The Pampa Larga 12 well was drilled on the southern flank of the Pampa Larga structure and is currently testing approximately 3.1 million cubic feet per day of gas and 55 barrels per day liquids (10% condensate and 90% water) from the Springhill formation at a depth of approximately 2,870 meters through a choke of 12 mm and with a well head pressure of 750 psi. Additional production testing will be required to determine future flow rates and the extent of the reservoir. Engineering and construction of a new gas pipeline (approximately 6 km) has been initiated with a targeted tie-in of the well to the main pipeline infrastructure in September 2007.
GEOPARK’s drilling program for 2007 has targeted the drilling of up to 8 new wells – representing a mix of development, appraisal and exploration prospects designed to achieve both near term reserve growth and production increases. In Chile, GEOPARK has completed drilling the Santiago Norte 4 well, which penetrated 42 meters of the Springhill formation (8.5 meters of pay) with good gas shows and interpreted porosities of 17-20%. The Santiago Norte 4 well will be hydraulically fractured and tested upon arrival of the required service equipment in September 2007.
Currently, GEOPARK is drilling the San Miguel 1 well and is expected to reach total depth in 10 days. Both wells drilled to date in Chile have been completed ahead of schedule and below budget. Additional wells programmed for 2007 in Chile include further development of the Nika, Kimiri Aike, Santiago Norte and Ovejero fields. In Argentina, the drilling program will begin in September 2007 with the drilling of the Zanja Dinero exploration prospect.
Gerald E. O’Shaughnessy, Chairman of GEOPARK, commented: "We are pleased with this result from the Pampa Larga well and the initial success of our drilling operations on the Santiago Norte field. We have a sizeable inventory of drilling locations in both Chile and Argentina and will have three rigs (2 drilling and 1 workover) operating beginning the Fourth Quarter 2007. We look forward with confidence to an active period of exploration and development drilling over the coming year."
In accordance with the AIM Rules, the information in this report has been reviewed by Mr. Gerardo Hinterwimmer, BS, geologist (27 years oil and gas experience) and Director of Geosciences for GEOPARK, and Mr. Gustavo Henderson, BS, engineer (27 years oil and gas experience) and Director of Operations for GEOPARK.
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