GeoPark discovers new oil field in Colombia
GeoPark Holdings, the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia, Brazil and Argentina, announced the successful drilling, testing and putting into production of the Tarotaro 1 exploration well on the Llanos 34 Block in Colombia.
The Tarotaro oil field is the fourth oil field discovery in Colombia since GeoPark’s entry into Colombia in early 2012. Previously, GeoPark has announced the Max, Tua and Potrillo oil fields. GeoPark has identified additional attractive prospects on its Colombian properties and is carrying out a 15–20 well drilling program in Colombia in 2013.
GeoPark has interests in exploration, development and production blocks in Colombia, Chile, Brazil and Argentina. During 2013, GeoPark is expected to carry out 35–45 well drilling programmes in Colombia and Chile, with a total expected work program investment of USD 200–230M.
Commenting, James F. Park, CEO of GeoPark, said, "GeoPark is pleased to announce our fourth new oil field discovery in Colombia in a little more than one year. We have seen step-change growth in our production, reserves and cash flow since entering Colombia last year, and we look forward to additional positive results from the on-going 2013 drilling campaign in Colombia and Chile. Our oil finding and operating track-record is the back-bone of GeoPark and it strongly complements our new project acquisition efforts which are successfully building a high potential asset portfolio across four countries.”