GeoPark output rises on Colombia ramp-up

Latin America-focused GeoPark reported a 15% rise in fourth quarter oil and gas output, driven by growth in Colombia.

Overall production climbed to 23,062boe/d from 19,984boe/d a year earlier, GeoPark said in a statement on Tuesday.

The company attributed the increase to new hydrocarbons at the Chachalaca 1, Jacana 1, Jacana 2 and Tilo 2 wells in Colombia's Llanos 34 block.

Oil and gas production in Colombia was 34% higher year-on-year at 15,510boe/d.

Output also climbed in Brazil (up 1% to 3,546boe/d) but fell in Chile (down 16% to 4,006boe/d).

CEO James Park said the company was well positioned to expand in a market rattled by falling prices.

"Our 2015 results, cash resources and significantly reduced cost structure have put us in a good position to meet further volatility this year and allow us to target additional growth in 2016," Park said.

"Our existing platform and teams across Latin America also give us first-mover access to attractive and increasingly available new project acquisitions."

Earlier this month GeoPark forecast 2016 capital expenditure of US$45mn-55mn.