As of February 23, the well had reached 260m of its projected 2,350m final depth.
Drilling is due to wrap up at the end of March, the statement said.
The well is 9km northeast of the first well drilled as part of the block's exploratory program, dubbed Baqueano 1.
The drilling program is based on 1,800 sq km of 3-D seismic conducted on the block.
Enap has known about sizable gas reserves in Magallanes for decades, but only now has the price of gas risen high enough to make E&P in the region feasible.
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