Gulf Oil and Gas accountACCOUNT

GeoPark Announces New Acquisition & Country Entry into Ecuador

Source: www.gulfoilandgas.com 3/13/2019, Location: South America

GeoPark Limited, a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil and Chile, announced its entry into Ecuador through the acquisition of the Espejo and Perico blocks.

The Espejo and Perico blocks are attractive, low-risk exploration blocks located in Sucumb?os Province in the north-eastern part of Ecuador, in the Oriente basin. The Espejo block covers an area of 15,650 acres (63 sq km) and the Perico block covers an area of 17,700 acres (72 sq km). Both blocks are covered with 3D seismic and are adjacent to multiple discoveries, producing fields and existing infrastructure.

From existing 3D seismic and other relevant data, more than five multilayer, ready-to-drill light oil prospects and leads have been identified. Ongoing geoscience evaluation and field operations are expected to start in late 2019 or early 2020.

The Oriente basin is one of the most prolific petroleum systems in Latin America, currently producing more than 500,000 bopd. It has access to infrastructure, with spare capacity, and a well-developed service industry.

The blocks were awarded to the GeoPark and Frontera consortium (50% GeoPark, 50% Frontera) in the form of production sharing contracts in the Intracampos Bid Round carried out on March 12, 2019 in Quito, Ecuador.

The winning bid consisted of committing a minimum investment program of carrying out 55 sq km of 3D seismic in the Espejo block and drilling four exploration wells in each block, with a total estimated investment commitment of $60 million ($30 million net to GeoPark) over the next four years. GeoPark and Frontera will have a 70-78% contractor share at approximately $60-70 Brent. The final award is contingent upon regulatory approvals and the execution of the contracts, expected for 2Q2019.

James F. Park, CEO of GeoPark, said: “Congratulations to the GeoPark team for again patiently, selectively, and successfully expanding our unique Latin America asset base with the acquisition of these new low-cost, low-risk, high potential blocks attractively positioned in the neighborhood of some prolific oil fields. Our entry into Ecuador gives GeoPark an exciting new platform in the country with the third largest reserves in Latin America and further advances one of our key long-term growth strategies tying together the common petroleum system of southern Colombia, Ecuador and northern Peru.”

Acquisitions and Divestitures News in Ecuador >>

Norway >>  8/17/2019 - Pandion Energy AS has entered into an agreement with ConocoPhillips Skandinavia AS (ConocoPhillips) to acquire a 20 percent interest in PL 891, contai...
Indonesia >>  7/18/2019 - Coro Energy, the Southeast Asian focused upstream oil and gas company, has renegotiated the terms of the proposed acquisition by the Company of a 42.5...

Indonesia >>  7/17/2019 - Mubadala Petroleum announces that it has signed an agreement with Premier Oil to farmout a 20 percent participating interest in each of the Andaman I...
Colombia >>  7/16/2019 - Frontera Energy Corporation (FEC) (Frontera) announces the award of the VIM-22 block in addition to LLA-99 block which was previously announced on Jun...

Brazil >>  7/15/2019 - Karoon Energy Ltd (KAR) make the following statement in relation to the news published by Upstream on the 12 July 2019. Karoon confirms it has been n...
China >>  7/15/2019 - MacGregor, part of Cargotec, has received a clearance decision from the Chinese competition regulator, SAMR, for the company’s acquisition of the mari...

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 


Ecuador Oil & Gas 1 >> 

More News

Related Links

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