GeoPark Ltd. (NYSE: GPRK) made a new oilfield discovery following the drilling of exploration well Tilo 1, located on the Llanos 34 Block in Colombia, the company said Feb. 18.
GeoPark operates and has a 45% working interest in the block.
The Tilo prospect is a structural trap with three-way dip closure on the side of a normal fault. There are two principal productive reservoirs, the Guadalupe and Mirador sandstones. They are the first and second targets, respectively, the company added.
GeoPark drilled and completed the Tilo 1 exploratory well to 11,293 ft total depth. A test conducted with an electrical submersible pump in the Guadalupe at about 10,707 ft resulted in a roughly-1,000 bbl/d production rate. The oil is 14.2 degree API.
Further technical evaluation will determine if the Tilo Field is potentially a northeast extension of the larger Tigana Field.
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