Argentina-based independent oil and gas explorer, operator and consolidator GeoPark has announced the discovery of a new Guaco oil field in the Llanos 34 block in Colombia.

The oil and gas company has drilled and completed the Guaco 1 exploration well located along the third and most western major fault trend in the Llanos 34, an exploration block.

GeoPark CEO James F Park said: “Congratulations to GeoPark’s oil-finding team for continuing to look out beyond the prolific already-discovered producing oil fields and formations to search for and discover new opportunities.

“This result underscores the exciting potential still remaining in the Llanos Basin and the attractiveness of GeoPark’s recently-acquired exploration blocks surrounding Llanos 34.”

Guaco exploration well drilled to a total depth of 11,936ft

The Guaco 1 exploration well, drilled to a total depth of 11,936ft, marks the first oil discovery along the fault trend and is expected to present a potential new play.

GeoPark said that the newly discovered field appears to be both a structural and stratigraphic trap, similar to other Llanos 34 fields, and the oil from drilling and petrophysical analysis shows potential for hydrocarbons in both the Guadalupe and Mirador formations.

In addition, the production test at the field, using an electric submersible pump, showed a production rate of approximately 960 barrels of oil per day, 24.6 degrees API, 0.3% water cut, through a choke of 35/64 inches and wellhead pressure of 50 pounds per square inch.

According to the company, additional production history is needed to determine the stabilised flow rates of the well and further appraisal and development drilling would determine the extent of the field.

Installed with surface facilities, the well is already in production, and represents the company’s fourteenth oil field discovered and put into production after acquiring Llanos 34, an exploration block that had zero production in 2012.

GeoPark clams that it has operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador.

Recently, it announced the acquisition of four new exploration blocks in the Reconcavo and Potiguar basins to expand its portfolio in Brazil.