GeoPark's H1 production up 27% from end-2010

Bnamericas Published: Wednesday, September 21, 2011
London-listed GeoPark (AIM: GPK) saw oil and gas production increase 27% to reach 8,000boe/d at the end of the first half 2011, up from 6,300boe/d at end-2010, the company said in a statement. The Chile-focused company's current production is around 8,500boe/d, with 35% of the total from oil. Average production for the first half came in at 6,400boe/d. Net profit for the half dropped to US$400,000 compared to US$9.7mn in the year-ago period, on non-recurring events including the late arrival of the Petreven drilling rig and other factors, while revenues increased 5% to US$41.8mn on higher oil and gas prices. GeoPark has drilled 14 new wells on its Fell block license in Chile's southern region XII during 2011 to date. The block's exploration period expired in August, with approximately 84% of the total area converted to exploitation concessions which will expire in 2032. "Success in drilling results during the second quarter and continuous drilling activity planned during the second half of the year will lead to higher production volumes, which are expected to generate a significant upturn in revenues, cash flow and net income in the second half," the statement said. The company also won licenses for three blocks in Tierra del Fuego during the half, agreed to sell 20% of its Chilean business to Korean conglomerate LG International, and signed a new commercial arrangement with Canadian methanol producer Methanex (Nasdaq: MEOH) to accelerate gas deliveries. Follow this link for GeoPark's filing to the London Stock Exchange in full.

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