GeoPark Holdings Limited reported the successful drilling and testing of a new oil well -- Alakaluf 5 -- on the Fell Block in Chile. GeoPark operates and has a 100% working interest in the Fell Block. This well represents the ninth successful productive well drilled this year out of nine wells drilled by GeoPark.
GeoPark drilled and completed the Alakaluf 5 well to a total depth of 2,261 meters. A production test in the Springhill formation, at approximately 2,187 meters in a 13 meter perforated interval, flowed at a rate of approximately 650 barrels per day (bpd) of oil with no water through a choke of 14 millimeters and with a well head pressure of 250 pounds per square inch. These are preliminary results and further production history will be required to determine stabilised flow rates and the extent of the reservoir. Alakaluf 5 was an appraisal well drilled in a P2 reserve area (down-dip from the existing producing Alakaluf wells) and is expected to increase P1 reserves. The drilling rig is now being moved to spud well Alakaluf 6.
During 2009, GeoPark is completing a ten well drilling program on the Fell Block with drilling recently completed on the Dicky 16 well and with testing operations soon to begin.
For 2010, GeoPark is planning a work and investment program totaling US$50+ million and consisting of a 14-16 well drilling program, 2D and 3D seismic surveys and an expansion of its production infrastructure. GeoPark, which is the first private oil and gas producer in Chile, owns and operates 6 blocks in Chile and Argentina with approximately 3.7 million gross acres. Its production is currently 7,000 barrels of oil per day equivalent (boepd) with independently certified 2P reserves of 42.2 million boe.
Commenting, Gerald E. O'Shaughnessy, Chairman of GeoPark, said, "We are pleased with the results from the Alakaluf 5 well which provides further encouragement for the additional development and appraisal wells planned for the Alakaluf field during H1 2010. This result caps a 100% drilling success rate achieved by our team during 2009, which includes important exploration discoveries. In addition to significant production, revenue and reserve growth during the year, our results provide additional growth opportunities and confidence for our ambitious 2010 investment program."
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