Magallanes Region, October 2009

2

Our Foundations

A T L A

N T I C

O C

E A N

S T R

A I T

M A G A L L A N E S O F

A R G E N T I N AA R G E N T I N A

C H I L EC H I L E

PUNTA ARENAS

DEL MOSQUITO

TRANQUILO

OTWAY

FELL

EL TEHUELCHE

ASSETS CAPABILITIES PERFORMANCE OPPORTUNITY COMMITMENT+ + + +

A BUISNESS PLAN WITH PROVEN RESULTS

3

Santiago Norte Plant

Pampa Larga Plant

Kimiri Aike Dew Point Plant

Quintana - Drilling Equipment 09

WO Equipment

ENAP, Sipetrol Argentina25GeologistSalvador Harambour

Name (Age) ProfessionYears of

ExperiencePrevious Companies

Carlos Gulisano Geologist 31 YPF, San Jorge, Chevron

Gerardo Hinterwimmer Geologist 25 YPF, Schlumberger, San Jorge, Chevron

Carlos Murut Geologist 30 YPF, Tecpetrol, San Jorge, Chevron

Mario Vila Geophysicist 21 Total, Pan American (BP), Wintershall

Salvador Minitti Geologist 25 YPF, San Jorge, Chevron

Juan Carlos Ferrero Engineer 27 YPF, San Jorge, Chevron

Pablo Berri Geologist 18 Baker Huges, YPF, San Jorge, Chevron

Mario Outon Geologist 18 Repsol YPF, San Jorge, Chevron

Augusto Zubillaga Engineer 14 San Jorge, Chevron

Federico Resio Engineer 10 Chevron

Miguel Mallo Engineer 22 Techint, McKee, San Jorge, Chevron

Rodrigo Pujadas Vega Engineer 25 ENAP

Sergio Barrientos Engineer 10 ENAP

Alberto Gutiérrez Pleimling Geologist 29 YPF, Pan American, Repsol

Hernán Del Cogliano Engineer 12 Total, Vintage Oil, CAPEX

Claudio M. Fonseca Engineer 15 YPF, Repsol, Petrobras

Rubén Marconi Engineer 35 YPF, San Jorge, Chevron

Horacio Fontana Engineer 20 YPF, San Jorge, Chevron

CHILEAN FINANCIAL INSTITUTIONS

Capabilities = People + Tools + Capital

A Successful and Experienced Team:

Funding Sources:

Infrastructure & Equipment in Magallanes

4

NEUQUEN

CUENCA AUSTRAL

COMODORO

SANTIAGOMENDOZA

SALTA

BUENOS AIRES

CUENCA

CUENCA NOROESTE

RIVADAVIA

CUENCA

CUENCA CUYO

O

C

E

A

N

O

P

A

C

I

F

I C

O

GOLFO SAN JORGE

O

C

E A

N

O

A

T L

A

N

T

I

C

O

NEUQUINA

500 km

DEL MOSQUITO (Arg)

FELL (Chi)

OTWAY (Chi)

TRANQUILO (Chi)

LOMA CORTADERAL (Arg)

CERRO DOÑA JUANA (Arg)

*

Assets = Blocks• 6 blocks (3 in Argentina, 3 in Chile) • 15,380 km2 total licensed area• Operation of the 6 blocks • Risk-balanced opportunities (exploration, development and production costs)

A T L A

N T I C

O C

E A N

S T R

A I T

M A G A L L A N E S O F

A R G E N T I N AA R G E N T I N A

C H I L EC H I L E

PUNTA ARENAS

DEL MOSQUITO

TRANQUILO

OTWAY

FELL

Country Basin Block Interest (%) Area (km2)

Chile Magallanes Fell 100 1,780

Chile Magallanes Tranquilo 30 6,648

Chile Magallanes Otway 42 5,992

Argentina Austral Del Mosquito 100 485

Argentina Neuquén Cerro Doña Juana 100 80

Argentina Neuquén Loma Cortaderal 100 115

5

OIL AND GAS PRODUCTION (BPE):

*

Assets = Reserves + Production

0

1000

2000

3000

4000

5000

6000

7000

H 1 2006 H 2 2006 H 1 2007 H 2 2007 H 1 2008 H 2 2008 H 1 2009

BP

EClassification

Oil and Condensates

(MMB)

Gas (BCF)

BPE (MMBPE)

Proven 3,7 77,9 16,7Probable 7,1 110,2 25,5Possible 16,4 494,1 98,8Total 3P 27,2 682,2 141,0Total 2P 10,8 188,1 42,2

164.9188.2

56.119.8

13.1

0

20

40

60

80

100

120

140

160

180

200

2P GAS 2008 Production Reclassifications Additions 2P GAS 2009

GAS RESERVES (BCF)

2009 GAS

8.0

10.903.530.350.29

0

2

4

6

8

10

12

2P OIL 2008 Production Reclassifications Additions 2P OIL 2009

OIL RESERVES (MMB)

Oil (2P): Differences 2008-09

Gas (2P): Differences 2008-09

P1 (MMB) P2 (MMB) P3 (MMB)2P

(MMB)Chile 3,0 5,4 13,2 8,4 72 67Argentina 0,7 1,7 3,3 2,5 -18 -8

P1 (BCF) P2 (BCF) P3 (BCF)2P

(BCF)Chile 77,6 110,2 494,1 187,9 12 24Argentina 0,3 0,0 0,0 0,3 -72 -72

OIL

GA

S

Increase 2P (%)

CountryJuly-09

Increase 1P (%)

