GeoPark Announces Expansion of Its Latin American Portfolio With New Low-cost Exploration Acreage Added in Brazil
September 12 2019 - 7:20AM
Business Wire
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a
leading independent Latin American oil and gas explorer, operator
and consolidator with operations and growth platforms in Colombia,
Peru, Argentina, Brazil, Chile and Ecuador, today 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 Brazil’s National Agency of Petroleum, Natural Gas
and Biofuels (ANP).
The acquired blocks represent low-risk and low-cost exploration
acreage, strengthening GeoPark’s existing portfolio in the
Reconcavo and Potiguar basins and adjacent to existing producing
fields. The Reconcavo blocks are located nearby GeoPark’s 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 approximately
$1.3 million in aggregate (including bonus and investment
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.”
NOTICE
Additional information about GeoPark can be found in the
“Investor Support” section on the website at www.geo-park.com.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION
This press release contains statements that constitute
forward-looking statements. Many of the forward- looking statements
contained in this press release can be identified by the use of
forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’
‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’
‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in
this press release include, but are not limited to, statements
regarding the intent, belief or current expectations, regarding
various matters, including expected production growth, expected
schedule, economic recovery, payback timing, IRR, drilling
activities, demand for oil and gas, capital expenditures plan,
regulatory approvals, reserves and exploration resources.
Forward-looking statements are based on management’s beliefs and
assumptions, and on information currently available to the
management. Such statements are subject to risks and uncertainties,
and actual results may differ materially from those expressed or
implied in the forward-looking statements due to various factors.
Oil and gas production figures included in this release are stated
before the effect of royalties paid in kind, consumption and
losses, except when specified.
Forward-looking statements speak only as of the date they are
made, and the Company does not undertake any obligation to update
them in light of new information or future developments or to
release publicly any revisions to these statements in order to
reflect later events or circumstances, or to reflect the occurrence
of unanticipated events. For a discussion of the risks facing the
Company which could affect whether these forward-looking statements
are realized, see filings with the U.S. Securities and Exchange
Commission.
Readers are cautioned that the exploration resources disclosed
in this press release are not necessarily indicative of long-term
performance or of ultimate recovery. Unrisked prospective resources
are not risked for change of development or chance of discovery. If
a discovery is made, there is no certainty that it will be
developed or, if it is developed, there is no certainty as to the
timing of such development. There is no certainty that any portion
of the Prospective Resources will be discovered. If discovered,
there is no certainty that it will be commercially viable to
produce any portion of the resources. Prospective Resource volumes
are presented as unrisked.
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version on businesswire.com: https://www.businesswire.com/news/home/20190912005470/en/
INVESTORS: Stacy Steimel – Shareholder Value Director
ssteimel@geo-park.com Santiago, Chile T: +562 2242 9600 Miguel
Bello – Market Access Director Santiago, Chile mbello@geo-park.com
T: +562 2242 9600 MEDIA: Jared Levy – Sard Verbinnen &
Co jlevy@sardverb.com New York, USA T: +1 (212) 687-8080 Kelsey
Markovich – Sard Verbinnen & Co kmarkovich@sardverb.com New
York, USA T: +1 (212) 687-8080
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