GPK14 Dec 2012 07:46
TUA OIL FIELD DEVELOPMENT IN COLOMBIA
GeoPark Holdings Limited ("GeoPark" or the "Company"), the Latin American oil and gas exploration and production company with operations and producing properties in Chile, Colombia and Argentina (AIM: GPK), is pleased to announce the successful drilling, testing and putting into production of a new oil well in the Tua oil field on the Llanos 34 Block in Colombia. GeoPark operates and has a 45% working interest in the Llanos 34 Block.
GeoPark drilled and completed the Tua 3 well to a total depth of 3,276 metres. A test conducted with an electrical submersible pump (ESP) in the Mirador formation, at approximately 3,031 metres, resulted in a production rate of approximately 1,127 barrels of oil per day ("bopd") of 19.4° API oil, with less than a 1% water cut, through a choke of 17 millimetres and well head pressure of 25 pounds per square inch. Further production history will be required to determine stabilized flow rates and the extent of the reservoir. Surface facilities are already in place and the produced crude oil is now being marketed.