GeoPark Holdings Limited declares the discovery of the new Palos Quemados gas field on the Tranquilo Block in Chile. GeoPark operates and has a 29% working interest in the Tranquilo Block.

GeoPark drilled and completed the Palos Quemados 1 well to a total depth of 1,600 metres. A test conducted in the El Salto formation, at approximately 805 metres, resulted in a production rate of 4.0 million cubic feet per day of gas, through a choke of 10 millimetres and with a well head pressure of 1,050 pounds per square inch. Further production history will be required to determine stabilized flow rates and the extent of the reservoir. The Palos Quemados 1 well is located approximately 6 kilometres from a regional gas pipeline and studies are underway to assess facilities needed to connect the gas to market.

The Palos Quemados field is the first gas discovery in the Tranquilo Block by GeoPark and the first hydrocarbon discovery in the Magallanes Fold and Thrust Belt in more than 40 years.

Tags: Geopark Holdings Ltd.