Geopark Limited Announces Consolidated Production Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Production Guidance for the Year 2015
January 20, 2015 at 07:00 am EST
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GeoPark Limited announced consolidated production results for the fourth quarter and full year ended December 31, 2014. The total average oil and gas production increased 37% in fourth quarter 2014 to 19,984 boepd, compared to 14,548 boepd in fourth quarter 2013. On a proforma basis (including operations from the Manati field acquisition in Brazil in both periods), average production increased by 10%. Consolidated oil production accounted for 72% of total reported production and increased by 20% to 14,364 bopd in fourth quarter 2014, compared to 11,938 bopd in fourth quarter 2013.
For the year ended 31 December 2014, GeoPark's oil and gas production reached 20,557 boepd, increasing over 20% as compared to 2013 (on a proforma basis). On a reported basis, which includes Manati Field production since the acquisition date, GeoPark's oil and gas production increased by 45% to 19,653 boepd as compared to 13,517 boepd for the year 2013. Crude oil production increased by 30% to 14,554 bopd for the year 2014 as compared to 11,173 bopd for the year 2013 primarily as a result of 66% higher production in Colombia. Oil production accounted for 71% of the total production for the year 2014 as compared to 65% of total production for the year 2013, on a proforma basis. Gas production increased by 1% for the year 2014 to 36,018 mcfpd compared to the year 2013, on a proforma basis. On a reported basis, gas production increased by 112% for the year 2014 to 30,601 mcfpd compared to 14,419 mcfpd for the year 2013, mainly due to the acquired interest in the Manati Field.
At the base budget oil price assumption of $45-50 per bbl, GeoPark is targeting a fully-funded $60-70 million work and investment program with flat to 5% production growth over 2014 production levels.
GeoPark Ltd is a Colombia-based company operating in the energy sector. As an oil and gas explorer, operator and consolidator the Company has assets and growth platforms in Colombia, Ecuador, Chile and Brazil. Working interests from operation in 42 hydrocarbon blocks comprise of natural gas exploration and production (E&P) and crude oil production on land as well as offshore across over 700,000 acres. The Del Mosquito block in Argentina's Austral basin, and the Cerro Dona Juana and Loma Cortaderal blocks in the Neuquen basin are wholly owned by GeoPark Holdings Limited, while the Fell block in Chile's Magallanes region is 90% owned by the Company, with the remaining interest in associated infrastructure, production facilities, operating licenses and a technical database are held by state oil firm, Enap.
Geopark Limited Announces Consolidated Production Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Production Guidance for the Year 2015