GeoPark completes drilling and testing of Tigana 4 development well in Colombia
GeoPark Limited has announced the successful drilling and testing of Tigana 4 development well at a rate of more than 3,200 barrels of oil per day (bopd) in the Tigana oil field within the Llanos 34 Block, Colombia.
GeoPark is an independent Latin American oil and gas explorer and operator, which operates the oil field with a 45% working interest.
GeoPark drilled the Tigana 4 well to a total depth of 11,150ft.
It conducted a test with an electric submersible pump in the Guadalupe formation, resulting in a production rate of approximately 3,200bopd of 15.3 degrees API.
The production rate was achieved with less than 1% water cut, through a choke of 44mm / 64mm and wellhead pressure of 100 pounds per square inch.
It requires more such productions to determine the stabilised flow rates of this well.
The well has all the necessary surface facilities and has already begun its production.
The estimated drilling and completion cost of the Tigana 4 well is $3.3 million.
Considering the current oil prices and production rates, the well is expected to have a payback of less than six months with an IRR greater than 500%.
The Tigana oil field was discovered by GeoPark in December 2013. Since then it has produced more than ten million barrels of oil from eight wells.
The field has reservoir properties (porosity of 20% to 25% and permeability of 0.5 darcys to 2.0 darcys) and high estimated recoveries in excess of two million barrels per well.
GeoPark CEO James F Park said: “The Tigana / Jacana oil field complex is shaping up to be a foundational asset and secure base for GeoPark’s short-to-medium term reserve and production growth.
“As of last year, this complex already had nearly 100 million barrels of 3P oil reserves gross (independently certified as of December 2015), with important reserve additions expected from recent 2016 drilling.
“This play is another example of why we believe Latin America is the most attractive region in the oil business today.
"It demonstrates the opportunity to move into proven low-risk, sparsely developed hydrocarbon basins, introduce new geological play ideas to find new substantial oil reserves, profitably operate by increasing efficiency and innovation, and securely market production into a region thirsty for energy.”