GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator, and consolidator, is pleased to announce the successful start of production in the Confluencia Norte Block (GeoPark non-operated, 50% WI) in Rio Negro, Argentina. This marks a major de-risking achievement in GeoPark’s partnership with Phoenix Global Resources (“PGR”) in the Vaca Muerta formation.
The Confluencia Norte Block recently completed its first pad of three unconventional wells, which began production in mid-October. This development confirms the presence of the Vaca Muerta formation at the westernmost edge of the block. The pad includes a vertical pilot well, drilled specifically for data acquisition, along with three horizontal wells reaching a total measured depth of 6,300 meters, with 3,000 meters of lateral extension. A high intensity fracturing program was executed across 135 stages, resulting in a current gross production rate of 4,000 bopd during the ongoing flowback and well testing phase, with production currently being transported to and marketed through The Mata Mora Norte Block facility. The wells are still cleaning up and are expected to reach their peak production within 90 days of the production start, highlighting the block’s rich petrophysical properties, which are comparable to those found in the Mata Mora Norte Block (GeoPark non-operated, 45% WI).
As part of its exploration commitment in the Confluencia Norte and Sur blocks, PGR has completed the acquisition of 228 km² of 3D seismic data, which is currently undergoing interpretation. This data will be crucial in defining the upcoming drilling program, which includes a further four wells that PGR will drill as part of its commitment. PGR and GeoPark are working closely to expand the exploration and development of these assets.
Andrés Ocampo, Chief Executive Officer of GeoPark, said: “The start of production at The Confluencia Norte Block in Rio Negro Province is a significant milestone, marking our first major exploration achievement in Vaca Muerta and validating the immense potential that underpinned our entry into this world-class basin. This success showcases the strength of our partnership with Phoenix Global Resources and the powerful combination of our operational, technical, and financial expertise. Together, we are committed to systematically de-risking and unlocking the vast resources in Vaca Muerta, creating substantial long-term value for our shareholders and stakeholders.”