The company uncovered oil field at the Primavera Sur 1 well on the newly-acquired Campanario Block, which is operated by GeoPark.
GeoPark holds 50% working interest the block while the remaining is owned by Empresa Nacional de Petroleo de Chile (ENAP), the Chilean state-owned company.
The Primavera Sur 1 well has been drilled to a total depth of 8,025ft while a production rate of approximately 215 gross barrels of oil per day (bopd) of 39.9° API is the result of a test conducted in the Tobifera formation, at approximately 7,750ft.
GeoPark CEO James Park said the quick cycle time from drilling a well to selling production reflects the attractive operations and economics of the region.
“Our new discovery on the Campanario Block demonstrates the exploration and growth potential of our new Tierra del Fuego acreage, where our team has identified over 30 new prospects and leads to be drilled on our Isla Norte, Campanario and Flamenco Blocks,” Park added.
“We are pleased to be working with ENAP on these blocks and look forward to further results from our approximately $150 million work program in Chile in 2014.”
The company will conduct further production testing to assess stabilized flow rates and the extent of the reservoir.