GeoPark Limited (“GeoPark” ) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announces its operational update for the three-month period ended March 31, 2024 (“1Q2024”).
Oil and Gas Production and Operations
- 1Q2024 average oil and gas production of 35,473 boepd, reflected stable production in the Llanos 34 Block (GeoPark operated, 45% WI), impacted by localized blockades in the CPO-5 Block (GeoPark non-operated, 30% WI) in Colombia and maintenance activities in the Manati gas field (GeoPark non-operated, 10% WI) in Brazil
- Production in the Manati gas field has been temporarily suspended since mid-March 2024, when it was producing approximately 1,200 boepd, due to unscheduled maintenance activities, expected to be restored in May 2024
- GeoPark is currently producing over 38,000 boepd, mainly resulting from increased production in the Llanos 34 and CPO-5 Blocks in Colombia
Llanos 34 Block: Production Reached a Twelve-Month High
- Two horizontal wells drilled in 1Q2024, including a first horizontal well in the Jacana field that initiated testing in April 2024
- Seven horizontal wells in aggregate have been put on production since the beginning of the horizontal well drilling program in early 2023, and are now producing 9,300 bopd gross
- In early April 2024, the Llanos 34 Block reached the highest production levels in the last 12 months, producing 56,000 - 57,000 bopd gross (compared to average production of 53,001 bopd gross in 1Q2024), due to successful development drilling and workover activities
- The Llanos 34 Block is currently producing 54,000–55,000 bopd gross
CPO-5 Block: New Record Production Levels
- 22 days of localized blockades in 1Q2024 affected production, which was fully restored in late March 2024
- The Indico 3 development well reached total depth in March 2024, initiated testing in mid-April 2024 and is currently producing 3,710 bopd gross of light oil with a 0.2% water cut
- The CPO-5 Block is currently producing approximately 30,000 bopd gross (compared to 18,923 bopd gross in 1Q2024 and approximately 8,000 bopd when acquired in November 2019), a new record for the block
Exploration & Appraisal: Key Projects in Key Acreage
- Llanos 86 and Llanos 104 blocks (GeoPark operated, 50% WI):
- Acquired 650+ sq. km of 3D seismic, with ongoing processing and interpretation activities, targeting to initiate exploration drilling in 1Q2025
- The Llanos 86 and Llanos 104 blocks are adjacent to the eastern side of the CPO-5 Block
- This is one of the three biggest onshore seismic acquisition projects in Colombia, expected to add further prospects to GeoPark’s organic exploration inventory
- CPO-5 Block:
- Acquired 232 sq. km1 of 3D seismic in the northeastern part of the block, which is now approximately 85% covered with 3D seismic
- Spudded the Cisne 1 exploration well in late April 2024, to continue delineating the combined structural/stratigraphic Paleocene play in the northern part of the block
2024 Guidance Remains Unchanged
- 2024 Full-year average production of 35,500-39,000 boepd, as announced on February 21, 2024
- Fully-funded 2024 organic capital expenditures program of $150-200 million to drill 35-45 gross wells (including 5-10 gross exploration wells and 30-35 gross appraisal and development wells)
Upcoming Catalysts
- Drilling 12-13 gross wells in 2Q2024, targeting attractive conventional, short-cycle development, injector, appraisal and exploration projects
- Key projects include:
- Llanos 34 Block: Drilling 2-3 horizontal wells
- CPO-5 Block: Drilling one exploration well
- Llanos 123 Block: Drilling one appraisal well and one exploration well
- Perico Block: Drilling one appraisal well
- Espejo Block (GeoPark operated, 50% WI): Drilling one exploration well