New Oil Field Discovered In Tierra Del Fuego, Chile
SANTIAGO, Chile - GeoPark Limited ("GeoPark") (NYSE: GPRK), the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia, Brazil and Argentina, announces the discovery of a new oil field in Chile.
Primavera Sur 1 well marks the first discovery of an oil field on the newly-acquired Campanario Block in Tierra del Fuego, Chile. GeoPark operates and has a 50% working interest in the Campanario Block, in partnership with Empresa Nacional de Petroleo de Chile ("ENAP"), the Chilean state-owned company.
GeoPark successfully drilled and completed the Primavera Sur 1 well to a total depth of 8,025 feet. A test conducted in the Tobifera formation, at approximately 7,750 feet, resulted in a production rate of approximately 215 gross barrels of oil per day ("bopd") of 39.9° API. Further production testing will be required to determine stabilized flow rates and the extent of the reservoir. Surface facilities and infrastructure have already been put into place in order to produce and commercialize the produced crude oil from this well. Seismic interpretation of the Primavera Sur prospect indicates the opportunity for further development drilling following further testing.
Commenting, James F. Park, CEO of GeoPark, said, "Our new discovery on the Campanario Block demonstrates the exploration and growth potential of our new Tierra del Fuego acreage, where our team has identified over 30 new prospects and leads to be drilled on our Isla Norte, Campanario and Flamenco Blocks. The quick cycle time from drilling a well to selling production also reflects the attractive operations and economics of the region. We are pleased to be working with ENAP on these blocks and look forward to further results from our approximately $150 million work program in Chile in 2014."