Geopark 2Q Oil & Gas Production Falls 6%, Plans To Add 3 Rigs In 3Q

Geopark Ltd GPRK reported consolidated average oil and gas production of 36,581 Barrels of oil equivalent per day or boepd for the second quarter of 2023, down by 6% year over year.

The production level is below its production potential of approximately 39,500-40,500 boepd, as previously announced.

Geopark's production was hampered by a temporary production halt in the CPO-5 block (GeoPark non-operated, 30% WI) in Colombia and, to a lesser extent, in the Fell block (GeoPark operated, 100% WI) in Chile.

The company had nine rigs in operation in June 2023 (five drilling rigs and four workover rigs), with three more rigs to be added in 3Q (two drilling rigs and one workover rig).

Geopark plans to drill 20-25 gross wells in 2H23, targeting attractive conventional, short-cycle development and exploration projects.

For 2023, the company plans annual production guidance of 38,000-40,000 boepd.

Price Action: GPRK shares are trading higher by 0.20% to $9.95 on the last check Monday.