Increase 2P (%)

CountryJuly-09

Increase 1P (%)

RE

SE

RV

ES

11.916.716.8

25.218.7

17.4

0

5

10

15

20

25

30

35

40

45

2006 2008 2009

Res

erve

s (M

MB

PE

)

Proven Probable

Evolution Total Reserves (2P)

6

Performance

0

200

400

600

800

1000

1200

Ma

y-0

6

Jun

-06

Jul-

06

Ag

o-0

6

Sep

-06

Oct

-06

Nov

-06

Dic

-06

Ene

-07

Feb

-07

Mar

-07

Abr

-07

Ma

y-0

7

Jun

-07

Jul-

07

Ag

o-0

7

Sep

-07

Oct

-07

Nov

-07

Dic

-07

Ene

-08

Feb

-08

Mar

-08

Abr

-08

Ma

y-0

8

Jun

-08

Jul-

08

Ag

o-0

8

Sep

-08

Oct

-08

Nov

-08

Dic

-08

Ene

-09

Feb

-09

Mar

-09

Abr

-09

Ma

y-0

9

Jun

-09

Jul-

09

Ag

o-0

9

Gas

Mm

3/d

Oil

m3/

d

0

50

100

150

200

250

Mill

ions

US

$A

ccum

ulat

ed In

vest

men

t

Pro

duct

ion

Otway Block

TranquiloBlock

Gas Oil Investment

• Our promises are supported by investment and tangible results.

• We build for the long term, and patiently lay the foundations for an ongoing, dynamic growth process –constantly investing in people, blocks, and tools and assembling the right mix of strategic partners.

• Additionally, these results have spawned new ideas, given rise to increased interest in the region and attracted a larger number of companies into it.

7

Fell Block: Summary

Area: 1,780 km2

Wells Drilled: 162 (since 1950)25 wells drilled by GEOPARK

Seismic Coverage: 2D – 4,000 km (2,200 km Reprocessed)3D – 940 km2 (8 Surveys)693 km2 registered by GEOPARK

Oil and Gas Targets: Springhill (Lower Cretaceous)Tobífera (Upper Jurassic)Glauconitic Zone, Loreto & El Salto Form. (Tertiary)Estratos con Favrella (Lower Cretaceous)

Target Depth Ranges: 600 – 3,600 m

Prospects & Leads: 30

Oil & Gas Wells in Production: 17

GEOPARK Interest: 100%

Operator: GeoPark

Type of Contract: CEOP (Special Oil Operating Contract)

Contract Period: 14 years - Exploration Phase35 years - Production Phase

Exploration Phase Expiration: August 2011

Aon.x-1 (08)

BH.x-1 (08)

PL.a-13 (07)

NiO.a-3 (08)

EaZ.x-1 (08)

SN-5 (08)

20

4

25

5 6

2 1

714

1319 242722

1718

154129

3635510 2

23

30

23037

13234

7

1

1

1

2

4 36

535

1

645

32

12

1

Te-3

Te-2

Te-1

T-5T-4

T-3

SN-3

SN-2

SN-1S-2

S-1

PS-1

11PL-10BPL-10APL-10

PL-9

PL-7

PL-6PL-4

PL-3

PL-2

PL-1A

O-1

NO-2

N-4

N-3

N-2

N-1

Mur-1

MunO-1Mun-3

Mun-2

Mun-1

MAO-1

MA-31

302928

2726

MA-25

23MA-22

MA-19

18MA-17

MA-16

MA-15

MA-14MA-13

MA-12MA-11

MA-10

MA-9

MA-8MA-7

MA-6

MA-5MA-4

MA-3

MA-2

MA-1

Mol-7

Mol-6Mol-5Mol-4 Mol-3

Mol-2Mol-1

Mog-1

MN-2MN-1

KAS-3

R KAS-2

KAS-1

KAN-5

KAN-4

KAN-3

KAN-1

KA-2AKA-2

Gu-2

Gu-1

FE-12

E-3

E-2

E-1

DorS-1-1A

DorN-1

Dor-4

Dor-3

Dor-2

DO-2

D-14

D-13

D-11

D-10

D-9

D-8

D-7D-6

D-5

D-3

D-2

D-1

COZ-1ACOZ-1

CH-1

Am-1

PDO-2

PDO-1

PDN-3PDN-2A

PDN-2

PDN-1

E PDE-26

E PDE-23E PDE-23

1716

E PDE-10

E PDE-7

6E PDE-5E PDE-1

PD-11

PD-10

PD-9

PD-8

PD-7

PD-6

PD-5

PD-4

PD-3PD-2PD-1

Me-2Me-1

FE-28FE-17

FE-1

F-1

11Dir-1110A

Dir-109

8 7

Dir-6

5

Dir-4

Dir-3

Dir-2Dir-1

CN-3

CN-2

CN-1

F-2

M-1

Fell-2

DO-3

DO-1

Ci-1

BN-2

BN-1A

D-4

Fell-1

BN-3

MA-5BIS

MA-11BIS

PL-1

Dor-1

T-8

T-7

T-2

T-1

CG-1

T-6AT-6

24

Ci-2

21

PL-5PL-8

SJ-2

SJ-1

Tu-1

Sau-1

NO-1

NS-1

KAN-2

KA-1

KA-3

DorS-9DorS-10

8

DorS-7

OK-1

SNN.a-4 (07)

8A

PL.a-12 (07)

P.x-1 (07)SM.x-1 (07)

CoS.x-1 (08)

