GeoPark Limited (ticker: GPRK) said that in Chile the Uaken 1 exploration well in the Fell block was successfully drilled and tested. The well is operated by GeoPark and the company has 100% working interest.
GeoPark drilled and completed the Uaken 1 exploration well to a total depth of 3,658 feet. A production test through different chokes in the El Salto formation resulted in an average production rate of 0.8 million standard cubic feet per day of gas (or 125 BOEPD) with a wellhead pressure of 158 pounds per square inch. Additional production history is required to determine stabilized flow rates of the well, GeoPark said. However, surface facilities are in place and the well is already in production.
GeoPark has a long-term contract to sell gas to the large Methanex methanol plant located approximately 100 kilometers from the Fell block, which is connected by a pipeline.
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 said. In addition, there are multiple wells in already discovered oil and gas fields within the Fell block that can be re-entered to test this formation.
EnerCom Dallas conference presenter
GeoPark Limited will be presenting at the EnerCom Dallas investment conference, Feb. 21-22 at the Tower Club in downtown Dallas. Institutional investors, portfolio managers, financial analysts, CIOs and other investment community professionals who invest in the energy space should register now.
