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Geopark Provides Yagan Norte Field Development Update

Source: www.gulfoilandgas.com 12/28/2012, Location: South America

GeoPark Holdings Limited, the Latin American oil and gas exploration and production company with operations and producing properties in Chile, Colombia and Argentina, is pleased to announce the successful drilling, testing and putting into production of a new oil and gas well in the Yagan Norte oil field on the Fell Block in Chile. GeoPark operates and has a 100% working interest in the Fell Block.

GeoPark drilled and completed the Yagan Norte 4 well to a total depth of 3,105 metres. A production test in the Tobifera formation, at approximately 3,022 metres in an open hole section, flowed at a rate of approximately 645 barrels of oil per day ("bopd") and 3.5 million standard cubic feet per day of gas through a choke of 10 millimetres, with a well head pressure of 1,237 pounds per square inch. Further production history will be required to determine stabilized flow rates. Surface facilities and flowlines are already in place and the produced crude oil and gas are now being marketed.

GeoPark has interests in six blocks (totalling over 3 million gross acres) in southern Chile where it is the first and only independent oil and gas producer. GeoPark also has interests in ten blocks in Colombia and three blocks in Argentina.

Commenting, James F. Park, CEO of GeoPark, said: "We are pleased with this new drilling result from the Yagan Norte well which continues to confirm the exciting oil and gas potential of the unconventional Tobifera reservoir in southern Chile."

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