C-6

C-8

CO-1

C-9

HT.x-2

ARG.MAy-2

CLi.e-1

CLi.e-2

CLi.e-4

ARG.MAy-3 ARG.MAy-4

CLi.e-3HT.x-1

ARG.MAy-1

C-7C-1

C-11

EPE.x-1EP.x-3

EP.x-6

EP.x-5

CO-10CO-9

CO-8

CO-5

CO-6

CO-2

CO-3CO-4

CO-1CO-1001CO-7

SN.x-1

EP.x-7

EPO.x-1

PR.x-1 (08)

O.a-2 (08)

Sel.x-1 (08)

N.a-5 (07)

MAy-33 st(08)

Alakaluf x-1(09)

W.x-1

PL-14

Aon.a-2(08)

Gu.x-3

D.a-15 (08)

Konawentru x-1

Yagán x-1(09)

Te-4

Aonikenk-3

MAy-32

Aon-4

PL-15

PL-13 R

Manekenk x-1 (08)

Manekenk a-2

Sup. Fondo

Sup.Fondo

3Alakaluf-2(09)

4

Che.x-1

SM.a-2

Yagán N. Prop.

MAy-34

A R G E N T I N A

C H I L E

5 km

FEL BLOCK

3D SEISMIC

OIL FIELD

GAS FIELD

REFERENCES

STRAITOF

MAGALLANES

8

Fell Block: 3D Seismic

A R G E N T I N A

C H I L E

5 km

STRAITOF

MAGALLANES

EXISTING 3D SEISMIC (260 km2)

3D SEISMIC 2006-07 (693 km2)

3D SEISMIC 2010 (150 km2)

REFERENCES

3D M. AYMOND OESTE–200717 km2

3D TANDY–200776 km2

3D M.AYMOND–200681 km2

3D DICKY–200668 km2

3D SANTIAGO–2006325 km23D DORADO–2007

131 km2

3D GUANACO-MUNICION–201080 km2

3D MARTIN–201070 km2

3D PUNTA DELGADA37 km2

3D TETERA78 km2

3D BRAZO NORTE145 km2

Enap-Gener: 260 km2

GeoPark: 693 km2

Total: 953 km2

Block Coverage: 53%

9

Fell Block: Inventory of Opportunities

Aon.x-1 (08)

BH.x-1 (08)

PL.a-13 (07)

NiO.x-3 (08)

EaZ.x-1 (08)

SN-5 (08)

20

4

25

5 6

21

714

1319 242722

1718

1541

29

3635

510 2

23

23037

13234

7

1

1

1

2

4 36

535

1

645

32

12

1

Te-3

Te-2

Te-1

T-5T-4

T-3

SN-3

SN-2

SN-1

S-2

S-1

PS-1

11PL-10BPL-10APL-10

PL-9

PL-7

PL-6PL-4

PL-3

PL-2

PL-1A

O-1

NO-2

N-4

N-3

N-2

N-1

Mur-1

MunO-1Mun-3

Mun-2

Mun-1

MAO-1

MA-31

302928

27

26

MA-25

23

MA-22

MA-19

18MA-17

MA-16

MA-15

MA-14

MA-13

MA-12MA-11

MA-10

MA-9

MA-8MA-7

MA-6

MA-5

MA-4

MA-3

MA-2

MA-1

Mol-7

Mol-6 Mol-5Mol-4 Mol-3

Mol-2 Mol-1

Mog-1

MN-2MN-1

KAS-3

R KAS-2

KAS-1

KAN-5

KAN-4

KAN-3

KAN-1

KA-2AKA-2

Gu-2

Gu-1

FE-12

E-3

E-2

E-1

DorS-1-1A

DorN-1

Dor-4

Dor-3

Dor-2

DO-2

D-14

D-13

D-11

D-10

D-9

D-8

D-7D-6

D-5

D-3

D-2

D-1

COZ-1ACOZ-1

CH-1

Am-1

PDO-2

PDO-1

PDN-3PDN-2A

PDN-2

PDN-1

E PDE-26

E PDE-23

E PDE-23

17 16

E PDE-10

E PDE-7

6E PDE-5

E PDE-1

PD-11

PD-10

PD-9

PD-8

PD-7

PD-6

PD-5

PD-4

PD-3PD-2

PD-1

Me-2

Me-1

FE-28

FE-17

FE-1

F-1

11Dir-11

10A

Dir-109

8 7

Dir-6

5

Dir-4

Dir-3

Dir-2Dir-1

CN-3

CN-2

CN-1

F-2

M-1

Fell-2

DO-3

DO-1

Ci-1

BN-2

BN-1A

D-4

Fell-1

BN-3

MA-5BIS

MA-11BIS

PL-1

Dor-1

T-8

T-7

T-2

T-1

CG-1

T-6A T-6

24

Ci-2

21

PL-5

PL-8

SJ-2

SJ-1

Tu-1

Sau-1

NO-1

NS-1

KAN-2

KA-1

KA-3

DorS-9DorS-10

8

DorS-7

OK-1

SNN.a-4 (07)

8A

PL.a-12 (07)

P.x-1 (07)SM.x-1 (07)

CoS.x-1 (08)

C-6

C-8

CO-1

C-9

HT.x-2

ARG.MAy-2

CLi.e-1

CLi.e-2

CLi.e-4

ARG.MAy-3 ARG.MAy-4

CLi.e-3

HT.x-1

ARG.MAy-1

C-1

C-11

EPE.x-1EP.x-3

EP.x-6

EP.x-5

CO-10

CO-9

CO-8

CO-5

CO-6

CO-2

CO-3

CO-4

COCO-1001CO-7

SN.x-1

EP.x-7

EPO.x-1

PR.x-1 (08)

