In its statement of November 12, 2024, GeoParks reported that the drilling of the first pad consisting of three unconventional wells has been completed, which began producing in mid-October of this year. This initial phase has confirmed the presence of the Vaca Muerta formation at the western end of the block, significantly reducing the risks associated with exploration in this area.
Andrés Ocampo, CEO of GeoParks, highlighted the relevance of this achievement: “The start of production in the Confluencia Norte Block is a significant milestone for us, marking our first major exploratory success in Vaca Muerta and validating the immense potential that supported our entry into this world-class basin. This success demonstrates the strength of our partnership with Phoenix Global Resources and the combination of our operational, technical and financial experience. Together, we are committed to minimizing risks and unlocking Vaca Muerta’s vast resources, generating long-term value for our shareholders and stakeholders.”
The development included a vertical pilot well intended for data collection, along with three horizontal wells that reached a total depth of 6,300 meters, with a lateral extension of 3,000 meters. During the high-intensity fracturing program, 135 stages were executed, resulting in a current gross production rate of 4,000 barrels per day during the flowback and well testing phase. At the moment, production is being transported and marketed through the facilities of the Mata Mora Norte Block, where GeoParks also has participation (45%).
The wells are expected to reach peak production within 90 days from start-up, evidencing the rich petrophysical properties of the block, comparable to those of the Mata Mora North Block. This discovery reinforces the attractiveness of the Vaca Muerta formation in the region and opens new opportunities for future operations.
Within the framework of its exploratory commitment in the Confluencia Norte and Sur blocks, Phoenix Global Resources has completed the acquisition of 228 km2 of 3D seismic data, which is in the process of interpretation.
This information will be critical in defining the upcoming drilling program, which will include four additional wells that PGR will drill as part of its commitment. Both companies are working together to expand the exploration and development of these assets, with the aim of making the most of the resources available in this prolific basin.
The successful implementation of this project marks a significant advance in the exploration of unconventional hydrocarbons in Vaca Muerta, positioning GeoParks y Phoenix Global Resources as key actors in the development of this training, considered one of the most promising worldwide.
