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GeoPark sees Llanos success onshore Colombia

30th October 2014

GeoPark Limited has lauded an increase in its preliminary internal reserve estimate for the Tigana oil field in the Llanos 34 Block in Colombia

GeoPark sees Llanos success onshore Colombia
The Tigana field represents a combination trap with a structural component (to the east, west and north) and a stratigraphic component (to the south)

From well drilling and production information to date, 3D seismic mapping, and a field area size estimate of 3,000-4,000 acres, GeoPark’s preliminary internal original oil in place (OOIP) estimate is 140-170 million barrels of oil (mmbo) and preliminary internal 3P gross reserve estimate is 45–65 mmbo for the Tigana oil field.

“The reserve and value growth of the Tigana field is an important component of the overall success of our Llanos 34 Block – one of Colombia’s leading production growth stories in recent years,” said James F. Park, CEO of GeoPark.

“After acquiring the Llanos 34 Block in 2012, GeoPark has grown production from zero to over 22,000 bopd gross (10,000 bopd net).”

Additional appraisal drilling will be required to delineate the Tigana field and, therefore, the above figures are preliminary and subject to change with new information.

GeoPark operates and has a 45 per cent working interest in the Llanos 34 Block.

GeoPark discovered the Tigana oil field in December 2013 and, since that time, its team in Colombia has moved efficiently to drill a total of eight wells and put seven wells in production with a total current rate of approximately 11,000 bopd gross – and a water cut of approximately 3.5 per cent

It has installed facilities and infrastructure to handle approximately 20,000 barrels of fluid per day (bfpd) (with plans underway to expand to 100,000 bfpd) and produced approximately 2.1 million barrels of oil to date.

The Tigana field represents a combination trap with a structural component (to the east, west and north) and a stratigraphic component (to the south). Oil has been tested and is being produced from both the Mirador (approximately 21-29° API crude oil) and Guadalupe (approximately 15.5° API crude oil) formations.

DeGolyer & MacNaughton (D&M), the independent reserve appraiser, is currently evaluating information on the Tigana field and will perform an updated reserve certification as of December 2014.

As a reference, at the end of 2013, with only two wells drilled, D&M certified 3P reserves of approximately 14.6 mmbo gross (6.6mmbo net) for the Tigana field under PRMS. At the end of 2013, for GeoPark’s oil and gas properties in Chile, Colombia and Brazil, D&M certified total net 3P reserves of 131 mmbo (and 2P net reserves of 70.2 mmbo) under PRMS. These figures do not include GeoPark’s recent acquisition in Peru.

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