O.a-2 (08)

Sel.x-1 (08)

N.a-5 (07)

MAy-33 st(08)

Alakaluf x-1(09)

W.a-1

PL-14

Aonikenk Sur x-1

Aon.a-2(08)

Gu.x-3

D.a-15 (08)

Konawentru x-1

Yagán a-1(09)

D.a-17Te-4

P.a-2

D.x-19Copihue x-1

Mog-2

MunO.x-2

PDN.x-4

Aonikenk-3

MAy-32

M-2

Aon-4

PL-15

PL-13 R

Manekenk a-1 (08)

Manekenk a-2

D.x-21

Sup.Fondo

D-16

Sup. Fondo

D-18

D.x-20

DO-43 Alakaluf-2(09)

4

56 Appraisal

Che.a-1

SM.a-2

Yagán Norte x-1

MAy-34

7

8

SupSpri

5 km

MARTIN

BRAZO NORTE 1ª-SP

TETERA

DICKY OESTE

ESCORIAL

GUANACO

D. NORTE

FARO

MOLINO

NIKA

OVEJERO

K.AIKE

PAMPA LARGA

SAUCE

FELL DICKY

M.A. OESTE

ALAKALUFAONIKENK

MONTEAYMOND

KONAWENTRU

BUMP HILL

NIKA O.-MANEKENK

NIKA SK. AIKE N.

SANTIAGONORTE

MUNICION OESTE (NORTE)

PUNTA DELGADA NORTE

MUNICION OESTE (CENTRO)

MUNICION OESTE

MUNICION OESTE (SUR)

SANTIAGO NORTEAREA

PUNTA DELGADA OESTE

YAGÁN NORTE

YAGÁN

MATA NEGRA

MOGOTE

MURTILLA

A R

G E

N T

I N

A

O C

E A

N O

A T

L A

N T

I C

O

O C

E A

N O

P

A C

I F

I C

O

BLOQUE FELL

AUSTRALCUENCA

C H

I L

E

MAPA DE UBICACION

PROVEN OIL

PROBABLE OIL

POSSIBLE OIL

PROVEN GAS

PROBABLE GAS

POSSIBLE GAS

CONTINGENT RESOURCES

PROSPECT

LEAD

REFERENCES

10

Fell Block: Drilling Program 2007-2010

Aon.x-1 (08)

BH.x-1 (08)

PL.a-13 (07)

NiO.x-3 (08)

EaZ.x-1 (08)

SN-5 (08)

20

4

25

5 6

21

714

1319 242722

1718

1541

29

3635

510 2

23

23037

13234

7

1

1

1

2

4 36

535

1

645

32

12

1

Te-3

Te-2

Te-1

T-5T-4

T-3

SN-3

SN-2

SN-1

S-2

S-1

PS-1

11PL-10BPL-10APL-10

PL-9

PL-7

PL-6PL-4

PL-3

PL-2

PL-1A

O-1

NO-2

N-4

N-3

N-2

N-1

Mur-1

MunO-1Mun-3

Mun-2

Mun-1

MAO-1

MA-31

302928

27

26

MA-25

23

MA-22

MA-19

18MA-17

MA-16

MA-15

MA-14

MA-13

MA-12MA-11

MA-10

MA-9

MA-8MA-7

MA-6

MA-5

MA-4

MA-3

MA-2

MA-1

Mol-7

Mol-6 Mol-5Mol-4Mol-3

Mol-2 Mol-1

Mog-1

MN-2MN-1

KAS-3

R KAS-2

KAS-1

KAN-5

KAN-4

KAN-3

KAN-1

KA-2AKA-2

Gu-2

Gu-1

FE-12

E-3

E-2

E-1

DorS-1-1A

DorN-1

Dor-4

Dor-3

Dor-2

DO-2

D-14

D-13

D-11

D-10

D-9

D-8

D-7D-6

D-5

D-3

D-2

D-1

COZ-1ACOZ-1

CH-1

Am-1

PDO-2

PDO-1

PDN-3PDN-2A

PDN-2

PDN-1

E PDE-26

E PDE-23

E PDE-23

17 16

E PDE-10

E PDE-7

6E PDE-5

E PDE-1

PD-11

PD-10

PD-9

PD-8

PD-7

PD-6

PD-5

PD-4

PD-3PD-2

PD-1

Me-2

Me-1

FE-28

FE-17

FE-1

F-1

11Dir-11

10A

Dir-109

8 7

Dir-6

5

Dir-4

Dir-3

Dir-2Dir-1

CN-3

CN-2

CN-1

F-2

M-1

Fell-2

DO-3

DO-1

Ci-1

BN-2

BN-1A

D-4

Fell-1

BN-3

MA-5BIS

MA-11BIS

PL-1

Dor-1

T-8

T-7

T-2

T-1

CG-1

T-6A T-6

24

Ci-2

21

PL-5

PL-8

Tu-1

Sau-1

NO-1

NS-1

KAN-2

KA-1

KA-3

DorS-9DorS-10

8

DorS-7

OK-1

SNN.a-4 (07)

8A

PL.a-12 (07)

P.x-1 (07)SM.x-1 (07)

CoS.x-1 (08)

