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GEOPARK
Embargoed for release at 7:00 a.m. 16 September 2010
GEOPARK HOLDINGS LIMITED
NEW GUANACO FIELD OIL WELL IN CHILE
GeoPark Holdings Limited (“GeoPark” or the “Company”), the Latin American oil and
gas exploration and production company (AlM: GPK), is pleased to announce the
successful drilling and testing of a new oil well on the Guanaco oil field on the Fell
Block in Chile. GeoPark operates and has a 100% working interest in the Fell Block.
GeoPark drilled and completed the Guanaco 4 well to a total depth of 2,760 metres.
A production test in the Springhill formation, at approximately 2,627 metres in a 2.5
metre perforated interval, flowed at a rate of approximately 1,660 barrels per day
(bpd) of oil with no water through a choke of 14 millimetres (mm) and with a well
head pressure of 426 pounds per square inch (psi). These are preliminary results
and further production history will be required to determine stabilised flow rates
(projected to be approximately 1,000 bpd) and the extent of the reservoir.
Petrophysical analysis also indicates the potential for additional production by
perforating above the current interval. The well is currently being produced and
marketed under temporary facilities while permanent surface facilities are being
constructed.
Following the drilling of this well and preliminary interpretation of available seismic,
the Guanaco field structure appears to have an area of approximately 6 square
kilometers (sq km), suggesting a preliminary 2P reserve estimate (internal) of
approximately 2.8 million barrels of oil with multiple drilling opportunities. The
Guanaco field is located in the south central area of the Fell Block and the new 3D
seismic survey conducted during 2010 indicates possible additional structuring and
resources in an up-dip position to the south. The Guanaco 5 well is programmed to
be drilled during 4Q10. The new 3D seismic survey currently being interpreted also
suggests an attractive prospect, Municion, to the east.
The Guanaco 4 well represents the ninth successful well drilled by GeoPark in 2010
out of ten wells drilled, completed and tested. Testing and further operations will now
be carried out on the Yagan Norte 2, Ayelen 2 and Alakaluf 9 wells during 3Q10 and
4Q10.
Commenting, James F. Park, Chief Executive Officer of GeoPark, said: “We are
pleased with this new drilling result from the Guanaco field which has an attractive
development potential to increase crude oil production and which opens up the
south-central area on the Fell Block to further new exploration. This well also
maintains the consistent record of drilling success by our technical team over the last
three year and confirms our belief in being able to continue to find and develop oil
and gas reserves in the Magellan basin in southern Chile, where GeoPark is
investing US$50-60 million this year.”
In accordance with the AIM Rules, the information in this report has been reviewed
by Mr. Carlos Portela, Petroleum Engineer MSc (33 years of experience in the oil and
gas industry) and Managing Director of GeoPark.
GeoPark can be visited online at www.geo-park.com
For further information please contact:
GeoPark Holdings Limited
James F. Park (Buenos Aires)
Nick Clayton (London)
Oriel Securities Limited – Nominated Adviser and Joint Broker
Michael Shaw (London)
Neil Langford (London)
Macquarie Capital (Europe) Limited – Joint Broker
Paul Connolly (London)
Ben Colegrave (London)
+54 11 4312 9400
+44 (0)20 7734 9922
+44 (0)20 7710 7600
+44 (0)20 3037 2000
Link al archivo en CMFChile: https://www.cmfchile.cl/sitio/aplic/serdoc/ver_sgd.php?s567=bdc36c05690b143827ac8d7d41d83c10VFdwQmVFMUVRVFZOUkVWNFQwUlpNVTVuUFQwPQ==&secuencia=-1&t=1682366909
