Geopark Holdings unveils strong oil and gas output

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SymbolPriceChange
001120.KS30,200.000.00

LONDON (ShareCast) - GeoPark Holdings on Monday released positive production results from oil and gas operations in Chile and Columbia during the fourth quarter last year.

The Latin American company said oil and gas output increased by 22% to 10,627 barrels of oil equivalent per day (boepd) from 8,710 in the comparative period in 2011.

Crude oil rocketed 110% to 7,939 barrels of oil per day (bopd) during the quarter while yearly production was up 49% to 11,276 boepd.

The results were driven by drilling success in Chile and Columbia. Wells in Chile during the quarter included the Yagan 2, which produced 610 bopd, along with Konawentru 4 (900) and Yagan 4 (600).

Columbian wells Tua 3 and Tua 2, produced 1,100 and 1,700 bopd respectively.

Last year Korean conglomerate LG International Corporation (KSE: 001120.KS - news) acquired a stake in GeoPark's 10 Colombian hydrocarbon blocks by becoming a 20% shareholder in GeoPark Colombia.

GeoPark's work in 2012 included drilling 44 new wells with a capital expenditure over $180m.

"GeoPark completed 2012 with a strong fourth quarter resulting from our successful drilling results in Chile and Colombia and an important increase in oil and gas production and cash flow," said Chief Executive Officer James Park.

"We are beginning 2013 in a strong position with the critical pieces in place for an exciting year of both organic growth and new project expansion."

RD