GeoPark Begins Production at Fell Block in Chile
GeoPark Holdings Limited has started production at the Ovejero and Nika Fields in the Fell Block in Chile. This new production builds on production from the Molino field which started-up in early May 2006, and brings GeoPark's total production in Chile to approximately 6 million cubic feet per day of gas and 60 barrels per day of condensate; or approximately 1,060 barrels of oil equivalent per day (boepd). The gas production is being delivered and sold to Methanex, the largest regional gas consumer and major global methanol producer, under the terms of a contract signed between GeoPark and Methanex in April 2006. Condensate production will be sold to Empresa Nacional de Petroleo (ENAP), the Chilean state-owned oil and gas company.
GeoPark, which operates three blocks in Argentina and one block in Chile covering over 700,000 acres, is the only independent upstream oil and gas company operating in Chile other than the state-owned ENAP. GeoPark's aggregate production from Argentina and Chile will now be around 1,240 boepd.
Commenting on these developments, Gerald O'Shaughnessy, Executive Chairman of GeoPark, said:
"Since the completion of our IPO in May 2006, the Company has secured a 100% interest in the Fell Block and accelerated the build up of its oil and gas production. This latest increase in production will generate additional cash flows and allow us to pursue the growth strategy articulated at the time of our IPO.
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