Latin American oil and fuel agency GeoPark Restricted has began manufacturing on the Confluencia Norte Block in Rio Negro, Argentina.
GeoPark has a 50 p.c non-operated working curiosity within the asset.
The Confluencia Norte Block not too long ago accomplished its first pad of three unconventional wells, which started manufacturing in mid-October. The event confirms the presence of the Vaca Muerta formation on the westernmost fringe of the block, GeoPark stated in a information launch.
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The pad features a vertical pilot effectively, drilled particularly for knowledge acquisition, together with three horizontal wells reaching a complete measured depth of 20,669 toes (6,300 meters).
GeoPark stated {that a} excessive depth fracturing program was executed throughout 135 phases, leading to a present gross manufacturing charge of 4,000 barrels of oil per day (bopd) throughout the ongoing flowback and effectively testing section, with manufacturing presently being transported to and marketed by way of The Mata Mora Norte Block facility.
The wells are nonetheless cleansing up and are anticipated to achieve their peak manufacturing inside 90 days of the manufacturing begin, highlighting the block’s wealthy petrophysical properties, that are corresponding to these discovered within the Mata Mora Norte Block, wherein GeoPark owns a non-operated 45 p.c working curiosity.
The event marks a “main de-risking achievement in GeoPark’s partnership with Phoenix International Sources (PGR) within the Vaca Muerta formation,” the corporate stated within the launch.
As a part of its exploration dedication within the Confluencia Norte and Sur blocks, PGR has accomplished the acquisition of 88 sq. miles (228 sq. kilometers) of 3D seismic knowledge, which is presently present process interpretation.
The information will likely be “essential” in defining the upcoming drilling program, which features a additional 4 wells that PGR will drill as a part of its dedication, GeoPark said.
GeoPark CEO Andrés Ocampo stated, “The beginning of manufacturing at The Confluencia Norte Block in Rio Negro Province is a big milestone, marking our first main exploration achievement in Vaca Muerta and validating the immense potential that underpinned our entry into this world-class basin. This success showcases the power of our partnership with Phoenix International Sources and the highly effective mixture of our operational, technical, and monetary experience. Collectively, we’re dedicated to systematically de-risking and unlocking the huge sources in Vaca Muerta, creating substantial long-term worth for our shareholders and stakeholders”.
Third Quarter Operations Replace
In its most up-to-date earnings launch, GeoPark reported consolidated common oil and fuel manufacturing of 33,215 barrels of oil equal per day (boepd) for the third quarter, which is seven p.c decrease sequentially.
The corporate attributed the lower to the continued closure of the Manati fuel discipline in Brazil, wherein it owns a non-operated 10 p.c working curiosity; efficiency within the Llanos 34 Block, wherein it owns an operated 45 p.c working curiosity, and continued blockades affecting operations within the Llanos 34 Block and the CPO-5 Block, wherein it owns a non-operated 45 p.c working curiosity.
The components had been beforehand recognized as dangers, and their realization has impacted manufacturing throughout the anticipated 1,500-2,500 boepd vary, GeoPark famous.
In the meantime, manufacturing from Llanos Exploration elevated 28 p.c quarter over quarter, primarily pushed by the Toritos 2 and the Toritos Norte wells within the Llanos 123 Block, the corporate said. Manufacturing on the Mata Mora Norte Block in Argentina additionally reached a file of 15,418 boepd gross in August.
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