GeoPark has discovered new oil field following completion of drilling operations on exploration well Tilo 1, which is located on the Llanos 34 Block in Colombia.

GeoPark operates the Llanos 34 Block with 45% working interest.

The company determined the Tilo prospect as a structural trap with three-way dip closure on the down-thrown side of a normal fault while targeting the two principal productive reservoirs of the Llanos 34 Block including Guadalupe as main target and Mirador as secondary target sandstones.

The Tilo 1 exploratory well has been drilled to a total depth of 11,293ft. The company also carried out a test in the Guadalupe formation, at approximately 10,707ft.

The tests resulted in a production rate of approximately 1,000 barrels of oil per day of 14.2 degree API, with approximately 10% water cu, the company said.

GeoPark chief executive officer James Park said: "Congratulations to our team who continue to find oil in our Colombian Llanos 34 Block – with Tilo being our sixth oil field discovery.

"The Llanos 34 Block – particularly the Tigana and Tua oil fields – represents attractive low risk, low cost and high netback fields which provide an important and secure production base during periods of oil price volatility."

The company will carry out technical evaluation to determine if the Tilo field is potentially a northeast extension of the larger Tigana field.

GeoPark is an oil and gas explorer, operator and consolidator and has operations in Chile, Colombia, Brazil, Argentina and Peru.