GeoPark, Wintershall make oil find in Argentina’s Neuquen basin

GeoPark Ltd. and Wintershall Energia SA plan further tests of a discovery in Argentina’s Neuquen basin with potential net pay of 400 ft in multiple strata.

The GeoPark Rio Grande West 1, drilled to 5,500 ft on CN-V block, has flowed 300 b/d of 28° gravity oil naturally with 7% water during early tests of four reservoir sands. It targeted the Lower Cretaceous Neuquen Group.

GeoPark says the well indicated 15 potential reservoir sands below 1,800 ft.

The partners are currently evaluating subsequent activities on the block, including a development plan for Rio Grande West.

CN-V block is in Mendoza province and covers 117,000 acres, with 3D seismic coverage of 180 sq km next to the producing Loma Alta Sur oil field operated by YPF SA. The block also has upside potential in the developing Vaca Muerta unconventional play, GeoPark says.

Interest in CN-V is split 50-50 between the companies. Wintershall has the right to take over operatorship pursuant to the terms and conditions of its 2015 farm-in agreement with GeoPark.

GeoPark’s Argentina work program for 2017 includes seven gross wells, at a total cost of $5-7 million, that are expected to be drilled in the second half targeting shallow heavy oil exploration prospects in the Neuquen basin’s Sierra del Nevado and Puelen blocks operated by Pluspetrol SA.

Puelen block is north of the producing El Corcobo oil field operated by Pluspetrol, and Sierra del Nevado is east of Llancanelo oil field operated by YPF.

Wintershall, meanwhile, has invested about $1 billion in Argentina over the past 3 years.

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