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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GeoPark Limited | NYSE:GPRK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.06 | 0.64% | 9.38 | 9.46 | 9.32 | 9.32 | 237,049 | 01:00:00 |
Activity Step-Up Across Asset Base with New Record Production, New Oilfield Discovery, New Acquisition and New Partnership
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil and Chile, today announced its operational update for the three-month period ended June 30, 2018 (“2Q2018”).
All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when otherwise specified.
Second Quarter 2018 Highlights
37% Growth in Oil and Gas Production
Colombia Operations
Peru Operations
Argentina Operations
Brazil Operations
Chile Operations
Upcoming 3Q2018 Catalysts
Breakdown of Quarterly Production by Country
The following table shows production figures for 2Q2018, as compared to 2Q2017:
2Q2018 2Q2017Total(boepd)
Oil(bopd)a
Gas(mcfpd)
Total(boepd)
% Chg. Colombia 27,940 27,825 690 21,015 33% Brazil 2,904 40 17,184 2,658 9% Chile 2,559 786 10,638 2,450 4% Argentina 2,467 1,598 5,214 - - Total 35,870 30,249 33,726 26,123 37%a) Includes royalties paid in kind in Colombia for approximately 898 bopd in 2Q2018. No royalties were paid in kind in Brazil, Chile or Argentina.
Quarterly Production Evolution
(boepd) 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 Colombia 21,015 22,367 24,378 26,405 27,940 Brazil 2,658 3,141 3,328 2,775 2,904 Chile 2,450 2,817 2,932 2,873 2,559 Argentina - - 16 142 2,467 Total 26,123 28,325 30,654 32,195 35,870 Oil 21,930 23,237 25,341 27,345 30,249 Gas 4,193 5,088 5,313 4,850 5,621Oil and Gas Production Update
Consolidated:
Overall oil and gas production grew by 37% to 35,870 boepd in 2Q2018 from 26,123 boepd in 2Q2017, due to increased Colombian production, new production from the recent Argentina acquisition and increased production in Brazil and Chile.
Oil represented 85% of total reported production compared to 84% in 2Q2017.
Colombia:
Average net production in Colombia grew 33% to 27,940 boepd in 2Q2018 compared to 21,015 boepd in 2Q2017, primarily attributed to successful appraisal and development drilling in the Tigana and Jacana oil fields in the Llanos 34 block, which represented 95% of Colombian production in 2Q2018.
Llanos 34 block 2Q2018 drilling results:
Exploration and appraisal drilling:
Development drilling:
Facilities update:
Tiple acreage (GeoPark operated) farm-in drilling results in 2Q2018:
For a summary of upcoming drilling and testing activities, please refer to the 3Q2018 drilling schedule below.
Peru:
GeoPark completed the EIA to initiate operations in the Situche Central oil field in the Morona block.
The EIA was submitted for approval to the Servicio Nacional de Certificacion Ambiental (SENACE) on July 2, 2018 after more than a year of collecting data, and in which local communities were also involved.
The Morona block covers an area of 1.9 million acres on the western side of the Marañon basin, one of the most prolific hydrocarbon basins in Peru, where more than 1 billion barrels of oil have been produced from the surrounding blocks. The Morona block contains the Situche Central oil field, which has been delineated by two wells that tested combined production rates of 7,500 bopd of light oil with upside potential of 200 mmbo. D&M has certified gross proven and probable (2P) reserves of 42.1 million barrels of oil (mmbo) and 3P reserves of 83.0 mmbo for the Situche Central oil field. The Morona block also includes a large exploration potential with high impact prospects and plays – including unrisked exploration resources ranging from 300 to 500 mmbo, as audited by Gaffney, Cline & Associates.
Argentina:
Average net production in Argentina totaled 2,467 boepd in 2Q2018 (65% oil, 35% gas), corresponding to the recent acquisition of the Aguada Baguales, El Porvenir and Puesto Touquet blocks (GeoPark operated, 100% WI) in the Neuquen basin.
GeoPark closed the acquisition and initiated operational takeover at the end of 1Q2018 of the Aguada Baguales, El Porvenir and Puesto Touquet blocks, which have multiple attractive development and exploration projects, with the potential to significantly increase production and reserves from cash flow generated from existing production.
