GeoPark Holdings Limited has commenced new exploration drilling in Tierra del Fuego in Chile in its partnership with Empresa Nacional de Petroleo de Chile ("ENAP") with the spudding of the Chercán 1 well on the Flamenco Block.

Chercán 1 is the first of 21 exploratory wells on the Flamenco, Campanario and Isla Norte Blocks in Tierra del Fuego as part of an approximately US$100 million investment commitment during the First Exploration Period. As part of this program, approximately 1,000 sq km of 3D seismic have been carried out over the three blocks; out of a total 3D seismic program of approximately 1,500 sq km.

In its partnership with ENAP under the framework of the Special Operation Contracts signed with the State of Chile, GeoPark operates and has a 50% working interest in the Flamenco and Campanario Blocks and a 60% working interest in the Isla Norte Block. ENAP, the Chilean state-owned company, owns the remaining working interests in each Block.

Tags: Geopark Holdings Ltd.