2011-06-17-2011-05-23-2011-05-23

Bought a 10% WI in GeoPark Chile Ltd., which holds WI on 14,420 kilometers in the Fell, Tranquilo and Otway blocks.

LG International Corp., an affiliate of LG Corp., Seoul, South Korea, (Korea: 003550) has acquired a 10% interest in E&P blocks in Chile from GeoPark Holdings Ltd., Hamilton, Bermuda, (London: GPK) for US$70 million.

LG International acquired a 10% interest in GeoPark's subsidiary GeoPark Chile Ltd., which holds properties in the Fell, Tranquilo and Otway blocks. The assets consist of 100% working interest in 1,780 square kilometers in Fell, 30% working interest in 6,648 square kilometers in Tranquilo and 42% working interest in 5,992 square kilometers in Otway. All the blocks target the Magellan/Austral basins.

LGI vice president E. K. Lee says, "We are very pleased to acquire an interest in GeoPark's upstream platform which represents an attractive foundation for our future growth in Latin America and the first oil and gas investment by a Korean company in Chile."

GeoPark chief executive James F. Park says, "GeoPark is pleased to close this transaction and views its strategic partnership with LGI as a key element of our future growth and expansion in Latin America. The opportunity to cement this relationship by an initial sharing of projects builds a solid base for a promising long-term and committed acquisition partnership. It also clearly demonstrates the value of the business that GeoPark has developed since 2006."