Geopark Holdings Limited Yagan Norte field gas development in Chile (5468H)
21 June 2013 - 4:00PM
UK Regulatory
TIDMGPK
RNS Number : 5468H
Geopark Holdings Limited
21 June 2013
Embargoed for release at 7:00 21 June 2013
am
GEOPARK HOLDINGS LIMITED
YAGAN NORTE FIELD GAS DEVELOPMENT IN CHILE
GeoPark Holdings Limited ("GeoPark"), the Latin American oil and
gas explorer, operator and consolidator with operations and
producing properties in Chile, Colombia, Brazil and Argentina (AIM:
GPK), is pleased to announce the successful testing of gas
production from a previously untested formation in the Yagan Norte
4 well on the Fell Block in Chile. GeoPark operates and has a 100%
working interest in the Fell Block.
GeoPark carried out a production test in the Springhill
formation, behind casing, in the Yagan Norte 4 well, at 3,005
metres for a period of 20 hours, which flowed at a rate of
approximately 3.3 million standard cubic feet per day of gas
through a choke of 12 millimetres, with a well head pressure of
1,208 pounds per square inch. Further production history will be
required to determine a stabilized flow rate for the well. The
Yagan Norte 4 well was originally drilled to a total depth of 3,105
metres and tested and produced oil from the Tobifera formation in
an open hole section.
GeoPark has interests in 27 exploration, development and
production blocks in Colombia, Chile, Argentina and Brazil, subject
to local regulatory approval. During 2013, GeoPark plans to carry
out a total 35-45 well drilling program with an expected work
program investment of US$200-230 million.
Commenting, James F. Park, CEO of GeoPark, said: "This new test
result in the Yagan Norte field continues to confirm the gas
potential in southern Chile and the opportunity for a sustainable
gas business to complement our principal oil production activities
in 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
Juan Pablo Spoerer (Chile)
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
Steve Baldwin (London) +44 (0)20 3037 2000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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