C-6

C-8

CO-1

C-9

HT.x-2

ARG.MAy-2

CLi.e-1

CLi.e-2

CLi.e-4

ARG.MAy-3 ARG.MAy-4

CLi.e-3

HT.x-1

ARG.MAy-1

C-1

C-11

EPE.x-1EP.x-3

EP.x-6

EP.x-5

CO-10

CO-9

CO-8

CO-5

CO-6

CO-2

CO-3

CO-4

COCO-1001CO-7

SN.x-1

EP.x-7

EPO.x-1

PR.x-1 (08)

O.a-2 (08)

Sel.x-1 (08)

N.a-5 (07)

MAy-33 st(08)

Alakaluf x-1(09)

W.a-1

PL-14

Aonikenk Sur x-1

Aon.a-2(08)

Gu.x-3

D.a-15 (08)

Konawentru x-1

Yagán a-1(09)

D.a-17Te-4

P.a-2

D.x-19Copihue x-1

Mog-2

MunO.x-2

PDN.x-4

Aonikenk-3

MAy-32

M-2

Aon-4

PL-15

PL-13 R

Manekenk a-1 (08)

Manekenk a-2

D.x-21

Sup.Fondo

D-16

Sup. Fondo

D-18

D.x-20

DO-43

Alakaluf-2(09)

4

56 Appraisal

Che.a-1

SM.a-2

Yagán Norte x-1

MAy-34

7

8

SupSpri

5 km

Wells drilled by GEOPARK( 2006 – Aug 2009 )

TO BE DRILLED 2009

Yagán 1

Manekenk 1

Monte Aymond 33

Puesto Ranger 1

Nika Oeste 3Bump Hill 1

Aonikenk 1

Selknam 1

Santiago Norte 5

Alakaluf 1

Aonikenk 2

Cerro Sutlej 1

Estancia Zunilda 1

Ovejero 2Yagán Norte

PL – 15

Dicky 15

Dicky 16

Alakaluf 2

Alakaluf 5

Pampa 1

Santiago Norte 4

San Miguel 1

P.Larga 13P.Larga 12

Nika 5

Alakaluf 3

Alakaluf 4

Aonikenk 3

N/AN/A143562010(*)

2080258512Total

5

14

6

Total

100

86

50

% SuccessYear / Well Development Appraisal Exploratory Productive

2007 4 1 1 3

2008 4 3 7 12

2009 4 1 - 5

(*) Tentative Program

11

100%640100%4,1Total

37,5%24021.0%0.9GeoPark

62,5%40078.4%3,2ENAP

MarketShare

Oil(m3/d)

MarketShare

Gas (MMm3/d)

PRODUCTION AND MARKET SHARE

Fell Block: Production

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Ago-09 Sep-09 Oct-09

BOEPD average Budget

BO

EP

D

ShutdownMethanex

Plant

Yagan x1 &Alakaluf x1

TEG PlantD2 & DO3

Cerro Sutlej x1

SAN-5Maxi Frac SAN-4

Ea. Zunilda x1

Ovejero 2

Dicky 15

Manekenk x1& Aonikenk x1

Alakaluf 3

M Aymond 33

NiO x3 & Bump Hill x1Aonikenk x1 (Ensayo)

ShutdownMethanex

Plant

12

A R G E N T I N A

STRAITOF

MAGALLANES

C H I L E

Santiago Norte Plant (TEG)

Pampa Larga Plant

Dew Point Plant

• Capacity:

3 compressors, 35MM scfd (1 MM m3/d).

• Lease and operation contract.

• Enables direct access to the main gas pipeline infrastructure connected to the Methanex Plant.

Flow Lines

• More than 75 km of gas pipelines

Dicky Plant (TEG)

Faro Este (Enap)Oil Treatment Facility

Terminal Gregorio (Enap)Crude oil point of delivery

BUILT BY GEOPARK

ROAD BUILT BY

GEOPARK

SEPARATORS

Monte Aymond 4 Plant (TEG)

Fell Block: Infrastructure, Gas Pipelines & Facilities

El Tehuelche Camp

Aonikenk & AlakalufFacilities

13

Fell Block: Dew Point Plant

General Characteristics:

• Start-Up: September 2007

• Processing and Compression Capacity: 1 MM m3/d

• Undergoing an expansion process to 1.35 MMm3/d

• Gasoline Production 25 m3/d (157bbld)

• Leasing, operation and maintenance contract with Exterran

• Investment US$8MM

14

Tranquilo Block

1. Acquire, process and interpret 150 km 2D seismic

2. Acquire, process and interpret 150 km2 3D seismic

3. Drill 2 exploration wells (TD:500 to 2,500 m)

Third Exploration Period (2 years)

1. Acquire, process and interpret 140 km 2D seismic

2. Acquire, process and interpret 220 km2 3D seismic

3. Drill 4 exploration wells (TD:500 to 2,400 m)

Second Exploration Period (2 years)

1. Acquire, process and interpret 370 km 2D seismic

2. Acquire, process and interpret 160 Km2 3D seismic

3. 6 exploration wells (TD:600 to 2,300 m)

First Exploration Period (3 years: 2008-2011)

Commitments

GeoParkOperator

GeoPark (30%), IPR (20%), Manas(20%), Pluspetrol (30%)

