Chile’s state ENAP has chosen GeoPark Holdings Ltd. as its partner to explore three oil and gas blocks on Tierra del Fuego.
GeoPark has been awarded 50% participation in the Campanario and Flamenco blocks and a 60% stake in the Isla Norte block.
GeoPark will operate the three blocks and carry ENAP during the initial exploration period. ENAP and GeoPark have jointly requested from the Chilean government a special petroleum operations contract with respect to each of the blocks.
GeoPark had proposed to invest at least $101 million over 3 years and execute an aggressive exploration and development program on the blocks, which total 414,400 acres and are geologically contiguous with the Fell block, where GeoPark has successfully built a production and reserve base.