GeoPark Limited, a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina and Peru, today announced the execution of a joint venture agreement related to certain exploration activities in a new high-potential exploration acreage (“Tiple Block Acreage”) in the Llanos Basin in Colombia, through a partnership with CEPSA Colombia S.A. (a subsidiary of CEPSA SAU, the Spanish integrated energy and petrochemical company).
The Tiple Block Acreage is located adjacent to GeoPark’s prolific Llanos 34 block (GeoPark operated, 45% WI), where GeoPark has discovered more than 230 million barrels of oil (mmbo) 3P gross, and increased production from zero to over 50,000 bopd gross in less than five years. The exploration area covers approximately 21,000 acres and has full 3D seismic coverage.
The Agreement provides for GeoPark to drill one exploration well in the Tiple Block Acreage. In the event of a commercial discovery, GeoPark would acquire and operate 85% of the Tiple Block Acreage, subject to other contractual conditions being met. The well is scheduled to be drilled in the first half of 2018, with a total estimated investment of $7-8 million (including drilling, completion, civil works and other facilities).
James F. Park, CEO of GeoPark, said: “This is a meaningful addition to our large oil and gas acreage inventory because of its geographic and geologic proximity to our rapidly-growing and highly-successful Llanos 34 Block. It gives us more valuable land and prospects to further expand the high-impact structural and stratigraphic oil play we are pioneering in the Llanos Basin. We look forward to our first partnership with the CEPSA group – which has an important presence and track-record of success in Latin America.”
Source: GeoPark Limited
Date: Oct 23, 2017