GeoPark Drills New Discovery Oil Well On Guanaco Prospect In Chile

Published: 16-Mar-2010

GeoPark, a Latin American oil and gas exploration and production company, has revealed drilling and testing of a new discovery oil well on the Guanaco prospect at the Fell block in Chile. The company has a 100% working interest in the block.

The company drilled and completed the Guanaco 3 well to a total depth of 2,752mt. A production test in the Springhill formation, at approximately 2,590mt in an 8mt perforated interval, flowed at a rate of approximately 470 barrels per day (bpd) of oil with a 2% water cut through a choke of 50 millimetres (mm) and with a well head pressure of 30 pounds per square inch (psi).

These are preliminary results and further production history will be required to determine stabilized flow rates and the extent of the reservoir. A beam-pumping unit and production facilities are being installed and production is targeted to commence within a week, the company said.

The production test in Guanaco 3 represents the third well and first exploration discovery drilled by GeoPark in 2010. Preliminary interpretations indicate the Guanaco structure to be approximately 3.5sqkm in area.

The Guanaco field is located in the south central area of the Fell block and represents a previously undrilled area by GeoPark covering approximately 150sqkm.

GeoPark is currently completing a 90sqkm 3D seismic survey over this area to complement an existing 3D survey over the well location, as well as a new 70sqkm 3D seismic survey in another unexplored region to the northwest. Following these surveys, the Fell block will be covered by 1,007sqkm of 3D seismic representing approximately 57% of the total block area.

In other operations and as part of its 15-17 well drilling program in 2010 in Chile, GeoPark has completed drilling the Aonikenk Sur 1 well where testing operations will begin in April. Drilling is also now being completed on the Alakaluf 7 well, which will be followed by the Alakaluf 9 well.

On the Tranquilo and Otway blocks in southern Chile, GeoPark has initiated 2D seismic surveys covering 545km and 3D seismic surveys covering 430sqkm. Drilling on the Tranquilo block is targeted to commence in the fourth quarter of this year.

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