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GeoPark Awarded Four New Exploration Blocks in Brazil

Source: www.gulfoilandgas.com 9/12/2019, Location: South America

GeoPark has announced the expansion of its portfolio with four new exploration blocks in the Reconcavo and Potiguar basins in Brazil.

GeoPark was preliminarily awarded the REC-T-58, REC-T-67, REC-T-77 and POT-T-834 blocks in the first cycle of the Permanent Offer held by Brazilís National Agency of Petroleum, Natural Gas and Biofuels (ANP).

The acquired blocks represent low-risk and low-cost exploration acreage, strengthening GeoParkís existing portfolio in the Reconcavo and Potiguar basins and adjacent to existing producing fields.The Reconcavo blocks are located nearby GeoParkís recent light oil discovery, Praia dos Castelhanos, in the REC-T-128 block (GeoPark operated, 70% working interest).

The blocks cover an area of 30,731 acres in aggregate (or 124 sq km). GeoPark has preliminarily identified multiple oil prospects and leads,based on existing 3D seismic and other relevant data. GeoPark will be the operator with a 100% working interest.

The Company has committed to invest a minimum of approx. $1.3million in aggregate (including bonus andinvestment commitments) during the first exploration period of five years.

The winning bids are subject to confirmation of qualification requirements by the ANP.

James F. Park, CEO of GeoPark, said: 'GeoPark continues to expand block by block in the most attractive proven Latin American hydrocarbon basins and cost-effectively assemble a unique risk-balanced short-, medium-, and long-term inventory of exciting new growth projects.'

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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 


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