Well Cerro Iturbe 1 was drilled and completed to a total depth of 3,094mt on an undrilled prospect located in the northwest region of the Fell Block. A production test in the Springhill formation, at about 2,984mt in a 14.5 metresperforated interval, flowed at a rate of about 14.6 million cubic feet per day of gas (mmcfpd) with 137 barrels per day (bpd) condensate and no water through a choke of 14 millimetres (mm) and with a well head pressure of 2,417 pounds per square inch (psi).
These are preliminary results and further production history will be required to determine stabilized flow rates from this well. A gas flow line is being constructed and it is expected to connect the well to the main pipeline and marketing infrastructure during July 2010, the company said.
Well Tetera 4 was drilled and completed to a total depth of 3,057mt on a prospect in the north central region of the Fell Block, which had tested small quantities of oil by previous license holders but never been produced commercially.
A production test in the Springhill formation, at approximately 2,912mt in a 2.5 metreperforated interval, flowed at a rate of approximately 115bpd of oil and 350bpd of water through a choke of 12mm and with a well head pressure of 43psi.
A beam pump and surface facilities have been installed and the well has now been put on production at a rate of approximately 100bpd oil and 250bpd water. Further production history will be required to determine stabilized flow rates from this well and potential development drilling opportunities, the company said.
In other drilling activities on the Fell Block in Chile, an appraisal well Ayelen 2, targeted for the shallow El Salto (Tertiary) gas producing formation, reached total depth of 883mt. Production testing is scheduled during July 2010. GeoPark is currently drilling well Yagan Norte 2, which is targeting the Springhill and Tobifera formations at depths of approximately 3,000mt-3,200mt. GeoPark is also currently recording a 3D seismic survey on the Otway Block in Chile.
During 2010, GeoPark is carrying out a work and investment program totaling $50m-$60m and consisting of a 14-18 well drilling program, 2D and 3D seismic surveys and an expansion of its production infrastructure. GeoPark owns and operates six blocks in Chile and Argentina with a total of 3.7 million gross acres.
