The San Miguel 1 well was drilled on a newly defined structure resulting from interpretation of GEOPARK’s 2006-7 3D seismic program. The well is currently testing approximately 3.0 million cubic feet per day of gas and 100 barrels per day liquids (65% condensate and 35% water) from the Springhill formation at a depth of approximately 3020 meters through a choke of 10 mm and with a wellhead pressure of 980 psi. These are preliminary results and additional production testing will be required to determine future flow rates and the extent of the reservoir. Engineering of a new gas pipeline has been initiated with a forecasted tie-in of the well to the main pipeline infrastructure in November 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 is currently completing the drilling of well Pampa 1, following which drilling will begin on development well Nika 5. In Argentina, drilling on the Campo Leandro exploration prospect is expected to begin during October 2007.
James F. Park, CEO of GEOPARK, commented: "We are pleased with this result from the San Miguel well and for the potential increase in production and reserves that will result from this discovery. We are also encouraged by its implications for our inventory of other drilling opportunities newly delineated after interpretation of our 3D seismic program carried out in 2006-7. In addition to a sizable inventory of drilling locations on our acreage, we now have three rigs (under long term contract) operating in Argentina and Chile to test these opportunities. We also began commissioning our new gas production and dew point facility in Chile in September 2007, which permits a rapid hook-up for new production to the main gas infrastructure and market. We look forward with confidence to an active period of new drilling and production over the coming year."
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