Geopark and Hocol, a company of the Ecopetrol Group, confirm findings and announce progress in the exploration and development of blocks in the Llanos Basin

GeoPark, a leading independent Latin American company in the exploration, operation, and consolidation of oil and gas, shares the achievements it has obtained during 2024 alongside its partner Hocol, a subsidiary of the Ecopetrol Group, in the joint exploration of the Llanos 86, Llanos 87, Llanos 104, Llanos 124, and Llanos 123 blocks in the Llanos basin.

Discoveries and delimitation campaign in the Llanos 123 block

In the Llanos 123 block located in the Meta department, discoveries have been made since August 2023 associated with the Saltador-1, Toritos-1, and Bisbita wells, in whose structures delimitation continues to advance:

• Toritos Norte 01, an advanced well, began a short test in the first half of 2024 and found oil in the Barco formation. By the end of October, it reported a production in extensive testing of 326 BOPD.
• During the second half, the campaign progressed with the drilling of three advanced wells: Toritos 02, Toritos Sur 01, and Bisbita Este 01, all producing in tests from the Barco formation of interest.
• Toritos-02: began production in early August 2024. By the end of October, it reported in tests 757 BOPD.
• Toritos Sur-01: began extensive production testing in September 2024. By the end of October, it reported in tests 426 BOPD.
• Bisbita Este-01: began production in October 2024, finishing the month with 405 BOPD.

By the end of October, the Llanos 123 block reached a production of 3950 BOPD gross.

During the second half of 2024, the companies are advancing in drilling the area to continue delineating the play and define its potential.

• Saltador 2: currently being drilled. Production testing is expected to begin in mid-November.
• Toritos Sur 2: currently being drilled. Production testing is expected to begin at the end of November.

Third largest seismic acquisition in the history of Colombia

One of the main milestones in the joint development of these blocks in the Llanos basin was the completion in the first half of the year of the acquisition of 653 km2 of 3D seismic in the Llanos 86 and Llanos 104 blocks, in the Meta department.

This project, the third largest seismic acquisition in the history of Colombia, represented the creation of nearly a thousand jobs at the local level and more than a million hours worked without labor or environmental incidents, reaffirming the commitment of both companies to social development, environmental care, operational excellence, and safety.

The Llanos 86 and Llanos 104 blocks are adjacent to the CPO-5 block (operated by ONGC and in which GeoPark has a non-operated interest of 30%), where the Índico field is located, which is one of the 10 fields with the highest contribution to Colombia's production. With this seismic acquisition being processed with a view to starting drilling in the first quarter of 2025, GeoPark and Hocol hope to incorporate more prospects into their exploratory inventory.

Andrés Ocampo, CEO of GeoPark, stated: “The positive results obtained in the exploratory blocks that we have been developing in partnership with Hocol since 2019 are proof of the strength of our alliance and the successful work of our technical teams who continue to identify low-risk exploration targets and deploy the potential of these promising areas in the Llanos basin.”.

“During this year, our efforts have focused on delineating these findings, which are proof of the dedication, technical capability, and experience of the teams from both companies, reaffirming our interest in continuing the exploratory campaign in this part of the Llanos basin, envisioning a promising future. This alliance between GeoPark and Hocol demonstrates the importance of collaborative work to achieve great results; this work should be an example for all exploration and production companies of crude oil and gas and all industries in the country,” stated Luis Enrique Rojas, President of Hocol.

In the coming weeks, the companies will announce the work plan for 2025, focused on continuing to incorporate more reserves and more barrels of oil that guarantee the country's energy security and the prosperity of the territories where they carry out their activities.