GeoPark Ltd. (NYSE: GPRK) said on Jan. 17 it has successfully completed the drilling and testing of the Uaken 1 exploration well in the Fell Block in Chile.
GeoPark drilled and completed the Uaken 1 exploration well to a total depth of 3,658 ft (1114 m).
A production test through different chokes in El Salto formation resulted in an average production rate of 0.8 million standard cubic feet per day of gas (or 125 barrels of oil equivalent per day) with a wellhead pressure of 158 pounds per square inch.
Additional production history is required to determine stabilized flow rates of the well. Surface facilities are in place and the well is already in production.
GeoPark has a long-term contract to sell gas to the large Methanex methanol plant located approximately 100 km (62 miles) from the Fell Block which is connected by a pipeline.
The Uaken gas field discovery in the shallow El Salto formation provides additional low-cost production and creates a new gas play across the Fell Block that can be tested in identified leads and prospects.
In addition, there are multiple wells in already discovered oil and gas fields within the Fell Block that can be re-entered to test this formation.