GeoPark is set to sell its 10 percent non-operated working interest in the Manati gas field in Brazil. It is a leading independent Latin American oil and gas exploration company. The company is also a consolidator and operator with operations and growth platforms in countries such as Colombia, Ecuador, Chile, Brazil and Argentina
The company’s 10 percent stake will be sold to Gas Bridge. It is reported that the total transaction amount is R$144.4 million, which also includes a fixed payment of R$124.4 million plus an earn-out of R$20.0 million. However, the transaction is subject to certain regulatory approvals.
Two weeks ago, GeoPark had successfully commenced testing of the Indico 2 appraisal well in the CPO-5 block in Colombia. James F. Park, Chief Executive Officer of GeoPark, said: “It is great to begin drilling on this large high potential CPO-5 block and great to see the positive results starting to come in. Not only is this block rich in hydrocarbons—with four mapped oil plays in the Mirador, Guadalupe, Gacheta and Une (LS3) formations—but the associated economics and cycle times are industry-leading even under the lowest oil price scenarios.
“We are very pleased to be working with our partners ONGC Videsh on this block and congratulate them for successfully executing and carrying out this important operation.” It is reported that the drilling rig in the CPO-5 block is moving to the Aguila exploration which is located nearly 4.9 km southeast of the Indico oil field.