GeoPark provided an update on its drilling activities on the Fell Block in Chile including the successful testing of two wells - Cerro Iturbe 1 (a new gas discovery) and Tetera 4 (a new oil producer). GeoPark operates and has a 100% working interest in the Fell Block.
Well Cerro Iturbe 1 was drilled and completed to a total depth of 3,094 meters on an undrilled prospect located in the northwest region of the Fell Block. A production test in the Springhill formation, at approximately 2,984 meters in a 14.5 meters perforated interval, flowed at a rate of approximately 14.6 million cubic feet per day of gas (mmcfpd) [or 413,770 cubic meters per day of gas] with 137 barrels per day (bpd) condensate and no water through a choke of 14 millimeters (mm) and with a well head pressure of 2,417 pounds per square inch (psi). These are preliminary results and further production history will be required to determine stabilized flow rates from this well. A gas flow line is being constructed and it is expected to connect the well to the main pipeline and marketing infrastructure during July 2010.
Well Tetera 4 was drilled and completed to a total depth of 3,057 meters on a prospect in the north central region of the Fell Block which had tested small quantities of oil by previous license holders but never been produced commercially. A production test in the Springhill formation, at approximately 2,912 meters in a 2.5 meter perforated interval, flowed at a rate of approximately 115 bpd of oil and 350 bpd of water through a choke of 12 mm and with a well head pressure of 43 psi. A beam pump and surface facilities have been installed and the well has now been put on production at a rate of approximately 100 bpd oil and 250 bpd water. Further production history will be required to determine stabilized flow rates from this well and potential development drilling opportunities.
In other drilling activities on the Fell Block in Chile, an appraisal well Ayelen 2, targeted for the shallow El Salto (Tertiary) gas producing formation, reached total depth of 883 meters. Production testing is scheduled during July 2010. GeoPark is currently drilling well Yagan Norte 2 which is targeting the Springhill and Tobifera formations at depths of approximately 3,000-3,200 meters. GeoPark is also currently recording a 3D seismic survey on the Otway Block in Chile.
During 2010, GeoPark is carrying out a work and investment program totaling US $50-60 million and consisting of a 14-18 well drilling program, 2D and 3D seismic surveys and an expansion of its production infrastructure. GeoPark owns and operates 6 blocks in Chile and Argentina with a total of 3.7 million gross acres.
Commenting, James F. Park, Chief Executive Officer, said, "We are pleased with continuing strong results from our drilling program on the Fell Block in Chile - and with our team's demonstrated reliability in both discovering new fields and rehabilitating abandoned fields. We look forward with confidence to the remainder of our work program this year, which represents a balance of development, appraisal and exploration wells and seismic focused on both increasing oil and gas production and reserves and opening up new prospective areas on the Fell, Otway and Tranquilo Blocks."
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