According to industry sources, the Yaguasito-1 NFW drilled in Q2 2018 on the Tiple Block, was plugged and abandoned as a dry well. The well reached a TD of 2,803m and was targeting a stratigraphic objective in the Guadalupe Formation. No further details are available. The Llanos Basin well was drilled by GeoPark to fulfil a commitment by the company to drill one exploration well on the block at an estimated cost of US$ 7-8 million. On 23 October 2017, GeoPark announced that it had executed a joint venture agreement with CEPSA's Colombian subsidiary, CEPSA Colombia SA, for the Tiple Block. In the event of a commercial discovery, GeoPark was to assume 85% WI and operatorship of the block, subject to contract. Currently, CEPSA has 70% WI and operatorship of the Tiple Block and Perenco 30%, which is now likely to remain. The second extension of the E&P contract expired on 1 May 2018. There are two producing fields on the Tiple Block: Cubarro (discovered in 2010) and Palmero (discovered in 2012) which both produce oil from the Mirador Formation. CEPSA acquired 200 sq km of 3D seismic over the block in 2015. The block lies to the east of GeoPark's prolific LLA-34 Block. In this neighbouring block, GeoPark has discovered more than 230 MMbo of 3P gross reserves and is producing 50,000 bo/d in less than five years on the block from a base of no production. The fields are producing in the Late Cretaceous Guadelopue Formation and Eocene Mirador Formation. The main fields are the Jacana/Tigana complex which are still being appraised and developed (see related Scout article). The exploration area covers approximately 332 sq km with full 3D seismic coverage. GeoPark operates the LLA-34 Block with 45% WI with Parex holding the remaining interest.
Yaguasito 1 (Cepsa 70% op, Perenco 30%) Tiple Block P&A, dry.