Latin American oil and gas explorer GeoPark has found oil during the drilling of Tarotaro 1 exploration well on the Llanos 34 Block in Colombia.
The company has drilled, tested and added the well into production, while surface facilities are already in place and the produced crude oil from Tarotaro 1 is now being sold.
GeoPark spudded the Tarotaro 1 well to a total depth of 3,175m and conducted a test with an electrical submersible pump in the Guadalupe formation.
At about 2,955m, the well started producing at a rate of about 2,239 barrels of oil per day (bopd) of 15.5 degrees API oil with a 0.6% water cut.
GeoPark CEO James F Park said the new find is the company’s fourth oil field discovery in Colombia.
"We have seen step-change growth in our production, reserves and cash flow since entering Colombia last year and we look forward to additional positive results from the ongoing 2013 drilling campaign, both in Colombia and Chile," Park added.
The company has plans to carry out a total of 35-45 well drilling program in Colombia and Chile with a total expected investment of $200m-$230m in 2013.
GeoPark has spudded a new development well, Tarotaro 2, to further appraise the oil field.