Geopark Holdings Limited has announced the discovery of a new oil field on the Fell Block in Chile following the successful drilling and testing of the Aonikenk 1 exploration well. Geopark operates and has a 100% working interest in the Fell Block.
Geopark drilled and completed the Aonikenk 1 well to a total depth of 2,377 meters. A production test in July 2008 in the Springhill formation, at approximately 2,270 meters in a five meter perforated interval, flowed without stimulation, at a rate of approximately 1,201 barrels per day (bpd) of oil, 1.2 million cubic feet per day (mmcfpd) of gas and 1,465 bpd of water through a choke of 12 millimeters (mm) and with a well head pressure of 896 pounds per square inch (psi). These are preliminary results following a six day production test and further production history will be required to determine stabilized flow rates from this well and the extent of the reservoir. The produced oil (approximately 30 degrees API) is currently being trucked to a tank facility near the Fell Block and engineering is underway to construct the necessary processing and selling facilities.
Aonikenk 1 represents a new field discovery which was drilled on a geological structure defined following the interpretation of Geopark's 3D seismic program. Geological and geophysical interpretations suggest the opportunity for further development drilling in the Aonikenk field and a new drilling location has been selected to be drilled in Q42008.
"We are very pleased with the results from the Aonikenk oil discovery. In addition to representing another increase in both revenues and oil and gas reserves of the Company, this new oil production will provide an important balance to our overall gas production and sales mix. The Aonikenk oil discovery also opens up a new potential oil region in the northeast portion of the Fell Block which will be further developed and explored with additional drilling this year," said Geopark CEO, James F. Park.
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