GeoPark has commenced drilling program in the Llanos 34 Block (GeoPark operated with a 45% working interest) in Colombia.
GeoPark’s 2016 drilling program in the Llanos 34 Block commenced the second week of June with the spudding of the Jacana 3 appraisal well and is expected to continue with the drilling of the Jacana 4 well. The Jacana oil field, discovered in September 2015, is currently producing approximately 5,700 bopd gross from two wells and is located south-west and on trend with the large Tigana oil field.
In Colombia, GeoPark is targeting to drill approximately 6 wells (including 1-2 exploration wells) in the Llanos 34 Block during 2016 to continue the Company’s low cost economic production growth. This block became a leading geological and economic success story, providing multiple oil field discoveries year after year since it was started-up by GeoPark in early 2012.
These activities are part of the Company’s risk balanced, fully funded and modular 2016 work program that can be rapidly adjusted based on different oil price scenarios to preserve cash or to accelerate growth.