Colombian oil company makes major return home with over $300 million purchase

GeoPark Limited Seals US$300 Million Purchase Agreement for Vaca Muerta Blocks in Argentina

GeoPark Limited, a leading oil and gas producer and operator in Colombia, has announced that they have sealed a purchase agreement for over US$300 million with Phoenix Global Resources, a Swiss subsidiary of Mercuria Energy Trading. The deal includes a stake in four blocks of Vaca Muerta in Argentina, which currently produce more than 28,000 gross barrels of oil equivalent per day.

Phoenix Global Resources will continue to operate the blocks as part of the agreement. This acquisition by GeoPark is expected to increase production by an estimated 5,500 to 6,500 net boepd in 2024. The company plans to pay US$190 million for a total of 122,315 gross acres and will finance 100% of exploratory commitments up to US$113 million gross within two years. The deal is subject to regulatory approvals and is expected to close before the end of the third quarter of the year.

GeoPark views the Vaca Muerta formation as one of the best terrestrial hydrocarbon reservoirs in Latin America today, with significant untapped potential. With this acquisition, GeoPark aims to capitalize on the region’s resources and contribute to Argentina’s overall oil production. The company has been operating in Brazil and Ecuador for several years now and sees this acquisition as a strategic move to diversify its portfolio further.

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