Geopark Reports Successful Workover in Chile

Geopark Holdings Limited announced the successful completion of its workover of the Santiago Norte 2 well in the Fell Block in Chile, where Geopark operates and has a 100% working interest.

Santiago Norte 2 was a legacy well drilled in1974 but never produced commercially. In May 2007, Geopark hydraulically-fractured the well in the Springhill formation at a depth of 2,930 meters, stimulating an initial flow at calculated rates of approximately 3.8 million cubic feet per day of gas (approximately 580 barrels of oil per day equivalent) and approximately 280 barrels per day of liquids (frac fluids, water and condensate) through an 8 mm choke and with a wellhead pressure of 2100 psi. After completion of surface test facilities, the well will be put back on flow in order to clean up and remove the frac fluids prior to the well being put on a long-term production test necessary to determine future flow rates and the extent of the reservoir. Engineering and construction of a new gas pipeline has been initiated with a targeted tie-in of the Santiago Norte 2 well to the main pipeline infrastructure in July 2007.

DeGolyer and MacNaughton in its reserve appraisal of May 2006 did not assign any proven reserves to the Santiago Norte 2 well, however, it assigned approximately 173 bcf (approximately 28 million boe) of contingent resources (best estimate) to the Santiago Norte area. Since that report was prepared, Geopark has completed a 3D seismic survey over the area and is now producing and selling gas from the Santiago Norte field after installing a production plant and pipeline tie-in of the Santiago Norte 1 well in December 2006.

Gerald O'Shaughnessy, Chairman of Geopark, commented: "We are encouraged by the results of this workover, which we believe will confirm additional proven reserves and a production increase in the near term from the Santiago Norte field. We will continue our step-by-step development and appraisal program of the Santiago Norte area, beginning with the drilling of a new well in the Santiago Norte field in June 2007."

Geopark is a Latin American oil and gas producer and explorer with properties in Argentina and Chile.


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