More Money For The Yankees. Geopark Find New Oil Deposits In Chile (South America) . English Version .

☻ More Money For The Yankees. Geopark Find New Oil Deposits In Chile (South America) . English Version .
Embargoed for release at 7:00 a.m. 16 November 2010
GEOPARK HOLDINGS LIMITED
NEW OIL WELL IN GUANACO FIELD
GeoPark Holdings Limited (“GeoPark” or the “Company”), the Latin American oil and
gas exploration and production company with producing properties in Chile and
Argentina (AIM: GPK), is pleased to announce the successful drilling and testing of a
new oil well in the Guanaco oil field on the Fell Block in Chile. GeoPark operates and
has a 100% working interest in the Fell Block.
GeoPark drilled and completed the Guanaco 6 well to a total depth of 2,760 meters.
A production test in the Springhill formation, at approximately 2,551 meters in a 12
meter perforated interval, flowed at a rate of approximately 1,578 barrels per day
(bpd) of oil through a choke of 12 millimeters, with a well head pressure of 654
pounds per square inch. These are preliminary results and further production history
will be required to determine stabilized flow rates and the extent of the reservoir.
Projected production rate for the well is 600-800 bpd. Surface facilities have been
constructed and the produced crude oil is now being marketed.
The drilling results from this well and preliminary interpretations of available seismic
data provide evidence that the Guanaco structure is approximately 6 square
kilometers in area with a preliminary 2P reserve estimate (internal) of approximately
6-7 million barrels of oil, approximately 3-4 million barrels higher than previous
estimates, and with the possibility of multiple drilling opportunities. The Guanaco field
is located in the south-central area of the Fell Block and the new 3D seismic survey
conducted during 2010 also suggests the possibility of finding traps and additional
resources to the south of the structure.
In other drilling operations, the Dicky 18 well was completed in the Springhill
formation with inconclusive results. Hydraulic fracturing stimulation is planned after
production tests recovered low hydrocarbon flow rates.
Commenting, James F. Park, Chief Executive Officer of GeoPark, said: “We are
pleased with the results from the Guanaco well which confirms the Guanaco oil field
as an attractive new development opportunity and further opens the Fell Block’s
south-central area to additional exploration possibilities. GeoPark remains committed
to investing in our effort to find and develop oil and gas reserves in the Magallanes
Basin in Southern Chile”.
In accordance with the AIM Rules, the information in this report has been reviewed
and signed off by Mr. Carlos Portela, MSc, Petroleum Engineer, (33 years of oil and
gas experience) and Managing Director of GeoPark.
GeoPark can be visited online at www.geo-park.com
For further information please contact:
GeoPark Holdings Limited
James F. Park (Buenos Aires) +54 11 4312 9400
Nick Clayton (London) +44 (0)20 7734 9922
Oriel Securities Limited – Nominated Adviser and Joint Broker
Michael Shaw (London) +44 (0)20 7710 7600
Jonathan Walker (London)
Macquarie Capital (Europe) Limited – Joint Broker
Paul Connolly (London) +44 (0)20 3037 2000
Ben Colegrave (London)
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