GeoPark Acquires Key Argentine Oil and Gas Assets

Published 58 minutes agoGPRK

GeoPark Acquires Key Argentine Oil and Gas Assets

GeoPark Limited, a prominent oil and gas explorer in Latin America, announced the acquisition of non-operated working interests in four unconventional blocks in the Neuquén Basin, Argentina. This strategic expansion is set to enhance GeoPark's foothold in a prolific hydrocarbon region. The deal was signed on May 13, 2024, with Phoenix Global Resources, a subsidiary of Mercuria Energy Trading, and covers blocks in both Neuquén and Río Negro Provinces.

The transaction involves a $190 million upfront payment for a total of 122,315 gross acres, which translates to 58,402 net acres for GeoPark. The company also committed to funding up to $113 million in exploratory commitments over two years and allocated $11 million for acquiring midstream capacity. Additionally, a $10 million bonus will be paid contingent upon the success of the Confluencia exploration campaign. Completion of the transaction is expected before the end of Q3 2024, pending necessary approvals.

According to CEO Andrés Ocampo, the acquisition is poised to significantly boost GeoPark's production and reserves, potentially adding up to 6,500 net barrels of oil equivalent per day by 2024. Reuters noted that the inclusion of these assets will not only aid GeoPark's activity in Argentina but will also complement the company's existing operations in Colombia, Ecuador, and Brazil. This move underscores the company's strategic emphasis on developing unconventional resources in the renowned Vaca Muerta formation.

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GeoPark Acquires Key Argentine Oil and Gas Assets

GeoPark Acquires Key Argentine Oil and Gas Assets

58 minutes agoGPRK

GeoPark Limited, a prominent oil and gas explorer in Latin America, announced the acquisition of non-operated working interests in four unconventional blocks in the Neuquén Basin, Argentina. This strategic expansion is set to enhance GeoPark's foothold in a prolific hydrocarbon region. The deal was signed on May 13, 2024, with Phoenix Global Resources, a subsidiary of Mercuria Energy Trading, and covers blocks in both Neuquén and Río Negro Provinces. The transaction involves a $190 million upfront payment for a total of 122,315 gross acres, which translates to 58,402 net acres for GeoPark. The company also committed to funding up to $113 million in exploratory commitments over two years and allocated $11 million for acquiring midstream capacity. Additionally, a $10 million bonus will be paid contingent upon the success of the Confluencia exploration campaign. Completion of the transaction is expected before the end of Q3 2024, pending necessary approvals. According to CEO Andrés Ocampo, the acquisition is poised to significantly boost GeoPark's production and reserves, potentially adding up to 6,500 net barrels of oil equivalent per day by 2024. Reuters noted that the inclusion of these assets will not only aid GeoPark's activity in Argentina but will also complement the company's existing operations in Colombia, Ecuador, and Brazil. This move underscores the company's strategic emphasis on developing unconventional resources in the renowned Vaca Muerta formation.