Gulf Oil and Gas accountACCOUNT

GeoPark Announces Argentina Acquisition

Source: www.gulfoilandgas.com 12/19/2017, Location: South America

Share |
GeoPark Limited (GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina, and Peru, announced the acquisition of three blocks in the Neuquen Basin in Argentina with oil and gas production, reserves and resources.

On December 18, 2017, GeoPark executed an asset purchase agreement (APA) with Pluspetrol, a private oil and gas company with strong presence across Latin America, to acquire a 100% working interest and operatorship of the Aguada Baguales, El Porvenir and Puesto Touquet blocks (the blocks) for a total consideration of $52 million. Closing of the transaction is subject to customary regulatory approvals, and is expected in the first quarter 2018.

The blocks include:
- oil and gas production of 2,700 barrels of oil equivalent per day (boepd) - 70% light oil and 30% gas
- low risk self-funding development and exploration opportunities to increase production
- proven and probable (2P) oil and gas reserves of approximately 12-14 million barrels of oil equivalent (mmboe) and 3P reserves of approximately 18-20 mmboe (GeoPark estimates)
- exploration resources of approximately 15-30 mmboe (GeoPark estimates), plus additional upside potential in the Vaca Muerta unconventional play
- 137,000 acres well-positioned in the Neuquen Basin
- production facilities, including hydrocarbons treatment, storage, and delivery infrastructure

GeoPark is acquiring the blocks to strengthen its growing position in Argentina and has identified attractive development and exploration projects on the blocks with the potential to significantly increase production and reserves – mainly funded with its own cash flow. The acquisition will also provide tax savings and operational synergies with GeoPark’s existing platform in Argentina.

James F. Park, Chief Executive Officer of GeoPark, said: “We are very pleased to acquire these attractive blocks - with a full mix of production, reserves and upside - in the heart of the Neuquen Basin; one of the most prolific hydrocarbon basins in Latin America and where our team has a proven history of exploration success and operating experience. This acquisition is another important building block being added to the underlying foundation of GeoPark’s risk-balanced project portfolio, which has been the steady engine behind GeoPark’s 15-year consistent track-record of continuous growth across Latin America.”

Acquisitions and Divestitures News in Argentina >>

Ireland >>  9/20/2018 - Providence Resources P.l.c., the Irish based Oil & Gas Exploration Company (“Providence” or the “Company”), provides a commercial update on Standard E...
United Kingdom >>  9/17/2018 - Zennor Petroleum Limited is pleased to announce that its wholly owned subsidiary, Zennor North Sea Limited, has entered into a Sale and Purchase Agree...

Guyana >>  9/13/2018 - Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with licences in highly prospective regions in Namibia and Guyana, is delighted to ...
United States >>  9/13/2018 - Vanguard Natural Resources, Inc. has executed a purchase and sale agreement for the sale of its ownership in natural gas properties in the Arkoma basi...

United States >>  9/12/2018 - Matador Resources Company announced the successful acquisition of 8,400 gross (8,400 net) acres for approximately $387 million, or a weighted average ...
South Africa >>  9/11/2018 - Azinam Limited, the Seacrest Capital-backed South West African oil exploration company, is pleased to announce the acquisition of a 40% operating inte...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Argentina Oil & Gas 1 >>  2 | 3 | 4 |

Oil & Gas Projects in Argentina >>

More News

 

Oil & Gas Companies in Argentina >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.