Latin American oil and gas company GeoPark Holdings Ltd said it discovered gas in a new reservoir in a newly drilled well on the Fell Block in Chile, sending its shares up 4 percent.
The AIM-listed company also said it was planning a work and investment program of about $50 million in 2010 that included a 14-16 well drilling program, seismic surveys and an expansion of its production facility infrastructure.
The new productive well, Monte Aymond 34, represents the eighth successful well drilled in 2009, said the company, which has a 100 percent working interest in the Fell Block.
At 0848 GMT, GeoPark's shares were up about 4 percent at 347 pence on Thursday on the London Stock Exchange. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Deepak Kannan)