Consortium

CEOP (Special Oil Operating Contract)Type of Contract

23Wells Drilled

1,428.3 km2D Seismic

6,648 km2Total Area

TN_1

5

3

MARCOU_1

98A

64

3A

ESPERANZA_2

4

PELECHA

ZURDO_1

TN_1

98

76

5

4 32TRANQUILO_1

SAN_JOSE_1

SAN_ANTONIO_1

RIQUELME_2

RIQUELME_1

MARCOU_1

7

5

MANZANO_2

MANZANO_1

LAGUNA_BLANCA_1

KERBER_1 / 2

ESPERANZA_3

ESPERANZA_2

ESPERANZA_1

DIANA_2

G_1002

G_1001

EL_SALTO_1

MANZANO

DIANA_1

SCA.MCh.x-1001

PONSOMBY_1

MINA_RICA_4

KON_AIKE_2

KON_AIKE_1

GRIMAL_1

CHILENITA_1

ARACELIS_3

ARACELIS_2

ARACELIS_1

CHILENITA_2

P-7 6

3

4 5

2

PECKET 1

PUERTONATALES

SCA.MCh.x-1002

10 Km

KERBER AREATotal UMR: 86 BCF

SP: 18 %

TRANQUILOFIELD

DIANA AREATotal UMR: 89 BCF

SP: 20 %

ESPERANZA + GALES AREA

Total UMR: 1063 BCF SP: 16 %

UMR: Unrisked Mean ResourcesSP: Success ProbabilityGeoPark’s Preliminary Estimations

15

Otway Block

1. Acquire, process and interpret 200 km 2D seismic

2. Drill 2 exploration wells (TD:2,200 to 3,000 m)

Third Exploration Period (2 years)

1. Acquire, process and interpret 330 km 2D seismic

2. Drill 3 exploration wells (TD:2,200 a 3000 m)

Second Exploration Period (2 years)

1. Acquire 270 km2 3D seismic2. Drill 2 exploration wells (TD:2,200 to

3000 m)

First Exploration Period(3 years: 2009-2012)

Commitments

GeoParkOperator

GeoPark (42%), Wintershall (42%), and Methanex (16%)

Consortium

CEOP (Special Operating Oil Contract)Type of Contract

31Wells Drilled

988,5 km2D Seismic

5,965 km2Total Area

MARCOU_1

98A

64

3A

MARCOU_1

7

5

MANZANO_2

MANZANO_1

EL_SALTO_1

MANZANO

TRES BRAZOS-1

PATOS-1

TRES PUENTES-1

LEÑADURA-1

LAS HOJAS-1VULCANO_1

PONSOMBY_1

PARRILLAR_1

OTWAY_1

MINA_RICA_4

MINA_RICA_3

MINA RICA-2/2A

MINA_RICA_1

KON_AIKE_2

KON_AIKE_1

GRIMAL_1

CHILENITA_1

COREY_3

COREY_2

COREY_1

ARACELIS_3

ARACELIS_2

ARACELIS_1

CHILENITA_2

PRAT 1

CANELOS 1

EL GANSO 1

P-7 6

3

4 5

2

PECKET 1

ARACELIS-Pta. EUGENIA AREA

Total UMR: 1,570 BCF SP: 17 %

RIO PESCADO AREATotal UMR: 122 BCF

SP: 15 %

PRAT-Cta. CANDEM-CANELOS AREA

Total Identified UMR: 161 BCF SP: 14 %

CHILENITA AREATotal UMR: 197 BCF

SP: 24 %

10 Km

PUNTAARENAS

UMR: Unrisked Mean ResourcesSP: Success ProbabilityGeoPark’s Preliminary Estimates

16

A T L A

N T I C

O C

E A N

M A G A L L A N E S O F

Opportunity

• GeoPark is well positioned to become a consolidator in Latin America

• Experienced technical team – and a large in-house capability to:

– Extract maximum value from existing assets– Take advantage of external opportunities as they arise– Leverage on a successful business model

• Commercial capabilities to seek attractive terms

– Strong financial position– IFC backing– Strategic alliance with Methanex– Rising operating cash-flow– Strategic capital-partner support

• GeoPark’s near term priority is to continue to profitably increase production from the Fell Block and to begin exploring the Tranquilo and Otway Blocks in Chile

• In the current world economic downturn, GeoPark has identified and initiated discussions on several attractive properties which have become available for acquisition on favorable terms.

S T R

A I T

DEL MOSQUITO

TRANQUILO FELL

LOMA CORTADERAL

CERRO DOÑA JUANA

OTWAY

ATLA

NTIC

OCE

AN

PA

CIF

IC O

CE

AN

COLOMBIA

BRAZILPERU

ARGENTINA

CH

ILE

DEL MOSQUITO

TRANQUILO FELL

LOMA CORTADERAL

CERRO DOÑA JUANA

OTWAY

COLOMBIA

BRAZILPERU

ARGENTINA

CH

ILE

BLOCKS OPERATED BY GEOPARK

17

Natural Gas

A strategic alliance with Methanex (the region's largest gas consumer) provides:•Long term (10 years) gas supply contract.•New gas price formula based on world methanol price (2008 average: US$4.70 per mcf / 2009 1H average: US$2.00 per mcf)•2007-8 Gas Pre-Sale Agreement : US$ 40 MM fully drawn. 2009 New Gas Pre-Sale and Lending Agreement MOU for US$ 18.3 MM.•Strategic partnership to acquire new areas in Chile – with current partnership on Otway Block.•Methanex Agreement substantially de-risks Fell Block activity.

Crude Oil

• New oil discoveries in the northeast region of the Fell Block.• Rebalances production between oil and gas.• All crude oil sold to ENAP at facility adjacent to Fell Block.• 30º API crude sells at WTI minus circa US$5 per bbl.

