Parex and GeoPark agreed in December 2019 that GeoPark will acquire 50% WI in the LLA-94 Block (Llanos Basin) in exchange for funding its 50% pro-rata share of existing commitments, with no carry. The agreement is subject to Agencia Nacional de Hidrocarburos (ANH) approval. Commitments for the Parex-operated block consist of the acquisition and reprocessing of existing 3D seismic plus drilling three exploration wells during the first exploration phase of three years.Parex signed a contract on 25 July 2019 for the LLA-94 Block with the ANH. Parex won the block in the first round of Colombia's Permanent Process of Assignment of Areas (PPAA). GeoPark had also bid upon the LLA-94 Block, but Parex's bid was superior. Three wells have previously been drilled on the acreage: Negritos-1 (1962), Cachirre-1 (2012) and Grulla-1 (2015). Whilst Grulla-1 was dry, Negritos-1 and Chachirre-1 both had oil shows. The newly awarded LLA-94 Block is directly adjacent to the ONGC Videsh operated CPO-5, which recently yielded substantial exploration success with the Mariposa-1 NFW (2017) and the Indico-1X NFW (2019). Mariposa and Indico, made light oil discoveries in the Lower Sands 3 Unit (LS3) of the Late Cretaceous Guadalupe Formation. Recent production from Mariposa and Indico was recorded to be between 3,128 bo/d and 4,703 bo/d, respectively. The LLA-94 Block is on trend with both the CPO-5 Mariposa and Indico fields, but also with the prolific LLA-34 Block. That GeoPark-operated block, in which Parex is the partner with 45% WI, is located around 35km to the northeast of the LLA-94 Block. LLA-34 contains fields like Tigana, Jacana, Tua and Chiricoca. In June 2019, combined production for the LLA-34 Block exceeded 70,000 bo/d. Production from the LLA-34 Block also occurs from the Guadalupe Formation. Parex will be looking to continue the Guadalupe fairway into the newly minted LLA-94 Block. Parex has identified "multiple play types" through existing 3D seismic. Parex currently operates the 361 sq km LLA-94 Block with 100% interest.
Colombia, LLA 94