Geopark Turns on Taps at Dicky 15 in Chile's Fell Block

Fell Block, Chile
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Geopark has announced the successful testing and commencement of production from the new Dicky 15 well on the Fell Block in Chile. Geopark operates and owns a 100% working interest in the Fell Block.

Geopark drilled and completed the Dicky 15 well to a total depth of 2,903 meters and performed a production test in the Springhill formation at approximately 2,783 meters in five perforated zones which flowed at a rate of approximately 6.8 million cubic feet per day (mmcfpd) of gas, 28 barrels per day (bpd) of condensate and 45 bpd of water through a 14 mm choke and with a well head pressure of 1,070 psi. These are initial flow rates and further production history will be required to determine stabilised flow rates from this well and the extent of the reservoir. The Dicky field was rehabilitated by Geopark following new infrastructure investments and a new 3D seismic survey and interpretation which has more clearly defined its structural configuration and further development opportunities.

A pipeline is being constructed to the well-site to connect to the main pipeline infrastructure - with a target completion date between 3-5 days. The gas will be sold to the Methanex Corporation at its large methanol production facility located 120 kilometers from the Fell Block and the oil is being sold to ENAP (the Chilean state-owned oil company).

To date in 2008, Geopark has successfully drilled and tested eight new wells in Chile, including four new field discoveries. Seven of these wells are now on production and the eighth well is targeted to begin production during November 2008. Geopark is currently operating two drilling rigs and a workover rig on the Fell Block in Chile, with drilling currently progressing on two new wells in the Monte Aymond field and the new Manekenk prospect.

Commenting, Gerald E. O'Shaughnessy, Chairman of Geopark, said, "We are pleased with the results from the new Dicky 15 well, which will contribute to our steady growth in production, revenues and reserves during this year - despite the turmoil in the financial markets. The Dicky 15 well opens up a promising large area which expands our opportunity portfolio. This new well also continues our successful track record of finding and developing oil and gas in a region where we have the people, infrastructure and plan in place to achieve an excellent return on our capital -- further validating our long term strategy to become a significant contributor to energy production in Chile."


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