GeoPark Limited announced it successfully drilled and tested the Ache 1 exploration well in the Fell Block in Chile, according to an official company statement. GeoPark is the largest non-state controlled oil and gas producer in Chile and began operating the Fell Block in 2006, where it has a 100 percent working interest. Production in the area has grown to more than 7,400 barrels per day.
The company drilled Ache 1 to a total depth of 9,694 feet. Production tests were run for different chokes in the Tobifera formation, which resulted in an average production rate of 9.2 million standard cubic feet per day of gas. It also resulted in about 80 bpd of condensate 47 degree API with wellhead pressure of 2,827 pounds per square inch.
The company needs more production history to determine flow rates and the extent of the reservoir it's discovered, but GeoPark Chief Executive Officer James F. Park says the new discovery demonstrates the growth potential in the Fell Block.
GeoPark plans to invest $150 million in 2014 to drill 15 to 20 new wells in the Fell Block and 17 to 23 new wells in the Flamenco, Campanario and Isla Norte Blocks in Tierra del Fuego. The company plans to drill 50 to 60 new wells total in 2014 throughout Colombia, Brazil, Argentina and Chile.