The Company will carry out the following activities in the above- mentioned blocks during 3Q2018:
Exploration drilling in the CN-V block:
New exploration acreage in the Neuquen basin and YPF partnership:
For further details related to the Los Parlamentos block, please refer to the release published on June 11, 2018.
Brazil:
Average net production in the Manati gas field (GeoPark non-operated, 10% WI) improved by 9% to 2,904 boepd in 2Q2018, compared to 2,658 boepd in 2Q2017. The increase in 2Q2018 resulted from increased industrial consumption and decreased hydroelectric power availability.
The Company is currently carrying out preliminary activities related to a new exploration well in the REC-T-128 block (GeoPark operated, 70% WI) in the Reconcavo basin, where it plans to spud the well during October 2018.
Chile:
Average net oil and gas production in Chile increased by 4% to 2,559 boepd in 2Q2018 compared to 2,450 boepd in 2Q2017. Gas production figures in 2Q2017 were partially affected by a temporary interruption in gas purchases from the buyer. The production mix during 2Q2018 was 69% gas and 31% oil (vs. 62% gas and 38% oil in 2Q2017). The Fell block (GeoPark operated, 100% WI) represented 99% of Chilean production.
Exploration drilling in the Fell block:
3Q2018 Drilling Schedule
The following is a summary of expected drilling activities scheduled for 3Q2018:
Prospect/Wella Country Block WI Type 1 Tigana 5 Colombia Llanos 34 45% Development 2 Tigana Sur Oeste 6 b Colombia Llanos 34 45% Development 3 Tigana Norte 10 Colombia Llanos 34 45% Development 4 Tigana Norte 11 Colombia Llanos 34 45% Development 5 Tigana Norte 14 Colombia Llanos 34 45% Development 6 Chiricoca 2 Colombia Llanos 34 45% Appraisal 7 Jacana 22 b Colombia Llanos 34 45% Development 8 Jacana 14 Colombia Llanos 34 45% Development 9 Jacana 24 Colombia Llanos 34 45% Development 10 Jacana 25 Colombia Llanos 34 45% Development 11 Buco 1 Colombia Llanos 34 45% Exploration 12 Tigui Sur 1 b Colombia Llanos 34 45% Exploration 13 Rio Grande Este 1 b Argentina CN-V 50% Exploration 14 Jauke 1 Chile Fell 100% Exploration a) Information included in the table above is subject to change and may also be subject to partner or regulatory approval b)Drilling initiated in 2Q2018 with testing expected in 3Q2018
OTHER NEWS / RECENT EVENTS
Reporting dates for 2Q2018 results release and conference call
GeoPark will report its 2Q2018 financial results on August 8, 2018, after the market close. In conjunction with the 2Q2018 results press release, GeoPark’s management will host a conference call on August 9, 2018 at 10:00 am (Eastern Daylight Time) to discuss 2Q2018 financial results.
To listen to the call, participants can access the webcast located in the Investor Support section of the Company’s website at www.geo-park.com.
Interested parties may participate in the conference call by dialing the numbers provided below:
United States Participants: 866-547-1509International Participants: +1 920-663-6208Passcode: 3166854
Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.
An archive of the webcast replay will be made available in the Investor Support section of the Company’s website at www.geo-park.com after the conclusion of the live call.
NOTICE
Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward- looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including expected 2018 production growth, expected schedule, economic recovery, payback timing, IRR, drilling activities, demand for oil and gas, capital expenditures plan, regulatory approvals, reserves and exploration resources. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses, except when specified.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission.
Readers are cautioned that the exploration resources disclosed in this press release are not necessarily indicative of long term performance or of ultimate recovery. Unrisked prospective resources are not risked for change of development or chance of discovery. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. There is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective Resource volumes are presented as unrisked.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180711005219/en/
INVESTORS:GeoPark LimitedStacy Steimel – Shareholder Value DirectorSantiago, Chile+562 2242 9600ssteimel@geo-park.comorGeoPark LimitedMiguel Bello – Market Access DirectorSantiago, Chile+562 2242 9600mbello@geo-park.comorMEDIASard Verbinnen & CoJared LevyNew York, USA+1 (212) 687-8080jlevy@sardverb.comorSard Verbinnen & CoKelsey MarkovichNew York, USA+1 (212) 687-8080kmarkovich@sardverb.com
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