D-4

4

25

5 6

21

714

1319 2427

3122

171820

154129

3635

51012

2

23

23037

132

34

7

1

1

1

2

4 36

535

1

645

32

1

S-1

PS-1

Mun-3

Mun-2

Mun-1

KAS-3

R KAS-2

KAS-1

FE-29

FE-13

FE-12

DorS-1-1A

Dor-4Dor-2

Am-1

E PDE-38

37

36

35

34

33

32

31

30

29

28

27E PDE-26

25

24

24

E PDE-23

E PDE-23

22

1818

17 1616

15

E PDE-14

13

E PDE-12

10E PDE-10

98

7B7A

E PDE-7

6E PDE-5

4

32

E PDE-1

PD-11PD-8

PD-5

FE-28

FE-27

FE-26FE-25

FE-24FE-23

FE-22

21

FE-20

FE-19

18A18

FE-17

FE-16A

FE-16

FE-15A

FE-15

FE-14FE-11

FE-10

FE-9FE-8

FE-7FE-6FE-5

FE-4

FE-3

FE-2FE-1

11Dir-11

10A

Dir-109

8 7

Dir-6

5

Dir-4

Dir-3

Dir-2Dir-1

Dor-1

DorS-9DorS-10

8

DorS-7

CO-6

7

8

Central PL

PL-1AMol-2 Mol-1

E-3

E-2

E-1

COZ-1ACOZ-1

M-1

Ci-1

BN-2

BN-1A

BN-3

PL-1

T-2

T-1

CO-1

C-9

CG-1

T-6A T-6

Ci-2

HT.x-2

ARG.MAy-2

CLi.e-1

CLi.e-2

CLi.e-4

ARG.MAy-3

ARG.MAy-4

20

T-5T-4

T-3

MAO-1

MA-31

302928

27

26

MA-25

23

MA-22

MA-19

18MA-17

MA-16

MA-15

MA-14

MA-13

MA-12MA-11

MA-10

MA-9

MA-8

MA-7

MA-6

MA-5MA-4

MA-3

MA-2

MA-1

MA-5BIS

MA-11BIS

T-8

T-7

24 21

CLi.e-3

HT.x-1

ARG.MAy-1

OK-1

12

Te-3

Te-2

Te-1

DO-2

D-14

D-13

D-11

D-10

D-9

D-8

D-7

D-6

D-5

D-3

D-2

D-1

Fell-2

DO-3

DO-1

Fell-1

SN-3

SN-2

SN-1

S-2

11PL-10BPL-10APL-10

PL-9

PL-7

PL-6PL-4

PL-3

PL-2

O-1

NO-2

N-4

N-3

N-2

N-1

Mur-1

MunO-1

Mol-7

Mog-1

MN-2MN-1

KAN-5

KAN-4

KAN-3

KAN-1

KA-2A

Gu-2

Gu-1

DorN-1

Dor-3

CH-1

PDO-2

PDO-1

PDN-3PDN-2A

PDN-2

PDN-1

PD-10

PD-9

PD-7

PD-6

PD-4

PD-3PD-2

PD-1

Me-2

Me-1

F-1

CN-3

CN-2

CN-1

F-2

Sau-1

NO-1

NS-1

KAN-2

KA-1KA-3

SNN.a-4

Bump HillBH.x-1

Wiliche

Chewelche

PL.a-13

Ch.x-1

W.x-1

NiO.x-3

NiS.x-2

Mol-6 Mol-5Mol-4Mol-3

PL-5

PL-8

PL-14

SM.a-2SN-6

SN-5

KA-2

Selknam x-1

S.Miguel x-1

Puesto Ranger x-1

Co. Sutlej x-1

Nika a-5

Pampa x-1

5 km

A R G E N T I N A

C H I L E

STRAITOF

MAGALLANES

DIRECCION

MONTE AYMOND

PAMPA LARGA

KIMIRI AIKE

FARO ESTE

OIL T

O

DIREC

CIÓN

750 b

bopd

cond

.

OIL T

O SAN

GREG

ORIO

900 b

bopd

GAS T

O

METH

ANEX

35 MM

cfgpd

Oil & Gas Market

18

Key Financial Parameters

(*) Excluding depreciation, including selling expenses

(**) Excluding unsuccessful wells and capitalization of exploration costs

(***) Excluding stock awards and options

(*) Considering cash flow.

(in US$'000) 2005 2006 2007 2008 H1 2009Average Boepd 252 782 1,425 3,390 6,389

Exit Boepd 350 1,400 2,300 6,500 7,659

Revenue 2,841 6,008 11,028 38,376 17,982

Production Costs (*) (1487) (3,444) (6,515) (12,484) (7,192)

Geosciences (**) (568) (1,502) (2,027) (2,967) (1,436)

G&A (***) (2,073) (4,798) (5,374) (5,232) (2,571)

EBITDA (1,287) (3,736) (2,888) 17,693 6,784

CAPEX 3,484 17,964 38,783 58,142 12,664

Equity (2,285) 41,107 32,606 60,497 67,447

Debt - 16,529 34,741 53,680 48,349

14.30

7.97

2.40

4.23

2.2

-6

0

6

12

18

24

30

US$/B

OE

EBITDA

2008 Consolidated (*)

US$ per BOE

EBITDA OPEX Geosciences G&A Selling & royalties

Reveneu

US$/boe 31.02

-3.55

8.07

2.12

8.33

0.90

-6

0

6

12

18

24

30

US$/B

OE

EBITDA

2007 Consolidated (*)

US$ per BOE

EBITDA OPEX Geosciences G&A Selling & royalties

Revenue

US$/boe 21.20

5.90

4.93

1.322.301.19

-6

0

6

12

18

24

30

US$/B

OE

EBITDA

H1 2009 Consolidated (*)

