GeoPark Holdings Limited, the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia, Brazil and Argentina, is pleased to announce the successful testing of gas production from a previously untested formation in the Yagan Norte 4 well on the Fell Block in Chile. GeoPark operates and has a 100% working interest in the Fell Block.
GeoPark carried out a production test in the Springhill formation, behind casing, in the Yagan Norte 4 well, at 3,005 metres for a period of 20 hours, which flowed at a rate of approximately 3.3 million standard cubic feet per day of gas through a choke of 12 millimetres, with a well head pressure of 1,208 pounds per square inch. Further production history will be required to determine a stabilized flow rate for the well. The Yagan Norte 4 well was originally drilled to a total depth of 3,105 metres and tested and produced oil from the Tobifera formation in an open hole section.
GeoPark has interests in 27 exploration, development and production blocks in Colombia, Chile, Argentina and Brazil, subject to local regulatory approval. During 2013, GeoPark plans to carry out a total 35-45 well drilling program with an expected work program investment of US$200-230 million.
Commenting, James F. Park, CEO of GeoPark, said: "This new test result in the Yagan Norte field continues to confirm the gas potential in southern Chile and the opportunity for a sustainable gas business to complement our principal oil production activities in Chile."
