GeoPark Holdings Limited, the Latin American oil and gas exploration and production company with operations and producing properties in Chile, Colombia and Argentina, is pleased to announce the successful drilling, testing and putting into production of a new oil well in the Konawentru 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 Konawentru 4 well to a total depth of 3,102 metres. A production test in the Tobifera formation, at approximately 3,031 metres in an open hole section, flowed at a rate of approximately 730 barrels of oil per day (“bopd”) through a choke of 10 millimetres, with a well head pressure of 462 pounds per square
inch. The initial production rate for the well is approximately 700 bopd, however further production history will be required to determine stabilized flow rates. Surface facilities are already in place and the produced crude oil is now being marketed.
The Konawentru oil field was discovered in 2011 with the Konawentru 1 well, which is currently producing at a rate of approximately 1,120 bopd and has produced over 710,000 barrels of oil to date. Further development of the field will begin immediately with the drilling of the Konawentru 3 well, which will be followed by 2-3 additional wells
during 2013. During the drilling of Konawentru 4, GeoPark successfully completed the well and brought it onto production without the use of a workover rig, thereby saving additional costs and substantial waiting times.
GeoPark has interests in six blocks (totaling over 3 million gross acres) in southern Chile where it is the first and only independent oil and gas producer. GeoPark also has interests in ten blocks in Colombia and three blocks in Argentina. In 2012 GeoPark will carry out a 42-46 well drilling program in Chile and Colombia – with a total work
program investment of US$200-210 million.
Commenting, James F. Park, CEO of GeoPark, said: ”The results from this new Konawentru well in Chile are significant from production, operational, field and regional perspectives. The new well will immediately add to our growing production base. The technology innovation improves our economics. The successful well confirms the
opportunity for further development and production drilling of the Konawentru field. In addition, the result expands the overall prospectivity of the Tobifera geological formation on a regional perspective. It represents a new dimension in GeoPark’s continuing success in exploring and developing for oil and gas in the Magallanes Basin
in Southern Chile.”
