Geopark Holdings Limited Yagan Norte field development (4139U)
December 28 2012 - 1:00AM
UK Regulatory
TIDMGPK
RNS Number : 4139U
Geopark Holdings Limited
28 December 2012
Embargoed for release at 7:00 28 December 2012
am
GEOPARK HOLDINGS LIMITED
YAGAN NORTE OIL AND GAS FIELD DEVELOPMENT IN CHILE
GeoPark Holdings Limited ("GeoPark" or the "Company"), the Latin
American oil and gas exploration and production company with
operations and producing properties in Chile, Colombia and
Argentina (AIM: GPK), is pleased to announce the successful
drilling, testing and putting into production of a new oil and gas
well in the Yagan Norte 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 Yagan Norte 4 well to a total
depth of 3,105 metres. A production test in the Tobifera formation,
at approximately 3,022 metres in an open hole section, flowed at a
rate of approximately 645 barrels of oil per day ("bopd") and 3.5
million standard cubic feet per day of gas through a choke of 10
millimetres, with a well head pressure of 1,237 pounds per square
inch. Further production history will be required to determine
stabilized flow rates. Surface facilities and flowlines are already
in place and the produced crude oil and gas are now being
marketed.
GeoPark has interests in six blocks (totalling over 3 million
gross acres) in southern Chile where it is the first and only
independent oil and gas producer. GeoPark also has interests in ten
blocks in Colombia and three blocks in Argentina.
Commenting, James F. Park, CEO of GeoPark, said: "We are pleased
with this new drilling result from the Yagan Norte well which
continues to confirm the exciting oil and gas potential of the
unconventional Tobifera reservoir in southern Chile."
In accordance with the AIM Rules, the information in this
announcement has been reviewed by Salvador Minniti, a geologist
with 32 years of oil and gas experience and Director of Exploration
of GeoPark.
GeoPark can be visited online at www.geo-park.com
For further information please contact:
GeoPark Holdings Limited
Andres Ocampo (Buenos Aires) +54 11 4312 9400
Pablo Ducci (Chile) +56 2 2242 9600
Oriel Securities - Nominated Adviser and
Joint Broker
Michael Shaw (London) +44 (0)20 7710 7600
Tunga Chigovanyika (London)
Macquarie Capital (Europe) Limited - Joint
Broker
Jeffrey Auld (London) +44 (0)20 3037 2000
Steve Baldwin (London)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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