The Latin American oil and gas explorer, which holds 100% interest in the block, drilled and completed the exploration well to a total depth of 3,658ft.
GeoPark said that it had carried out a production test through different chokes in El Salto formation which yielded an average production rate of 0.8 million standard cubic feet per day of gas, which is equivalent of 125boepd. The company revealed that the wellhead pressure was 158 pounds per square inch.
GeoPark is looking to get more production history to determine stabilized flow rates of the well. The company said that surface facilities are ready with production already taking place from the well.
GeoPark, in a statement, said: “The Uaken gas field discovery in the shallow El Salto formation provides additional low-cost production and creates a new gas play across the Fell block that can be tested in identified leads and prospects.”
The company further revealed that there are several wells in already discovered oil and gas fields contained in the Fell block that can be re-entered to test the formation.
The Fell block, which spans 367,800 acres, is located in the Magallanes Basin, in the district of San Gregorio.
GeoPark had committed to a long-term contract to sell gas to a large methanol plant owned by Methanex. The methanol facility is located about 100km from the Fell block, which is connected by a pipeline, stated the Chile-based oil and gas explorer.
Founded in 2002, GeoPark, which is listed on the New York Stock Exchange, operates in Argentina, Brazil, Colombia and Peru apart from Chile. The company is supported by the World Bank’s International Finance Corporation, which is one of its long-term shareholder and lender.
GeoPark also has a strategic partnership with LG to create a portfolio of upstream oil and gas assets in Latin America.
