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GeoPark Discovered Oil In Argentina

Datetime: 2017-08-14    Visit: 605

Summary

GeoPark made a new discovery in the CN-V block in the Neuquen Basin, Argentina.

Wildcat Rio Grande Oeste 1 penetrated a potential net pay of 400 feet and preliminarily tested flowing 300 b/d of 28.0o API crude oil in a natural flow.

The discovery helps de-risk the block for GeoPark and partner Wintershall, setting the stage for drilling additional prospects.

It also finally provides GeoPark with a reserve, production, and cash flow base in Argentina to balance its exploration potential there, so as to be conformable to its asset building policy.

We await further details to update our intrinsic value assessment of and our outlook for GeoPark. Meanwhile, we commend the excellent execution by the management of its operational plan in the country.

This article is an excerpt of a research report previously published as part of The Upstream Oil Hub, our exclusive service at Marketplace on Seeking Alpha.

What?

On August 10, 2017, GeoPark Limited (NYSE: GPRK) and equal-right partner Wintershall Energía S.A. (OTCQX:BASFY), a subsidiary of the BASF group of Germany, announced the discovery of a new oil field - Rio Grande Oeste - in the CN-V block in the Neuquen Basin, Mendoza Province of Argentina (Fig. 1).

Wildcat Rio Grande Oeste 1, operated by GeoPark, was drilled and completed to a total depth of 5,500 feet targeting the Grupo Neuquen Formation, where 15 different potential reservoir sands were identified at depths from 1,800 to 5,500 feet, with a potential net pay of 400 feet.