GeoPark Announces New Gas Play Discovery in Chile
January 17 2018 - 7:00AM
Business Wire
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,
Brazil, Argentina, Chile and Peru, today announced the successful
drilling and testing of the Uaken 1 exploration well in the Fell
block (GeoPark operated, 100% WI) in Chile.
GeoPark drilled and completed the Uaken 1 exploration well to a
total depth of 3,658 feet. 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 boepd)
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
kilometers 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.
NOTICE
Additional information about GeoPark can be found in the
“Investor Support” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and
percentages included in this press release have been rounded for
ease of presentation. Percentage figures included in this press
release have not in all cases been calculated on the basis of such
rounded figures, but on the basis of such amounts prior to
rounding.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION
This press release contains statements that constitute
forward-looking statements. Many of the forward-looking statements
contained in this press release can be identified by the use of
forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’
‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’
‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in
this press release include, but are not limited to statements
regarding the intent, belief or current expectations, regarding
various matters, including preliminary production test results and
hydrocarbon production, Forward-looking statements are based on
management’s beliefs and assumptions, and on information currently
available to the management. Such statements are subject to risks
and uncertainties, and actual results may differ materially from
those expressed or implied in the forward-looking statements due to
various factors.
Forward-looking statements speak only as of the date they are
made, and the Company does not undertake any obligation to update
them in light of new information or future developments or to
release publicly any revisions to these statements in order to
reflect later events or circumstances, or to reflect the occurrence
of unanticipated events. For a discussion of the risks facing the
Company which could affect whether these forward-looking statements
are realized, see filings with the U.S. Securities and Exchange
Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20180117005448/en/
INVESTORS:Stacy Steimel – Shareholder Value
DirectorSantiago, ChileT: +562 2242
9600ssteimel@geo-park.comorMEDIA:Jared Levy – Sard Verbinnen
& CoNew York, USAT: +1 (212) 687-8080jlevy@sardverb.comorKelsey
Markovich – Sard Verbinnen & CoNew York, USAT: +1 (212)
687-8080kmarkovich@sardverb.com
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