Oil & Gas Corporate News

Geopark Hldgs (LON:GPK) Holdings (GPK, 570p, ? (0.61%)) provided an update on its drilling activities on the Fell Block in Chile including the successful testing of two wells - Cerro Iturbe 1 and Tetera 4. Well Cerro Iturbe 1 was drilled and completed to a total depth of 3,094m on an undrilled prospect located in the northwest region of the Fell Block. A production test in the Springhill formation, at approximately 2,984m in a 14.5m perforated interval, flowed at a rate of approximately 14.6mmcfd with 137bpd condensate and no water through a choke of 14mm and with a well head pressure of 2,417psi; however, further production history will be required to determine stabilised flow rates from this well. A gas flow line is being constructed and it is expected to connect the well to the main pipeline and marketing infrastructure during July 2010. Well Tetera 4 was drilled and completed to a total depth of 3,057m on a prospect in the north central region of the Fell Block which had tested small quantities of oil by previous license holders but never been produced commercially. A production test in the Springhill formation, at approximately 2,912m in a 2.5m perforated interval, flowed at a rate of approximately 115bpd of oil and 350bpd of water through a choke of 12mm and with a well head pressure of 43psi. A beam pump and surface facilities have been installed and the well has now been put on production at a rate of approximately 100 bpd oil and 250 bpd water. Further production history will be required to determine stabilised flow rates from this well and potential development drilling opportunities. In other drilling activities on the Fell Block in Chile, an appraisal well Ayelen 2, targeted for the shallow El Salto (Tertiary) gas producing formation, reached total depth of 883m. Production testing is scheduled during July 2010. GeoPark is currently drilling well Yagan Norte 2 which is targeting the Springhill and Tobifera formations at depths of approximately 3,000-3,200 metres. GeoPark is also currently acquiring a 3D seismic survey on the Otway Block in Chile.

Melrose Resources (LON:MRS) (MRS, 289p, ? (0.43%)) announced that it was the successful bidder for two offshore exploration blocks, EX-27 and EX-28, in the Romanian 10th Licensing Round and that it is making preparations for the potential divestment of its Permian Basin…

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