The workover program, which is expected to include 8-10 wells in its Austral basin blocks by the end of 2006, began on GeoPark's previously non-producing blocks in the Neuquen basin. After partial mechanical repair of a well on the Loma Cortaderal Block, commercial oil production was tested. The well (LC-1) was completed and a rod pumping unit is now being transported to the well site for installation. After further production operations, a stabilized oil production rate will be determined.
The workover rig will now be transported to Chile to begin work on the Fell Block during the remainder of the year. Periodic updates will summarize the developments from this program.
GeoPark's total current production is approximately 1240 boepd. This figure includes approximately 6 million cubic feet and 60 barrels of condensate per day (approximately 1,060 boepd) being produced from the Fell Block in Chile (which is being delivered and sold to Methanex, the global methanol producer) and approximately 180 barrels of oil per day from the Del Mosquito Block in Argentina (which is being delivered and sold to Petrobras, the Brazilian state-owned oil company).
"The acquisition of the workover rig and the initiation of our well workover program are part of our ongoing strategy to accelerate the production and development of our brownfield assets in both Argentina and Chile," said Gerald E. O'Shaughnessy, GeoPark's chairman. "The program will target known reserves in discovered oil and gas fields and focus on increasing production from existing wells."
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