GeoPark reports oil discovery on Campanario block in Chile

GeoPark Holdings Ltd. has reported an oil discovery on its newly acquired Campanario block in Tierra del Fuego, Chile.

The company drilled and completed the Primavera Sur 1 well to a total depth of 8,025 ft. A test conducted in the Tobifera formation at 7,750 ft resulted in a production rate of 215 b/d of 39.9° gravity oil.

GeoPark says production testing will be required to determine stabilized flow rates as well as the extent of the reservoir. Surface facilities and systems already exists to produce and distribute the oil from this well. Seismic interpretation of the Primavera Sur prospect indicates the opportunity for future development drilling following more testing.

GeoPark said it has identified 30 prospects to be drilled on its Isla Norte, Campanario, and Flamenco blocks (OGJ Online, July 2, 2013). The company is in the midst of a $150 million work program in Chile this year.

GeoPark operates Campanario block with 50% working interest, partnering with Chilean state-owned Empresa Nacional de Petroleo de Chile (ENAP).

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