GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), an independent Latin American oil and gas explorer, operator and consolidator today announced its first hydrocarbon discovery in the Perico block (GeoPark non-operated, 50% WI) in the Oriente basin in Ecuador.
The Jandaya 1 exploration well was drilled and completed to a total depth of 10,975 feet where a total of 70-80 feet vertical depth of potential hydrocarbon bearing reservoir was encountered in three formations, with the Hollin formation as the main target.
To date, the operator has carried out production tests in the lower Hollin formation, showing a production rate of 750 barrels of oil per day of 28 degrees API and 0.8 million standard cubic feet per day of gas, for a combined 890 barrels of oil equivalent per day with a 8% water cut, after five days of testing. The complete testing program is underway, and the operator plans to start production tests in the upper Hollin formation in the upcoming days. Additional testing and production history will be required to determine stabilized flow rates of the well and the extent of the reservoir.
Oil production from Jandaya 1 is already being delivered to a nearby access point on Ecuador’s main pipeline system for sale to export markets.
GeoPark and its partner Frontera Energy Corporation are currently evaluating subsequent activities in the Jandaya field, including a potential development plan.
The drilling rig in the Perico block is currently moving to the Tui exploration prospect, located 6 km south of the Jandaya 1 well, to be spudded in February 2022. Tui also has the Hollin formation as its main objective (an analogue of Jandaya).
Further exploration activities are budgeted to continue in Ecuador during 2022 in the Espejo Block (GeoPark operated, 50% WI) with the acquisition of 60 sq km of 3D seismic to be followed by the drilling of a first exploration well in the block, expected to spud in 2H2022.
The Espejo and Perico blocks are attractive, low-risk exploration blocks located in Sucumbios Province in the Oriente basin in north-eastern Ecuador. The blocks are adjacent to multiple discoveries and producing fields and have access to existing infrastructure with spare capacity and a well-developed service industry.
These activities are part of GeoPark’s self-funded 2022 capital expenditures program of $160-180 million, that aims to drill 40-48 gross wells, including an extensive exploration drilling program which targets high-potential, short-cycle and near-field projects on big proven acreage next to GeoPark’s core Llanos 34 block (GeoPark operated, 45% WI) in Colombia plus other exploration targets in Colombia and Ecuador.1
James F. Park, Chief Executive Officer of GeoPark, said: “Congratulations and thanks to GeoPark’s oil finding team for opening up another new exciting region of opportunity for expansion and growth. Risk-managed, short-cycle exploration has been the backbone of GeoPark’s successful track record and 75% of our current production comes from reserves which have been discovered by our G&G team. Historically, over the last 20 years, our team has an over 75% drilling success rate. This new discovery in Ecuador – which is already on production and being marketed – is the first exploration success of our very active 2022 work program which includes 15-20 exploration wells – none of which are factored into our production targets for the year.”
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