Gulf Oil and Gas accountACCOUNT

GeoPark Acquires Colombia & Chile Assets from LG International

Source: www.gulfoilandgas.com 11/27/2018, Location: South America

GeoPark Limited (GPRK) announced an agreement to acquire the LG International Corporation (LGI) interest in GeoPark’s Colombian and Chilean operations and subsidiaries.

This acquisition will increase GeoPark’s equity interest to 100% in its Colombian and Chilean businesses, which consist of multiple hydrocarbon blocks and associated oil and gas production and reserves, including the Llanos 34 block (GeoPark operated, 45% WI) in Colombia. This acquisition will also help streamline financial, tax, organizational, and cost structures.

The acquisition price includes a fixed payment of $81 million payable at closing, plus two equal installments of $15 million each, to be paid in June 2019 and June 2020, respectively. Additionally, three contingent payments of $5 million each could be payable over the next three years, subject to certain production thresholds being exceeded. Closing of this transaction is expected by November 28, 2018.

James F. Park, Chief Executive Officer of GeoPark, said: “LGI has been an exceptional strategic partner for GeoPark for over eight years and we are grateful for their support and guidance, which were instrumental in the early development of our regional portfolio of assets and our tremendous growth in recent years. We have made many good friends in the LG organization and are confident that our partnership will continue to grow and lead to important new opportunities in the future. We are also pleased to be able to increase our ownership in our key operating companies, bringing more income to our bottom line.”

Acquisitions and Divestitures News in Colombia >>

United Kingdom >>  8/22/2019 - Reabold Resources is pleased to announce that it has increased its investment in Rathlin Energy (UK) Limited (Rathlin), the operator of the West Newto...
United States >>  8/22/2019 - 88 Energy Limited (88 Energy) provides the following update related to the farmout process for its conventional prospect portfolio at Project Icewine,...

Brazil >>  8/18/2019 - BW Offshore (BWO) has announced that The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) has granted BW Offshore status as oper...
Morocco >>  8/18/2019 - Announcing its unaudited results for the six months ended 30 June 2019, Genel Energy said that, on the Sidi Moussa block offshore Morocco (Genel 75% w...

Brazil >>  8/8/2019 - Petrobras has started the teaser for the sale of all its stakes in 11 shallow water production fields in the Campos Basin, jointly known as Polo Garou...
Kuwait >>  8/7/2019 - Kuwait's Petrochemical Industries Company (PIC) has acquired 49 percent of operations of South Korean SKC, and the two firms agreed to establish a joi...

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 


Colombia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 |

More News

Related Links

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