Independent oil company plans major expansion in Chile, Argentina and Colombia

Tuesday, April 24th 2012- 21:52 UTC
Independent oil company plans major expansion in Chile, Argentina and Colombia

Geo Park Holdings plan involves drilling 45 to 55 new wells in Chile, Colombia and Argentina, which should help increase 2011 oil and gas production by 80%, with investments of 240 million dollars.

“We are beginning 2012 with strong momentum, important foundations in place and exciting opportunities ahead – and expect during the year to create significant additional value for our shareholders and stakeholders”, said CEO James Park.

“As the first company with operations and growth platforms in Chile, Colombia and Argentina, we are optimistic about being able to provide strong organic growth in 2012 and over the near term”, he added.

GeoPark in its results for the year ended December 2011 underlines it was awarded three new high potential hydrocarbon blocks in Tierra del Fuego, Chile; Korea’s LG International (“LGI”) entered into GeoPark’s Chile business via its acquisition of a 20% interest; and acquisition of two oil and gas exploration and production companies in Colombia, with interests in ten hydrocarbon blocks.

More:
http://en.mercopress.com/2012/04/24/independent-oil-company-plans-major-expansion-in-chile-argentina-and-colombia