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GeoPark Details 2016 Work Program; Focus on Colombian Ops
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GeoPark Limited announced its work and investment program for 2016. (All figures are expressed in US Dollars).
Security and Growth amid VolatilityDuring 2015, GeoPark took decisive steps to adapt to the new oil price environment. The Company reduced its 2015 capital expenditure program by 75% year-over-year and implemented a significant cost-restructuring plan by decreasing production costs by more than 55%, drilling costs by more than 30%, and cash costs (OPEX, G&A, Selling and Other) per boe by more than 45%. This results in more than 85% of GeoPark’s production staying cash flow positive if prices declined to $25-30 per barrel.
These cost reduction initiatives were implemented while preserving GeoPark’s long-term growth strategy. After a successful drilling campaign that resulted in…
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