South American focused oil and gas producer, Geopark Holdings, firmed 1% after confirming that it was currently producing at a rate of 6,250 barrels of oil equivalent per day ('boepd'), approximately 5% ahead of its yearend target of 6,000 boepd. Geopark produces oil and gas in Chile and Argentina and in 2008 added the Aonikenk oil field and Manekenk gas fields to its production portfolio. The company is primarily focused on the Fell Block in Chile, where it undertaking a 14 well, US$57 million development program. Nine of the fourteen new wells commenced production in 2008, with a further three wells recently drilled and cased in preparation for production testing in the first quarter of 2009.
Geopark also confirmed that it had acquired a further two blocks in Chile, covering some 12,000 square kilometres.
James Park, CEO of Geopark, said:
"Exceeding our production target this year is the culmination of substantial efforts, challenges and successes during the year - and management salutes the GEOPARK team for this important accomplishment. It further demonstrates GEOPARK's fundamental strength, that is, our ability to find oil and gas - and then to efficiently and quickly produce and commercialize discovered reserves."
"Achievements during 2008 include growth in all key value measurement categories: increased production, increased reserves, increased revenues, increased operating profits, increased acreage from new blocks, expanded prospect opportunity portfolio, strengthened balance sheet from new equity funding, improved gas market security and continual improvements to our professional team. Building on this foundation and momentum of success, GEOPARK is well positioned to continue growing and creating value in 2009 - as well as to seize some of the many new opportunities now available in our industry.'"