Latin American oil and gas explorer GeoPark has discovered oil following successful drilling of new Chachalaca 1 exploration well in the Llanos 34 block in the central Llanos basin, Colombia.
The company, which owns 45% working interest in the Llanos 34 Block, has drilled the Chachalaca 1 well to a total depth of 12,270ft and conducted test with an electrical submersible pump in the Mirador formation.
Upon testing at approximately 11,606ft, the Mirador formation resulted in a production rate of approximately 1,100 barrels of oil per day of 30 degree API, with approximately 6% water cut.
GeoPark CEO James Park said: "The Llanos 34 Block – particularly the Tigana and Tua oil fields – represents attractive low risk, low cost and high netback fields which provide a profitable production base during periods of low oil prices as currently being experienced."
The company plans is seeking further production history to determine the well’s stabilized flow rates and the extent of the field.
GeoPark said that the Chachalaca represents its seventh oil field discovery since entering the block in 2012.
Separately, GeoPark is drilling the Jacana 1 exploration well and the Tilo 2 appraisal well, both located in the Llanos 34 Block, as part of drilling campaign that restarted in June.