GeoPark has announced new oil field discovery along western fault trend in Llanos 34 Block in Colombia Credit: AdmiralFox from Pixabay

Oil and gas explorer and operator GeoPark has discovered a new Guaco oil field in the Llanos 34 block in Colombia.

GeoPark operates and owns a 45% working interest in the Llanos 34 block.

The company drilled the Guaco 1 exploration well located along the western fault trend in the Llanos 34 block to a total depth of 11,936ft.

GeoPark said that the recent oil field discovery was its first along the western major fault trend, which has the potential to open up new plays.

The well appears to be both a structural and stratigraphic trap, similar to any other Llanos 34 fields.

GeoPark said in a statement: “Oil shows during drilling and petrophysical analysis indicated the potential for hydrocarbons in both the Guadalupe and Mirador formations.”

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According to a production test conducted with an electric submersible pump in the Guadalupe formation, the well is expected to produce approximately 960boe/d.

The production test resulted in 0.3% water cut, through a choke of 35/64 inches and wellhead pressure of 50 pounds per square inch (psi).

GeoPark noted that surface facilities are all in place and the well has already started producing.

The new discovery represents the 14th oil field by GeoPark since it acquired the Llanos 34 exploration block in 2012.

GeoPark CEO James Park said: “Congratulations to GeoPark’s oil-finding team for continuing to look out beyond the prolific already-discovered producing oil fields and formations to search for and discover new opportunities.

“This result underscores the exciting potential still remaining in the Llanos Basin and the attractiveness of GeoPark’s recently-acquired exploration blocks surrounding Llanos 34.”

GeoPark recently expanded its portfolio with the addition of four new exploration blocks in Brazil’s Reconcavo and Potiguar hydrocarbon basins.