GeoPark and Hocol announce second exploratory success in block Llanos 123

GeoPark, a leading Latin American company in oil and gas exploration and production, and Hocol, a company of the Ecopetrol Group, confirmed a new exploratory success in the Toritos 1 well of the Llanos 123 block. This block, in which each partner has a 50% stake, is operated by GeoPark and is located in the Meta department.

The Toritos 1 well, drilled in the rural area of the municipality of Cabuyaro, reached total depth in September and the presence of hydrocarbons was evidenced in the Barco (Guadalupe) and Gachetá formations.

Currently, production tests are being conducted and the well is producing approximately 1,400 barrels of oil per day at 14 degrees API from the Barco (Guadalupe) formation, with a water cut of 1%.

This is the second exploratory success in block 123. The first was announced last August in the Saltador 1 well, which produces approximately 765 barrels of oil per day at 16 degrees API from the Barco (Guadalupe) formation with a water cut of 3%. In total, this block has a production of over 2,100 barrels of oil per day net.

Considering these positive results, GeoPark and Hocol are analyzing (subject to approvals) the new exploratory well Bisbita Centro 1, targeting an exploratory prospect located south of the Saltador 1 well, which would be drilled in early the fourth quarter of 2023.

These exploratory successes reaffirm GeoPark and Hocol's commitment to the growth strategy in the five exploratory blocks in the Llanos basin that were jointly awarded to them by the National Hydrocarbons Agency in the 2019 Permanent Area Allocation Process.