| A. | Methanex Chile S.A. and GeoPark Chile Limited Agencia en Chile, predecessor in interest to GeoPark Fell S.p.A., entered into a Contract for the Sale and Purchase of Natural Gas dated as of October 27, 2009 as amended by an Addendum and Amendment dated March 4, 2011, a Second Amendment dated May 23, 2011, a Third Amendment dated March 29, 2012, and a Fourth Amendment dated August 30, 2013, (collectively, the “Gas Supply Agreement”); |
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| B. | The Seller wants to ensure the sale of a minimum quantity of 180,000 SCM/d of Natural Gas (the “Minimum Volume”) during the winter 2014 period in which Methanex will shutdown the Plant because of insufficient Natural Gas; |
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| C. | The Parties wish to keep on providing Seller with an incentive to produce and deliver additional Natural Gas from the Fell Block after the winter 2014 period; and, |
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| D. | The Parties also wish to make certain temporary amendments to the Gas Supply Agreement as set forth herein. |
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| 1.1  | References |
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| 1.2  | General Definitions |
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| 2.1  | Amendments to Gas Volume Commitments |
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| (a) | The Parties agree to extend the end of the period of the Increased Delivery Period, as defined in the Fourth Amendment, until the date the Methanex Plant shuts down because of insufficient Natural Gas availability (May 18, 2014) (“Pre Winter Period 2014”). |
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| (b) | From the date the Methanex Plant restarts until April 30, 2015 (“Post Winter Period 2014-2015”), Seller will make reasonable efforts to deliver Natural Gas at a minimum rate of 400.000 SCM/d. The commencement date of the Post Winter Period 2014-2015 shall be the fiftieth (15th) day after the Buyer gives Proved Notice to the Buyer specifying the date of the restart of the Methanex Plant. |
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| (c) | During the period in which the Methanex Plant is shutdown ( the “Winter Period 2014”), Methanex shall buy, with priority over other natural gas, Seller’s Gas to be re-sold to ENAP for the purposes of supplying the gas demand of the cities of Magallanes Region. |
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| (d) | The Parties agree that the Gas Volume Commitment (GVC) for the period April 1st, 2014 to April 30, 2015, is hereby deemed to be delivered in accordance with the terms and conditions of the Gas Supply Agreement. |
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| 2.2  | Amendments to Take or Pay Obligations |
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| 2.3  | Amendment to Deliver-or-Pay Obligation |
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| 2.4  | Amendment to Gas Price |
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| (a) | During the Pre Winter Period 2014 and the Post Winter Period 2014-2015 (together, “Summer 2014-15”), the Gas Price provided in Article 12 of the Gas Supply Agreement shall be as follows: |
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| · | For all volumes of Seller’s Gas Seller tenders for delivery up to the Minimum Volume, the Gas Price. |
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| · | For all volumes of Seller’s Gas Seller tenders for delivery over the Minimum Volume (the “Additional Gas”), the Gas Price shall be increased by [*] (the “Additional Amount per MMBtu”). |
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| (b) | During the Winter Period 2014 only, the Gas Price provided in Article 12 of the Gas Supply Agreement shall be as follows: |
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| · | For all volumes of Seller’s Gas Seller tenders for delivery up to the Minimum Volume, the Gas Price shall be [*]. |
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| · | For all volumes of Seller’s Gas Seller tenders for delivery over the Minimum Volume, the Gas Price shall be [*]. |
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| · | If, in accordance with Section 2.1(c), Buyer re-sells Seller’s Gas at a price higher than the Gas Price stated in this Section 2.4(b), the Gas Price shall be increased by 50% of any incremental price that Buyer obtains over the Gas Price stated in this Section 2.4(b). Notwithstanding any other provision in the Gas Supply Agreement, Buyer shall have no other obligation to share the revenue received from any third party in respect of re-selling Seller’s Gas. |
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| 2.5  | Period 2015 after Period 2014-2015 |
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| 3.1  | Other Terms of the Gas Supply Agreement Remain Unchanged |
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| By:    | /s/ Pedro Aylwin |                 |
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|   | Name:            | Pedro Aylwin         |   |
|   | Title:           | Legal Representative |   |

| By:    | /s/ Alejandro Larrive |                                  |
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|   | Name:                 | Alejandro Larrive                     |   |
|   | Title:                | Director Gas Development & Supply |   |

| By:    | /s/ Pablo Vera |             |
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|   | Name:          | Pablo Vera       |   |
|   | Title:         | Director Finance |   |

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