GeoPark Holdings Limited announced the discovery of the new Palos Quemados gas field on the Tranquilo Block in Chile. GeoPark operates and has a 29 percent working interest in the Tranquilo Block.
GeoPark drilled and completed the Palos Quemados 1 well to a total depth of 5,249 feet (1,600 meters). A test conducted in the El Salto formation, at approximately 2,641 feet (805 meters), resulted in a production rate of 4.0 million cubic feet per day of gas, through a choke of 10 millimeters and with a well head pressure of 1,050 pounds per square inch. Further production history will be required to determine stabilized flow rates and the extent of the reservoir. The Palos Quemados 1 well is located approximately 3.7 miles (6 kilometers) from a regional gas pipeline and studies are underway to assess facilities needed to connect the gas to market.
The Palos Quemados field is the first gas discovery in the Tranquilo Block by GeoPark and the first hydrocarbon discovery in the Magallanes Fold and Thrust Belt in more than 40 years.
GeoPark has interests in nineteen exploration, development and production blocks in Chile, Colombia and Argentina. In 2013, GeoPark will carry out a 35-45 well drilling program in Chile and Colombia - with a total work program investment of $200-230 million.
Commenting, James F. Park, CEO of GeoPark, said: "The result from this new gas field discovery in Palos Quemados is significant because it confirms the exploratory potential and prospectivity of the western part of the Magallanes Basin where additional opportunities have been identified. GeoPark remains committed to finding and developing oil and gas reserves in Southern Chile - and our ambitious investment and activity in the region continues to open up new horizons and opportunities".
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