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GeoPark completes drilling at well in Chile

19th June 2014

GeoPark Limited has announced the successful drilling and testing of the Ache 1 exploration well located on the Fell Block in Chile

GeoPark completes drilling at well in Chile
Surface facilities and flow lines will be required in order to commercialise this new discovery

The Ache 1 well was drilled and completed to a total depth of 2,955 metres. A production test through different chokes in the Tobifera formation resulted in an average production rate of 260 thousand cubic metres per day of gas. Further production history is required to determine stabilised flow rates and the extent of the reservoir. Surface facilities and flow lines will be required in order to commercialise this new discovery.

"The new Ache 1 success represents another new field discovery on the Fell Block in Chile and demonstrates the continuing growth potential of the Fell Block – both from the new prospects being delineated and new geological formations being tested,” said James F. Park, GeoPark CEO. “In addition to the significant new growth GeoPark is realizing from its assets in Colombia and Brazil, Chile continues to deliver consistent results. We look forward to further developments this year from our drilling program on our large acreage position in Chile."

GeoPark is the first and largest non-state controlled oil and gas producer in Chile, which began operating the Fell Block in 2006 with no production and has now grown to over 7,400 boepd in production as of 1Q2014.

In Chile, GeoPark is carrying out a USD 150m investment programme in 2014 with 15-20 new wells being drilled on the Fell Block and 17-23 new wells being drilled on GeoPark's new Flamenco, Campanario and Isla Norte Blocks in Tierra del Fuego.

During 2014 GeoPark will be carrying out a USD 220m to USD 250m work programme, including the drilling of 50-60 new wells on its properties in Colombia, Brazil, Argentina and Chile.

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