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By Jacob Cohen-Donnelly on Sep 17, 2009 with no responses

Geopark Concludes Drilling New Well in Chile

oil-field11The Latin American gas and oil explorer, Geopark Holdings Ltd, announced today that they had concluded drilling a new well in Chile. Located on the Fell block, Alakuf 4 (the name of the well) is up to producing 380 barrels of oil per day with no water in the mix. Geopark has a 100% interest in the Fell block.

“These results are provisional and it will require a complete accounting to determine the volume of flow and the extent of the reservoir,” Geopark said in a report to Chile’s market regulator.

Last month, Geopark announced that they had completed Alakuf 2 and Alakuf 3, two oil and gas wells. Both are found in the Fell block and are part of a government program meant to promote exploration and development in the area.

According to Geopark, they have a plan to drill nine wells this year. Furthermore, they have expanded into two areas in southern Chile called “Tranquillo” and “Otway.” Together, these two areas contain up to 12,000 kilometers of surface area that make for a lot of growth for Geopark.

The President of Geopark, Gerald O’Shaughnessy, told Reuters that, “We hope to drill new wells for development in the fourth quarter of 2009.”

Since its creation, Geopark has grown quickly. They have three blocks in Brazil and three in Chile. They were the first private company to produce oil and gas and operate in Chile. Its base of headquarters is in Buenos Aires, Brazil.