Geopark to Participate in Upcoming Chile Licensing Round
Geopark has signed a cooperation agreement with Methanex Corporation and Wintershall for the joint evaluation and bidding for upstream gas development concessions in the upcoming Bidding Round developed by the Chilean Government. The Bidding Round, which has attracted international attention from various oil and gas firms, includes ten blocks in the Magellan basin in southern Chile in proximity to Methanex's methanol plant near Punta Arenas and Geopark's currently producing Fell Block concession. The new blocks are expected to be awarded to the successful bidders by the end of the year, with exploration work expected to commence in early 2008.
Gerald E. O'Shaughnessy, Chairman of Geopark, commented "We are pleased to have formed an alliance with Methanex, the key gas consumer in southern Chile, and Wintershall, one of the largest gas producers in Argentina and an experienced international participant in the southern cone region."
Paul Schiodtz, Methanex's Senior Vice President, Latin America added, "This cooperation agreement represents an alignment of the interests of the three companies, allowing us to mutually benefit from our respective strengths and areas of expertise in developing this area in Chile. "
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