LONDON (ShareCast) - Latin America-focused oil and gas group GeoPark Holdings (Other OTC: GPRKF.PK - news) announced on Friday that it has put into production a new oil well in the Konawentru oil field in Chile (Berlin: G4R.BE - news) , following successful drilling and testing.
The well, situated on the Fell Block in Chile, is 100% owned and operated by GeoPark.
GeoPark drilled and completed the Konawentru 4 well to a total depth of 3,102 metres. The firm said that a production test in the Tobifera formation flowed at a rate of approximately 730 barrels of oil per day (bopd) through a choke of 10 millimetres, with a well head pressure of 462 pounds per square inch.
The initial production rate is around 700bopd but the company said that further production history will be need to work out stabilised flow rates.
"The results from this new Konawentru well in Chile are significant from production, operational, field and regional perspectives. The new well will immediately add to our growing production base," said Chief Executive Officer James F Park.
"The successful well confirms the opportunity for further development and production drilling of the Konawentru field. In addition, the result expands the overall prospectivity of the Tobifera geological formation on a regional perspective. It represents a new dimension in GeoPark's continuing success in exploring and developing for oil and gas in the Magallanes Basin in Southern Chile."