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Market: AIM
Sector: Energy
EPIC: GPK
Latest Price: 467.50p  (0,00%)
52-week High: 787.50p
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Market Cap: 195.24M
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Geopark Holdings
www.geo-park.com

GeoPark Holdings Limited is engaged in the production, development and exploration for oil and gas reserves in the Fell Block in (Chile) and the Del Mosquito, Cerro Dona Juana, and Loma Cortaderal Blocks in Argentina.

 

Full Geopark Holdings profile here
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GeoPark completes drilling and testing of new oil discovery in Chile

16th Mar 2010, 4:40 pm GeoPark completes drilling and testing of new oil discovery in Chile

Latin America focused oil and gas company GeoPark (AIM: GPK) announced the successful drilling and testing of a new discovery oil well, on the Guanaco prospect on the company’s wholly-owned Fell Block in Chile. The Guanaco-3 well was drilled to a total depth of 2,752m, and a production test in the Springhill formation, at 2,590m in an 8 metre perforated interval, flowed at approximately 470 barrels per day (bpd) of oil.

GeoPark said that preliminary results and further production history will be required to determine stabilised flow rates and the extent of the reservoir. A beam-pumping unit and production facilities are now being installed and production is targeted to commence within seven days.

"In addition to the discovery of the new Guanaco oil field, this result is also important because it opens up a new area of prospectivity on the Fell Block in Chile”, GeoPark Chief Executive James F. Park said. “The Fell Block continues to demonstrate its underlying value and potential with its diversified portfolio of production, development and exploration opportunities”.

The company noted that the Guanaco-3 production test represents the third successful well and first exploration discovery drilled by GeoPark in 2010. Preliminary interpretations indicate the Guanaco structure to be approximately 3.5 square kilometres in area.

The Guanaco field is located in the south central area of the Fell Block, and it represents a previously undrilled area which covers approximately 150 squre kilometres. “It is encouraging that after nearly three years of continuous drilling on the Fell Block our team continues to develop new plays and discover new oil and gas reserves”, Park added.

At Guanaco, historic 2D interpretations indicated the presence of several oil and gas prospects. GeoPark is currently completing a 90 square kilometre 3D seismic survey over the area, in addition to further seismic exploration work being conducted throughout area. Once the programme is complete GeoPark expects 57% of the total Fell block area to be covered by 3D seismic.

Elsewhere in Chile, as part of the company’s 15-17 well 2010 drilling program, GeoPark has completed drilling of Aonikenk Sur-1, where testing operations will begin in April. The company is also drilling the Alakaluf-7 well, which will be followed by the Alakaluf-9 well. On the large Tranquilo and Otway Blocks in southern Chile, GeoPark has initiated 2D seismic surveys covering 545km and 3D seismic surveys covering 430km₂. The company noted that drilling on the Tranquilo Block is targeted to commence in Q410.

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