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GeoPark Announces New Oil Field Discovery in Argentina
The Rio Grande Oeste 1 exploration well – operated by GeoPark - was drilled and completed to a total depth of 5,500 feet targeting the Grupo Neuquen formation, where fifteen different potential reservoir sands were identified - at depths that range from 1,800 to 5,500 feet - with a potential net pay of 400 feet. Preliminary logging information indicated hydrocarbons in the upper, middle and lower zones. The complete testing program is still underway. To date, GeoPark has carried out production tests in four reservoir sands, with early results showing a production rate by natural flow of approximately 300 bopd of 28.0 degrees API, with a 7% water cut. Additional testing and production history will be required to determine stabilized flow rates of the well.
This discovery derisks other delineated and adjacent light oil prospects in the CN-V block for future drilling and will provide GeoPark with a reserve, production and cash flow base in Argentina. GeoPark and its partner Wintershall are currently evaluating subsequent activities in the CN-V block, including a development plan for the Rio Grande Oeste oil field.
GeoPark acquired an interest in the CN-V block in 2015 through a partnership with Wintershall. The block is located in the Mendoza Province and covers an area of 117,000 acres, with 3D seismic coverage of 180 sq km next to the producing Loma Alta Sur oil field operated by YPF. The 3D seismic survey was acquired by Wintershall in 2015. The CN-V block also has upside potential in the developing Vaca Muerta unconventional play. Wintershall has the right to take over operatorship pursuant to the terms and conditions of the farm-in agreement.
GeoPark’s total work program for 2017 in Argentina includes 7 gross wells ($5-7 million total) expected to be drilled in 2H2017, targeting shallow heavy oil exploration prospects in the Sierra del Nevado and Puelen blocks (Pluspetrol operated, GeoPark with a 18% WI) in the Neuquen Basin. The Puelen block is located north of the producing El Corcobo oil field, operated by Pluspetrol, and Sierra del Nevado is located east of the Llancanelo oil field, operated by YPF.
The Mendoza Province is an attractive location for GeoPark to resume its exploration and drilling activities in Argentina. The Province produces more than 15% of Argentina's oil and offers suitable infrastructure to support, refine and commercialize oil production.
James F. Park, CEO of GeoPark, said: “We are pleased to be back operating and investing in Argentina where GeoPark’s technical team has a long and successful history of finding oil and gas and which also represents a highly attractive under-explored and under-developed hydrocarbon region with multiple new project opportunities.”
GeoPark can be visited online at www.geo-park.com.
Additional information about Wintershall can be found on the website www.wintershall.com.
NOTICE
Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward looking statements contained in this press release can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "will," "estimate" and "potential," among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including the acquisition, estimated capital expenditures and currently estimated gross unrisked resources relating to the acquisition. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission.
The reserve estimates provided in this release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. Statements relating to reserves are by their nature forward-looking statements.
Readers are cautioned that the exploration resources disclosed in this press release are not necessarily indicative of long term performance or of ultimate recovery. Unrisked prospective resources are not risked for change of development or chance of discovery. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. There is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective Resource volumes are presented as unrisked.
ContactsINVESTORS:
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GeoPark Limited
Santiago, Chile
Stacy Steimel, +562 2242 9600
Shareholder Value Director
[email protected]
or
Buenos Aires, Argentina
Dolores Santamarina, +5411 4312 9400
Investor Manager
[email protected]
or
MEDIA:
Sard Verbinnen & Co
New York, USA
Jared Levy, +1 212-687-8080
[email protected]
or
Kelsey Markovich,+1 212-687-8080
[email protected]
BUENOS AIRES, Argentina–(BUSINESS WIRE)–GeoPark Limited (“GeoPark” or the “Company”) (NYSE:GPRK), a leading
independent Latin American oil and gas explorer, operator and
consolidator with operations and growth platforms in Colombia, Chile,
Brazil, Argentina and Peru, and Wintershall Energía S.A.
(“Wintershall”), a subsidiary of the BASF group, the fourth largest gas
producer in Argentina with over 15 blocks, today announced the discovery
of a new oil field in the CN-V block (GeoPark 50% WI, Wintershall 50%
WI) in the Neuquen Basin, Mendoza Province of Argentina.
The Rio Grande Oeste 1 exploration well – operated by GeoPark – was
drilled and completed to a total depth of 5,500 feet targeting the Grupo
Neuquen formation, where fifteen different potential reservoir sands
were identified – at depths that range from 1,800 to 5,500 feet – with a
potential net pay of 400 feet. Preliminary logging information indicated
hydrocarbons in the upper, middle and lower zones. The complete testing
program is still underway. To date, GeoPark has carried out production
tests in four reservoir sands, with early results showing a production
rate by natural flow of approximately 300 bopd of 28.0 degrees API, with
a 7% water cut. Additional testing and production history will be
required to determine stabilized flow rates of the well.
