GeoPark Holdings Limited (GEOPARK) has announced the successful drilling and testing of a new oil well -- Alakaluf 4 -- on the Fell Block in Chile. GEOPARK operates and has a 100% working interest in the Fell Block.
GEOPARK drilled and completed the Alakaluf 4 well to a total depth of 2,285 meters. A production test in the Springhill formation, at approximately 2,212 meters in a 4 meter perforated interval, flowed at a rate of approximately 380 barrels per day (bpd) of oil with no water through a choke of 8 millimeters (mm) and with a well head pressure of 240 pounds per square inch (psi). These are preliminary results and further production history will be required to determine stabilised flow rates and the extent of the reservoir. The well was directionally drilled from the Alakaluf 3 well site location and therefore can utilize the surface facilities constructed and in operation for the Alakaluf 3 well. The Company's current understanding of the Alakaluf field indicate a reserve of 3 to 5 million boe (barrels of oil equivalent) of 2P reserves.
During 2009, GEOPARK is carrying out a 9 well drilling program on the Fell Block. Drilling has just been completed on the appraisal well Aonikenk 3 and drilling has now begun on the Yagan Norte 1 well. GEOPARK has also initiated start-up of activities on its two new blocks in Chile -- Tranquilo and Otway -- which in total cover an area of approximately 12,000 square kilometers. The Company expects to begin shooting seismic on the Tranquilo Block in December 2009 and on the Otway Block in March 2010.
Commenting, Gerald E. O'Shaughnessy, Chairman of GEOPARK, said, "We are pleased with the successful results from the Alakaluf oil field and expect to drill further development wells in 4Q09. The economics of producing oil in Chile are very favorable and provide a complement to our Chilean gas production. The Alakaluf field development also continues our record of success in finding and developing hydrocarbons in Chile and demonstrates our continuous commitment to invest and grow in the region."
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