GeoPark announces Colombia acquisitions

GeoPark Holdings, Latin America-focused oil and gas group, acquired two production and exploration companies, Winchester Oil & Gas and La Luna Oil, for USD30 million in cash, adjusted for working capital. GeoPark currently operates nine blocks in Chile and Argentina with production estimated at 9,200 barrels of oil equivalent per day and will be moving into the Colombia region with this acquisition. The deals give GeoPark interests in eight blocks, covering an area of around 131,000 gross acres and it will become license operator of two of those blocks. Current oil production is 1,230bpd from two blocks.

 

 

The agreement provides some contingent payments from production revenues resulting from successful future exploration and the acquisition will be funded from existing cash resources.

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