Project Profile
Value: US$25 million
Location: Magallanes basin, southern Chile
Reserves: unknown
Area: 571.89km2
Start-up Year: -
The Flamenco block covers an area of 571.89km2 and is located in the Magallanes basin in southern Chile. GeoPark, which owns a 50% working interest in the block, has signed special operating agreements (CEOPs) with state oil company Empresa Nacional del Petróleo or ENAP (ENAP holds the remaining 50% interest) to explore for hydrocarbons in the country\'s extreme south, increase understanding of its exploration potential, transfer technology and expand the oil services market in the region.
GeoPark spudded three exploration holes at Flamenco Block in 2013 - Tenca-1, Kaum-1, and Tagua-1 - which terminated at 5,643 ft, 7,218 ft, and 7,218 ft respectively. Tenca-1 tested at an initial rate of 382 bopd, though GeoPark warned further extraction would be needed to determine stablised flows. Log analysis at Kaum-1 and Tagua-1 indicated both probes held oil potential in the Tobifera reservoirs.
It also announced a discovery at Chercan-1, which flowed at 4 mcf per day of gas plus 35 barrels of oil. Development well Tenca-3 had been completed by the fourth quarter of 2014. Geopark had planned to drill 10 wells at the Elk Norte area of the Flamenco block, around 10 km from the Cher-can 1 discovery, but later said it had seen “unsuccessful” results while booking a US$400,000 impairment in 2016.
Operators:
GeoPark: Operator with 50% interest
Empresa Nacional del Petróleo (ENAP): 50% interest