US$ per BOE

EBITDA OPEX Geosciences G&A Selling & royalties

Revenue

US$/boe 15.64

19

Economic Parameters

40% OPEX reduction on a per BOE basis

46% expenses reduction on a per BOE basis

US

$ /B

OE

15,620

5,311

6,433

7,671

1,711

17,982

06.30.08 Increase inoil

production

Increase ingas

production

Decrease in gas price

Decrease inoil price

06.30.09

Revenue June 2008 vs. June 2009

Volume US$ Average Net PriceGas 90.5% 77% 4.70 US$/mcf 6,259,749 mcfOil 9.5% 23% 92 US$/bbl (Chile) 85,746 bbl

45 US$/bbl (Argentina) 23,690 bbl

Volume US$ Average Net PriceGas 84.6% 62% 2.00 US$/mcf 5,599,196 mcfOil 15.4% 38% 39.31 US$/bbl (Chile) 158,902 bbl

34.89 US$/bbl (Argentina) 10,364 bbl

H1 2009 RevenueQuantity

2008 RevenueQuantity

EBITDA (US$ '000) & EBITDA Margin (%)

6.784

-1.287 -3.736 -2.888

17.69338%

-45%-62%

-26%

46%

2005 2006 2007 2008 H1 2009

EBITDA (US$) EBITDA Margin (%)

Evolution of Expenses US$/BOE

05

1015

2025

3035

2006 2007 2008 1S 2009

OPEX/BOE Geosciences/BOE G&A/BOE Expenses/BOE Revenue/BOE

20

(b)(a)

Consolidated Balance Sheet

10%Total shares at June 30, 2009: 37,845,406

@ £ 2,25

Total proceedsUS$ 11,799,875

£ 7,733,250

Issued shares before placement: 34,408,4063,437,000

shares

Amounts in US$ ´000 Amounts in US$ ´000

ASSETS

Six-month period

ended

June 30, 2009

Year ended

December 31, 2008

EQUITY AND LIABILITIES

Six-month period

ended

June 30 2009

Year ended

December 31, 2008

PP&E 108,652 104,802 Share capital & share premium 86,970 75,609

Other non current assets 5,500 5,619 Reserves 4,102 4,095

NON CURRENT ASSETS 114,152 110,421 Retained earnings (23,625) (19,207)

Other current assets 9,060 13,676 EQUITY 67.447 60.497

Cash and cash equivalents 7,973 5,710 Borrowings (Non current) (b) 36,944 42,253

CURRENT ASSETS 17,033 19,386 Borrowings (Current) (b) 11,405 11,427

Other liabilities 15,389 15,630

ASSETS 131,185 129,807 EQUITY & LIABILITIES 131,185 129,807

Debt to equity ratio S1 2009 2008Debt (financial + sales advances) 48,349 53,680Debt + Equity 115,796 114,177Ratio 42% 47%

Financial debt 14,715 16,782Financial debt + Equity 82,162 77,279Total Financial Debt Ratio 18% 22%

Borrowings H1 2009 2008

International Financial Corporation 14,127 16,245Methanex Corporation (sales advances) 33,634 36,898Banco de Crédito e Inversiones 588 537

48,349 53,680

21

Capitalization and Ownership

5

78

21

21

40

138

198

Initial capitalcontributionl

Capitalcontributions

Funds from operatingactivities

Financialborrowings

Salesadvances

CAPEX Debt repayment Cash at 06.30.09

Capitalization of Funds (in Millions US$)

Equity Structure

Schroeder Investment

Management 11%

Investors Europe, North

America & Asia 29%

IFC8%

Chilean Investors 8%

Moneda A.F.I. 4%

Founding Stockholders40%

22

Commitment

Create a safe, organized working environment ensuring that everyone returns home unharmed at the end of the day

Respect and protect the region, and the laws, customs and people in the locations where we operate – producing real, sustainable opportunities and benefits for the local communities

Perform beyond our commitments, endeavoring to continuously create market value. Only a financially strong company may bring benefits to others

Leave the environment in the same natural condition it was before we arrived, or even in a better condition

SAFETY PROSPERITY

ENVIRONMENTCOMMUNITY

EMPLOYEESProvide our employees with the opportunity to grow professionally, contribute to the company’s success, and participate in it.

A BUSINESS MODEL FOR VALUE CREATION

S.P.E.E.D.: Our definition of success

23

Corporate Directory

Web Page: www.geo-park.comE-mail: info@geo-park.com

HeadquartersGEOPARK HOLDINGS LIMITED

Florida 981, 4th floor1005 Buenos Aires, ArgentinaPhone: (+54 11) 4312 9400

Operating OfficeGEOPARK CHILE LIMITED

Maipú 979, Punta Arenas, ChilePhone (+56 61) 617 210

Law FirmNorton Rose LLP

3 More London RiversideLondon SE1 2AQ

www.nortonrose.com

Advisor & NOMADOriel Securities Limited

125 Wood StreetLondon EC2V 7AN, United Kingdom

www.orielsecurities.com Celfin CapitalAvda. Apoquindo 3721, Piso 2

Las Condes, Santiago.

www.celfin.com

Oil Engineers and AnalystsDeGolyer and MacNaughton

5001 Spring Valley Road Suite 800 EastDallas, Texas 75244, USA

www.demac.com

AuditorsPricewaterhouseCoopers

1 Embankment PlaceLondon WC2N 6RH

www.pwc.com