Page 18 - LatAmOil Week 02 2021

LatAmOil NEWS IN BRIEF LatAmOil

“As well as maintaining progress across the base in the Llanos 94 block (GeoPark non-operated,
production assets, delivering our goals will 50% WI) showed non-commercial oil accumu-
require timely execution of our 2021 drilling lations, and following these results a decision
programme in both Trinidad and Tobago and was made to abandon the well.
Suriname, and we are making great strides to be Chile: Average net production in Chile
ready to kick-off those activities in the coming decreased by 5% to 3,133 boepd in Q4-2020
months. resulting from lower gas production in the Jauke
“Equally, in leading such a turnaround of gas field, partially offset by the discovery of the
activities in Trinidad and Tobago, we were not Jauke Oeste gas field in early 2020. Maintenance
deflected from our primary goal of delivering on and well intervention activities will be carried
the long-awaited exploration well in The Baha- out in the Jauke 1 gas well during 1Q2021, aimed
mas. Perseverance #1 commenced drilling in late at increasing gas production levels. The produc-
December 2020, and we look forward to being tion mix during Q4-2020 was 89% gas and 11%
able to advise shareholders of the outcome at light oil (compared to 81% gas and 19% light oil
completion of the 45-60 day anticipated drilling in 4Q2019).
and evaluation period.” Brazil: Average net production in Brazil
Bahamas Petroleum Co., January 07 2021 acquisition of Amerisur and successful drilling decreased by 23% to 2,167 boepd in Q4-2020
of the Indico 2 appraisal well in the CPO-5 block. compared to 2,799 boepd in Q4-2019. Com-
GeoPark issues tion was 25,759 bpd (or 57,242 bpd gross) in by 37% due to higher demand in the Manati gas
pared to 3Q2020, Brazilian production increased
The Llanos 34 block average net produc-
operational update Q4-2020, representing 81% of GeoPark’s net field (GeoPark non-operated, 10% WI). The pro-
production in Colombia, while the CPO-5 block duction mix during Q4-2020 was 99% natural
performance in Q4-2020 average net production was 3,093 bpd (or 10,310 gas and 1% condensate (compared to 96% nat-
bpd gross), representing 10% of GeoPark’s net ural gas and 4% oil and condensate in Q4-2019).
GeoPark, a leading independent Latin Ameri- production in Colombia and a 55% increase Agreement to sell 10% WI in the Manati
can oil and gas explorer, operator and consoli- compared to Q3-2020. gas field: On November 23, 2020, GeoPark
dator with operations and growth platforms in Appraisal and exploration drilling in the announced that its Board of Directors approved
Colombia, Ecuador, Chile, Brazil and Argentina, CPO-5 block: Indico 2 appraisal well, located an agreement to sell its 10% non-operated
today announced its operational update for the approximately 0.8 km northwest of the Indico WI in the Manati gas field to Gas Bridge for a
three-month period ended December 31, 2020. 1 well, was successfully drilled and put on pro- total consideration of BRL144.4mn (approxi-
James F. Park, Chief Executive Officer of duction in November 2020. The operator ONGC mately $27mn), including a fixed payment of
GeoPark, said: “Track records matter, and 18 Videsh drilled and completed Indico 2 to a total BRL124.4mn plus an earn-out of BRL20.0mn,
years of steady production growth, despite exter- depth of 10,925 feet (3,330 metres). The well which is subject to obtaining certain regulatory
nal volatility, is a meaningful demonstration of tested 5,500 bpd of 35 degrees API, with a 0.1% approvals.
the brains, muscle and heart of the GeoPark water cut, and is currently producing 6,200 bpd. The transaction was agreed with an effective
team. We salute these amazing women and Additional production history is required to date of December 31, 2020, and is subject to cer-
men for continuing to stay focused and do the determine stabilised flow rates of the well. tain conditions, including the acquisition by Gas
hard work to advance our Company again on all Aguila 1 exploration well was drilled by the Bridge of the remaining 90% WI and operator-
fronts – technically, operationally, strategically, operator ONGC Videsh to a total depth of 9,961 ship of the Manati gas field. Two other non-oper-
and financially – even with all the turmoil and feet (3,036 metres). According to petrophysical ating partners in the Manati gas field consortium
hurt the planet endured this last year. As always, logging interpretation and other relevant infor- with a combined 55% WI have announced their
our team has learned a lot and come out even mation, the well encountered non-commercial respective agreements to sell their WI to Gas
stronger and more united than ever – and is oil accumulations, and following these results a Bridge.
ready and looking forward to the big opportu- decision was made to abandon the well. Closing of the transaction would occur
nity and promise of 2021.” Further exploration, appraisal and devel- in Q4-2021, subject to the agreement by the
Consolidated: Annual average 2020 produc- opment activities are budgeted in the CPO-5 remainder of the consortium and required reg-
tion of 40,192 boepd compared to 40,046 boepd block in 2021 with the drilling of 5-6 gross wells ulatory approvals.
in 2019. Oil and gas production in Q4-2020 plus the acquisition of 3D seismic, as part of Argentina: Average net production in
decreased by 6% to 39,304 boepd from 41,786 GeoPark’s fully funded and flexible work and Argentina decreased by 10% to 2,146 boepd in
boepd in 4Q2019, due to limited drilling and investment programme. Q4-2020 (57% oil, 43% gas) compared to 2,384
maintenance activities in Colombia, Chile and CPO-5 is a large high-potential block offering boepd in Q4-2019 (66% oil, 34% gas), mainly
Argentina and lower gas demand in Brazil, par- multi-play, low cost development, appraisal and resulting from limited maintenance activities
tially offset by the addition of production from exploration opportunities, adjacent to and on combined with the natural decline of the fields.
the Amerisur acquisition in Colombia. Oil rep- trend with the Llanos 34 block, and with over 20 Commodity risk oil management contracts
resented 85% of total reported production in drilling leads and prospects delineated to date. update: GeoPark recently added new oil hedges
Q4-2020 and Q4-2019. Other activities in operated and non-oper- further increasing its price risk protection over
Colombia: Average net oil and gas produc- ated blocks: Initiated 3D seismic acquisition in the next 12 months, now reaching 25,500 bpd
tion in Colombia decreased by 4% to 31,858 the PUT-8 block (GeoPark operated, 50% WI) in Q1-2021, 23,000 bpd in Q2-2021, and 9,000
boepd in Q4-2020 compared to 33,311 boepd in which is located adjacent to the Platanillo Block bpd in H2-2021. Hedges include a portion pro-
4Q2019, reflecting limited drilling and mainte- (GeoPark operated, 100% WI) in the Putumayo viding protection to the Vasconia local marker
nance activities in the Llanos 34 block (GeoPark basin, expected to continue in Q1-2021. Re-en- in Colombia.
operated, 45% WI), partially offset by the recent try activities carried out into the Grulla 1 well GeoPark, January 07 2021

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