GeoPark announces oil discovery in Colombia

GeoPark Limited, a Latin American oil and gas company, announced it began production in a new oil field in Colombia. GeoPark Limited, a Latin American oil and gas company, announced it began production in a new oil field in Colombia. The company began drilling and testing at the new Aruco 1 well in the Llanos 34 Block, located in the central Llanos basin in Colombia.

GeoPark drilled the Aruco 1 well to a total depth of 10,705 feet. The company then used an electrical submersible pump, lowered to about 10,075 feet, to test the well and produced approximately 1,154 gross barrels each day. GeoPark will need more consistent production to determine the average flow rate from the well and estimate the amount of oil in this location.

GeoPark has a 45 percent working interest in the Llanos 34 Block. The Aurco 1 well is the sixth oil well discovered by GeoPark on the Llanos 34 Block since 2012. Oil production for the company has grown to more than 15,000 gross barrels per day.

"We have an ambitious risk-balanced work plan for 2014 with 50-60 new wells, with the objective of continuing to build an attractive and enduring upstream business in the high-potential Latin American hydrocarbon market,"James F. Park, CEO of GeoPark, stated.

For more information on oil in Colombia, visit PennEnergy's Research Center.

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