Geopark announces new oil field discovery in Colômbia

Santiago, Chile - GeoPark Limited ("GeoPark") (NYSE: GPRK), the Latin American oil and gas explorer, operator and consolidator with operations in Chile, Colombia, Brazil, Argentina and Peru, today announces a new oil field discovery following the drilling of exploration well Tilo 1, located on the Llanos 34 Block in Colombia. GeoPark operates and has a 45% working interest in the Llanos 34 Block.

The Tilo prospect was defined as a structural trap with three-way dip closure on the down-thrown side of a normal fault – targeting the two principal productive reservoirs of the Llanos 34 Block: Guadalupe (main target) and Mirador (secondary target) sandstones.

GeoPark drilled and completed the Tilo 1 exploratory well to a total depth of 11,293 feet. A test conducted with an electrical submersible pump in the Guadalupe formation, at approximately 10,707 feet, resulted in a production rate of approximately 1,000 barrels of oil per day of 14.2 degree API, with approximately 10% water cut. Further production history is required to determine stabilized flow rates of the well and the extent of the field. Further technical evaluation will also be undertaken to determine if the Tilo field is potentially a northeast extension of the larger Tigana field.

James F. Park, chief executive officer of GeoPark, said, "Congratulations to our team who continue to find oil in our Colombian Llanos 34 Block – with Tilo being our sixth oil field discovery. The Llanos 34 Block – particularly the Tigana and Tua oil fields – represents attractive low risk, low cost and high netback fields which provide an important and secure production base during periods of oil price volatility.”[www.geo-park.com].