GeoPark Announces New Oil Field Discovery in Argentina - GeoPark
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GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina and Peru, and Wintershall Energía S.A. (“Wintershall”), a subsidiary of the BASF group, the fourth largest gas producer in Argentina with over 15 blocks, today announced the discovery of a new oil field in the CN-V block (GeoPark 50% WI, Wintershall 50% WI) in the Neuquen Basin, Mendoza Province of Argentina.

The Rio Grande Oeste 1 exploration well – operated by GeoPark – was drilled and completed to a total depth of 5,500 feet targeting the Grupo Neuquen formation, where fifteen different potential reservoir sands were identified – at depths that range from 1,800 to 5,500 feet – with a potential net pay of 400 feet. Preliminary logging information indicated hydrocarbons in the upper, middle and lower zones. The complete testing program is still underway. To date, GeoPark has carried out production tests in four reservoir sands, with early results showing a production rate by natural flow of approximately 300 bopd of 28.0 degrees API, with a 7% water cut. Additional testing and production history will be required to determine stabilized flow rates of the well.

Read the full press release.