GeoPark Begins Production at Fell Block in Chile

GeoPark Holdings says that after successfully testing three wells on the Fell Block, GeoPark has tied-in the first of the three wells (from the Molino field) to the main pipeline system and has commenced gas and condensate production from this field. Gas production from this well during this initial start-up phase has averaged 2.5 million cubic feet per day (approximately 410 barrels of oil equivalent per day) and is being delivered and sold to Methanex. Work is also underway to complete the tie-in of the second and third wells on the block (in the Ovejero and Nika fields) and to complete the expansion of the central production facility. Completion of this work and the tie-in of Ovejero and Nika fields are expected to be complete during June 2006 and to lead to an increase in production volumes.

Approval has been received from the Chilean Ministry of Mining for the acquisition by GeoPark of 10 percent of the Fell Block previously owned by ENAP. GeoPark is now the Operator and 100 percent working interest owner of the Fell Block.

GeoPark is the only oil and gas operating company in Chile other than ENAP (the State-owned oil company) and the first private company in Chile to produce oil and gas.

Commenting on these developments, Gerald O'Shaughnessy, Executive Chairman of GeoPark, said:

"The start of initial production on the Fell Block is part of the planned phased increase in output for the Company. With increased cash flows, and the new capital from our recent fund raising, GeoPark is looking forward to aggressively developing its assets over the next 12 months. "We are also pleased to have confirmed the acquisition of the final 10% share of the Fell Block, which highlights our close working relationship with ENAP and the Ministry of Mining in Chile".


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