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GeoPark Announces New Gas Field Discovery in Chile

Source: www.gulfoilandgas.com 2/4/2020, Location: South America

GeoPark Limited, a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador, announced the discovery of the new Jauke Oeste gas field in the Fell block (GeoPark operated, 100% WI) in Chile.

GeoPark drilled and completed the Jauke Oeste 1 exploration well to a total depth of 9,596 feet. A production test, through different choke sizes, in the Tobifera formation resulted in an average production rate of 4.4 million standard cubic feet per day of gas (or 729 boepd) and 52 bopd of condensate with a wellhead pressure of 3,141 pounds per square inch. Additional production history is required to determine stabilized flow rates of the well and the extent of the reservoir. Surface facilities are in place, the well is in production, and the gas and condensate are already being sold to offtakers.

The Jauke Oeste gas field is located approximately 1 km north of the Jauke gas field, which is currently producing approximately 8.4 million standard cubic feet per day from two wells (or 1,400 boepd). Jauke and Jauke Oeste gas fields are part of the large Dicky geological structure in the Fell block – opening the potential for multiple development drilling opportunities.

Additional exploration activities will be carried out in Chile during 1Q2020 with a focus on oil prospects. GeoPark will be spudding the Leun 1 exploration well in the Flamenco block (GeoPark operated, 100% WI) in February 2020, to be followed by the Huillin 1 exploration well in the Isla Norte block (GeoPark operated, 60% WI) and the Koo 1 exploration well in the Campanario block (GeoPark operated, 50% WI).

2019 Independent Reserves Certification: GeoPark expects to release its 2019 independent reserves certification during the first half of February 2020.

James F. Park, CEO of GeoPark, said: “Congratulations and thanks again to GeoPark’s creative exploration team for continuing to open up new geological plays and build on our steadily-expanding production, reserve and resource base.”

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