Geopark Holdings Limited Palos Quemados Field Discovery in Chile (5410Y)
February 25 2013 - 1:01AM
UK Regulatory
TIDMGPK
RNS Number : 5410Y
Geopark Holdings Limited
25 February 2013
Embargoed for release 25 February 2013
at 7:00 am
GEOPARK HOLDINGS LIMITED
PALOS QUEMADOS FIELD DISCOVERY IN CHILE
GeoPark Holdings Limited ("GeoPark" or the "Company"), the Latin
American oil and gas explorer, operator and consolidator with
operations and producing properties in Chile, Colombia and
Argentina (AIM: GPK), is pleased to announce the discovery of the
new Palos Quemados gas field on the Tranquilo Block in Chile.
GeoPark operates and has a 29% working interest in the Tranquilo
Block.
GeoPark drilled and completed the Palos Quemados 1 well to a
total depth of 1,600 metres. A test conducted in the El Salto
formation, at approximately 805 metres, resulted in a production
rate of 4.0 million cubic feet per day of gas, through a choke of
10 millimetres and with a well head pressure of 1,050 pounds per
square inch. Further production history will be required to
determine stabilized flow rates and the extent of the reservoir.
The Palos Quemados 1 well is located approximately 6 kilometres
from a regional gas pipeline and studies are underway to assess
facilities needed to connect the gas to market.
The Palos Quemados field is the first gas discovery in the
Tranquilo Block by GeoPark and the first hydrocarbon discovery in
the Magallanes Fold and Thrust Belt in more than 40 years.
GeoPark has interests in nineteen exploration, development and
production blocks in Chile, Colombia and Argentina. In 2013,
GeoPark will carry out a 35-45 well drilling program in Chile and
Colombia - with a total work program investment of US$200-230
million.
Commenting, James F. Park, CEO of GeoPark, said: "The result
from this new gas field discovery in Palos Quemados is significant
because it confirms the exploratory potential and prospectivity of
the western part of the Magallanes Basin where additional
opportunities have been identified. GeoPark remains committed to
finding and developing oil and gas reserves in Southern Chile - and
our ambitious investment and activity in the region continues to
open up new horizons and opportunities".
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
+44 (0)20 7710
Michael Shaw (London) 7600
Tunga Chigovanyika (London)
Macquarie Capital (Europe) Limited
- Joint Broker
+44 (0)20 3037
Jeffrey Auld (London) 2000
Steve Baldwin (London)
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCPGUMPPUPWPPC
Geopark (LSE:GPK)
Historical Stock Chart
From Sep 2024 to Oct 2024
Geopark (LSE:GPK)
Historical Stock Chart
From Oct 2023 to Oct 2024