Geopark Submits Drilling EIAs for 5 Fell Block Fields

Bermuda's Geopark (LSE: GPK) has submitted an EIA to drill five wells for US$2.4mn each on separate fields of the Fell block in southern Chile's region XII, according to environmental regulator Conama's evaluation system (SEIA) website.

The fields are Nika, Trend KA-PL, Monte Aymond, Dicky and Municion. Geopark could drill 43 wells total on the fields.

To date, Geopark has established the location of the first well on each field. The company will corroborate the data by analyzing 3D seismic data, which is being processed.

Operations to drill the first wells is scheduled through the second half of the year.

Meanwhile, Geopark is determining the locations for the remaining wells.

A maximum of five wells could be drilled on the Nika field after the first is drilled. And up to nine wells could be drilled on the Trend KA-PL field following the first well drilling.

Following the first well drilled on the Monte Aymond field, a maximum of five subsequent wells could be drilled. A maximum of 14 wells could be drilled on the Dicky field following the first well drilling.

Finally, following the first well drilled on Municion field, a maximum of five subsequent wells could be drilled.

These five fields and potential 43 wells come in addition to the 11 potential wells that could be drilled on the Santiago Norte field, the first of which has an estimated US$2.4mn cost.

Geopark is the only active gas producer in Chile, although last month the government announced plans to tender the E&P of 10 blocks in May.

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