GeoPark Announces New Argentina Acquisition and YPF Partnership
June 11 2018 - 07:00AM
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 and Chile, today announced further
expansion in the Neuquen basin in Argentina with the acquisition of
Los Parlamentos block in partnership with YPF S.A. (YPF), the
largest oil and gas producer in Argentina.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180611005332/en/
(Photo: Business Wire)
Los Parlamentos is an attractive, high-potential block located
in the Mendoza Province and covers an area of approximately 366,000
acres (1,480 sq km) with seismic coverage (100 sq km of 3D and 800
sq km of 2D seismic), near other producing fields.
The block was awarded to YPF in the Mendoza bidding round on May
31, 2018. In accordance with the partnership agreement between YPF
and GeoPark, and subject to customary regulatory approvals, GeoPark
will receive a 50% non-operating working interest (WI) in Los
Parlamentos block in exchange for a commitment to fund its 50% WI
of one exploration well and additional 3D seismic. GeoPark’s total
financial commitment is approximately $6 million over the next
three years.
Los Parlamentos expands GeoPark’s seven block, 2+ million acre
platform in the prolific Neuquen basin, with significant
conventional and unconventional exploration potential within the
Grupo Neuquen and Loncoche formations. Geoscience evaluation is
ongoing and field operations are expected to start-up in late 2018
or early 2019.
YPF is the largest oil and gas producer in Argentina, with
participating interests in more than 100 development concessions
and more than 20 exploration permits in the most attractive basins
in Argentina.
James F. Park, CEO of GeoPark, said: “We are very pleased to
have the opportunity to partner and work with YPF in Argentina and
to be adding more high-potential, valuable acres in the Neuquen
basin, where our team knows the rocks and has a great track-record
of finding oil and gas. This type of low-cost, bolt-on acquisition
in a prolific hydrocarbon basin - in partnership with the national
oil company - exactly fits GeoPark’s playbook and demonstrates the
growing strength, reach and benefits of our regional Latin American
platform.”
NOTICE
Additional information about GeoPark can be found in the
“Investor Support” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and
percentages included in this press release have been rounded for
ease of presentation. Percentage figures included in this press
release have not in all cases been calculated on the basis of such
rounded figures, but on the basis of such amounts prior to
rounding. For this reason, certain percentage amounts in this press
release may vary from those obtained by performing the same
calculations using the figures in the financial statements. In
addition, certain other amounts that appear in this press release
may not sum due to rounding.
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 preliminary production test results and
expected growth for GeoPark and Latin America’s under-developed
hydrocarbon potential. 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.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180611005332/en/
INVESTORS:Stacy Steimel, +562 2242 9600Shareholder Value
DirectorSantiago, Chilessteimel@geo-park.comorMiguel Bello, +562
2242 9600Market Access DirectorSantiago,
Chilembello@geo-park.comorMEDIA:Sard Verbinnen
& CoJared Levy, +1 212-687-8080New York,
USAjlevy@sardverb.comorSard Verbinnen & CoKelsey Markovich, +1
212-687-8080New York, USAkmarkovich@sardverb.com
GeoPark (NYSE:GPRK)
Historical Stock Chart
From Feb 2024 to Mar 2024
GeoPark (NYSE:GPRK)
Historical Stock Chart
From Mar 2023 to Mar 2024