Argentina

GeoPark strikes oil in Argentina

BUENOS AIRES, August 14, 2017 – Oil has been discovered in the GeoPark-operated CN-V block in Argentina’s Neuquén Basin, the company announced Friday.

The Rio Grande Oeste-1 exploration well targeted the Grupo Neuquén formation, reaching a total depth of more than 1,675 metres. Oil of 28 degrees API is naturally flowing from the well at a rate of 300 bopd with a 7% water cut.

 

The operation allowed GeoPark and partner Wintershall Energía to identify a potential net pay of 120 metres. The companies were able to discern 15 potential reservoir sands at depths of 550-1,675 metres, and hydrocarbons are thought to be contained throughout. According to a press release, GeoPark had tested four of the sands as of Friday.

Following the drilling of Rio Grande Oeste-1, the partners will put together a development plan for the field and lay out an approach to further evaluate other nearby prospects in the 716-square-kilometre block.

“We are pleased to be back operating and investing in Argentina where GeoPark’s technical team has a long and successful history of finding oil and gas, and which also represents a highly attractive underexplored and underdeveloped hydrocarbon region with multiple new project opportunities,” GeoPark CEO James F. Park said in a company statement.

Wintershall was awarded the licence for CN-V in 2012 and GeoPark farmed into the block in 2015. Each company holds a 50% stake.

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