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Bermuda-based GeoPark Holdings Ltd. reported today that it has drilled a successful oil well in the Cretaceous depocenter of Chile’s Magallanes Basin.

Subsidiary GeoPark Chile Ltd. said that it drilled the Alakaluf 5 well, northeast of Punta Arenas, to a total depth of 2,261 m (7,418 ft). A production test in the Cretaceous Springhill formation flowed at a rate of about 650 bo/d.

The company holds three exploration blocks in Chile and was the first private company to produce oil and natural gas in Chile when it began operating the Fell Block in 2006 with 100% working interest (E&P, April 2006).

The Fell Block covers 440,000 acres (1,780 sq km) and its northern border coincides with the international border between Chile and Argentina. There are 17 producing oil and natural gas fields in the block and the objective section is found 2,000-12,000 ft ( m) deep, ranging from Tertiary (Salto, Loreto, and Zona Glauconitica) to Jurassic (Tobifera).

Chilean state oil company, Empresa Nacional de Petróleo (ENAP), drilled 146 wells in the block from the 1950s until 2005. GeoPark has drilled more than 20 wells in the block in the last 3 years, and said it plans to invest more than $50 million in 2010 in a 14-16 well drilling program, seismic surveys, and an expansion of its production infrastructure.