Production
Despite a 6 month delay in the start-up of the drilling program due to the late arrival of the drilling rig, oil and gas production in Chile and Argentina increased by 56% from approximately 1,470 barrels of oil per day equivalent (boepd) in January 2007 to approximately 2,300 boepd at the end of December 2007. (This production rate represents approximately a seven fold increase since the time of GEOPARK’s IPO in May 2006).
At September 2006, GeoPark’s production was approximately 1240 boepd – including approximately 6 million cubic feet and 60 barrels of condensate per day (approximately 1,060 boepd) being produced from the Fell Block in Chile (which is being delivered and sold to Methanex, the global methanol producer) and approximately 180 barrels of oil per day from the Del Mosquito Block in Argentina (which is being delivered and sold to Petrobras, the Brazilian state-owned oil company).
Reserves
By early 2006, GEOPARK had proven plus probable plus possible reserves of 19,415 Mbbl of oil and 198,981 MMcf of gas