GeoPark Holdings Limited ("GEOPARK"), announced the successful drilling and testing of two new oil and gas wells -- Alakaluf 2 and Alakaluf 3 -- on the Fell Block in Chile. GEOPARK operates and has a 100% working interest in the Fell Block.
In June 2009, GEOPARK drilled and completed the Alakaluf 2 well to a total depth of 2,250 meters. A production test in the Springhill formation, at approximately 2,163 meters in a 2.5 meter perforated interval, flowed at a rate of approximately 7.6 million cubic feet per day (mmcfpd) of gas, 11.3 barrels per day (bpd) of condensate and 18.9 bpd of water through a choke of 12 millimeters (mm) and with a well head pressure of 1,778 pounds per square inch (psi).
In July 2009, GEOPARK drilled and completed the Alakaluf 3 well to a total depth of 2,263 meters. A production test in the Springhill formation, at approximately 2,176 meters in an 8 meter perforated interval, flowed at a rate of approximately 234 barrels per day (bpd) of oil through a choke of 50 millimeters (mm) and with a well head pressure of 23 pounds per square inch (psi).
These are preliminary results and further production history will be required to determine stabilized flow rates from these wells and the extent of the reservoir. Surface facilities have been constructed on the Alakaluf 3 well-site and a beam-pumping unit shall be installed to produce the well with an expected production rate of approximately 375 bpd of oil. Further testing of Alakaluf 2 will be carried out before determining when this gas well should be produced to ensure optimum recovery from the Alakaluf oil field.
The Alakaluf 1 well, which has been on production since April 2009, is currently producing approximately 630 bpd of oil. The Company's geoscience team has identified additional drilling opportunities in the Alakaluf field and GEOPARK is currently drilling the Alakaluf 4 development well with a targeted completion in August.
Commenting, Gerald E. O'Shaughnessy, Chairman of GEOPARK, said, "We are pleased with the results from these new wells which further define the extent of the Alakaluf field. The additional oil revenue represents an important balance to our Chilean gas production. It also continues our record of success in finding and developing hydrocarbons in Chile and underscores the high potential of our leading position in Chile."
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