This discovery derisks other delineated and adjacent light oil prospects
in the CN-V block for future drilling and will provide GeoPark with a
reserve, production and cash flow base in Argentina. GeoPark and its
partner Wintershall are currently evaluating subsequent activities in
the CN-V block, including a development plan for the Rio Grande Oeste
oil field.
GeoPark acquired an interest in the CN-V block in 2015 through a
partnership with Wintershall. The block is located in the Mendoza
Province and covers an area of 117,000 acres, with 3D seismic coverage
of 180 sq km next to the producing Loma Alta Sur oil field operated by
YPF. The 3D seismic survey was acquired by Wintershall in 2015. The CN-V
block also has upside potential in the developing Vaca Muerta
unconventional play. Wintershall has the right to take over operatorship
pursuant to the terms and conditions of the farm-in agreement.
GeoPark’s total work program for 2017 in Argentina includes 7 gross
wells ($5-7 million total) expected to be drilled in 2H2017, targeting
shallow heavy oil exploration prospects in the Sierra del Nevado and
Puelen blocks (Pluspetrol operated, GeoPark with a 18% WI) in the
Neuquen Basin. The Puelen block is located north of the producing El
Corcobo oil field, operated by Pluspetrol, and Sierra del Nevado is
located east of the Llancanelo oil field, operated by YPF.
The Mendoza Province is an attractive location for GeoPark to resume its
exploration and drilling activities in Argentina. The Province produces
more than 15% of Argentina’s oil and offers suitable infrastructure to
support, refine and commercialize oil production.
James F. Park, CEO of GeoPark, said: “We are pleased to be back
operating and investing in Argentina where GeoPark’s technical team has
a long and successful history of finding oil and gas and which also
represents a highly attractive under-explored and under-developed
hydrocarbon region with multiple new project opportunities.”
GeoPark can be visited online at www.geo-park.com.
Additional information about Wintershall can be found on the website www.wintershall.com.
NOTICE
Additional information about GeoPark can be found in the “Investor
Support” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages
included in this press release have been rounded for ease of
presentation. Percentage figures included in this press release have not
in all cases been calculated on the basis of such rounded figures, but
on the basis of such amounts prior to rounding. For this reason, certain
percentage amounts in this press release may vary from those obtained by
performing the same calculations using the figures in the financial
statements. In addition, certain other amounts that appear in this press
release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking
statements. Many of the forward looking statements contained in this
press release can be identified by the use of forward-looking words such
as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,”
“intend,” “will,” “estimate” and “potential,” among others.
Forward-looking statements that appear in a number of places in this
press release include, but are not limited to, statements regarding the
intent, belief or current expectations, regarding various matters,
including the acquisition, estimated capital expenditures and currently
estimated gross unrisked resources relating to the acquisition.
Forward-looking statements are based on management’s beliefs and
assumptions, and on information currently available to the management.
Such statements are subject to risks and uncertainties, and actual
results may differ materially from those expressed or implied in the
forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and
the Company does not undertake any obligation to update them in light of
new information or future developments or to release publicly any
revisions to these statements in order to reflect later events or
circumstances, or to reflect the occurrence of unanticipated events. For
a discussion of the risks facing the Company which could affect whether
these forward-looking statements are realized, see filings with the U.S.
Securities and Exchange Commission.
The reserve estimates provided in this release are estimates only, and
there is no guarantee that the estimated reserves will be recovered.
Actual reserves may eventually prove to be greater than, or less than,
the estimates provided herein. Statements relating to reserves are by
their nature forward-looking statements.
Readers are cautioned that the exploration resources disclosed in this
press release are not necessarily indicative of long term performance or
of ultimate recovery. Unrisked prospective resources are not risked for
change of development or chance of discovery. If a discovery is made,
there is no certainty that it will be developed or, if it is developed,
there is no certainty as to the timing of such development. There is no
certainty that any portion of the Prospective Resources will be
discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of the resources. Prospective
Resource volumes are presented as unrisked.
Contacts
INVESTORS:
GeoPark Limited
Santiago, Chile
Stacy
Steimel, +562 2242 9600
Shareholder Value Director
[email protected]
or
Buenos
Aires, Argentina
Dolores Santamarina, +5411 4312 9400
Investor
Manager
[email protected]
or
MEDIA:
Sard
Verbinnen & Co
New York, USA
Jared Levy, +1 212-687-8080
[email protected]
or
Kelsey
Markovich,+1 212-687-8080
[email protected]
