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GeoPark discovers new oilfield in Chile

01st July 2014

Primavera Sur 1 well marks the first discovery of an oilfield on the newly-acquired Campanario Block in Tierra del Fuego, Chile

GeoPark discovers new oilfield in Chile
Further production testing will be required to determine stabilised flow rates and the extent of the reservoir

GeoPark operates and has a 50 per cent working interest in the Campanario Block, in partnership with Empresa Nacional de Petroleo de Chile (ENAP), the Chilean state-owned company.

GeoPark successfully drilled and completed the Primavera Sur 1 well to a total depth of 2,446 metres.  A test conducted in the Tobifera formation, at approximately 2,362 metres, resulted in a production rate of approximately 215 gross barrels of oil per day of 39.9° API.

"Our new discovery on the Campanario Block demonstrates the exploration and growth potential of our new Tierra del Fuego acreage, where  our team has identified over 30 new prospects and leads to be drilled on our Isla Norte, Campanario and Flamenco Blocks,” said  James F. Park, CEO of GeoPark. “The quick cycle time from drilling a well to selling production also reflects the attractive operations and economics of the region. We are pleased to be working with ENAP on these blocks and look forward to further results from our approximately $150 million work program in Chile in 2014.”

Further production testing will be required to determine stabilised flow rates and the extent of the reservoir.

Surface facilities and infrastructure have already been put into place in order to produce and commercialize the produced crude oil from this well.

Seismic interpretation of the Primavera Sur prospect indicates the opportunity for further development drilling following further testing.

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