GeoPark in Colombia discovery

Chile's GeoPark has made another oil discovery in Colombia at its latest probe in Llanos Block 34.

The Santiago-based explorer struck pay at the Tigana Norte 1 probe that was drilled to 12,141 feet.

GeoPark tested the Guadalupe formation at 11,557 feet and flowed oil at approximately 1061 barrels per day.

The company is now producing a total of around 8500 bpd from the five wells that have been completed on the field: Tigana 1, 2 and 3, Tigana Sur 1 and Tigana Norte 1.

"Production and reservoir analyses from (these five wells) now indicate that three previously delineated fields and prospects form part of a single larger combined (structural and stratigraphic) trap and field, productive from the Cretaceous Guadalupe and Tertiary Mirador formations," the company said on Thursday.

"The company is carrying out further development and appraisal drilling this year on the Tigana field complex, including the Tigana Sur Oeste 1 well that is currently being completed."

Chief executive James Park commented: "The Tigana field production has grown from zero to 8500 bpd gross in less than seven months."

GeoPark is operator of Llanos Block 34, which covers 333 square kilometres, on 45%.

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