPark in December 2013, has a current production rate of approximately 17,000 bopd gross from 9 wells that have produced over 10 million barrels of oil to-date. Adjacent to Tigana, the Jacana oil field, discovered by GeoPark in September 2015, has a current production rate of approximately 12,600 bopd gross from 6 wells that have produced more than 3 million barrels of oil to-date. The company has initiated its 2017 work program, with completion activities currently underway in the Chiricoca 1 exploration well – located northwest of the Tigana oil field - with testing expected in mid-January 2017, and with the spudding of the Tigana Sur 6 development well. By the end of January, a second rig will be used to start drilling the Jacana 11 appraisal well.
GeoPark Ltd is a Colombia-based company operating in the energy sector. As an oil and gas explorer, operator and consolidator the Company has assets and growth platforms in Colombia, Ecuador, Chile and Brazil. Working interests from operation in 42 hydrocarbon blocks comprise of natural gas exploration and production (E&P) and crude oil production on land as well as offshore across over 700,000 acres. The Del Mosquito block in Argentina's Austral basin, and the Cerro Dona Juana and Loma Cortaderal blocks in the Neuquen basin are wholly owned by GeoPark Holdings Limited, while the Fell block in Chile's Magallanes region is 90% owned by the Company, with the remaining interest in associated infrastructure, production facilities, operating licenses and a technical database are held by state oil firm, Enap.