(GeoPark, 3.Jun.2019) — GeoPark Limited signed final participation contracts on 22 May 2019 for the Espejo (GeoPark operated, 50% WI) and Perico (GeoPark non-operated, 50% WI) blocks in Ecuador, which were awarded to GeoPark in the Intracampos Bid Round held in Quito, Ecuador in March 2019.
The Espejo and Perico blocks are attractive, low-risk exploration blocks located in the northeastern part of Ecuador, in the Oriente basin. Both blocks are covered with 3D seismic and are adjacent to multiple discoveries, producing fields and existing infrastructure. From existing 3D seismic and other relevant data, more than five multilayer, ready-to-drill light oil prospects and leads have been identified. Geoscience evaluation is ongoing and field operations are expected to start in late 2019 or early 2020.
The Oriente basin is one of the most prolific petroleum systems in Latin America, currently producing more than 500,000 barrels per day of oil, with access to infrastructure, spare capacity and a well-developed service industry.
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