GeoPark Holdings Limited, a Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia and Argentina, has been awarded seven new licenses in the Brazilian Round 11 held yesterday. The awarded blocks include: Block REC-T 94 and Block REC-T 85 (in the Reconcavo Basin in the State of Bahia); Block POT-T 664, Block POT-T 665, Block POT-T 619, Block POT-T 620, and Block POT-T 663 (in the Potiguar Basin in the State of Rio Grande do Norte).
For its winning bids on the seven blocks, GeoPark has committed to invest a minimum of USD 15.3M (including bonus and work program commitment) during the first three years of exploratory period. The new blocks cover an area of approximately 54,850 acres. Mr James F. Park, CEO of GeoPark, said “We congratulate our geoscience and engineering teams for their efforts and success in winning these blocks. Our entry into Brazil – with an attractive platform of risk-balanced assets – represents an important step forward in GeoPark’s consistent growth strategy throughout Latin America. The award of these blocks provides an attractive exploration upside to GeoPark’s stable production acquisition made by GeoPark in Brazil today.”
In accordance with the AIM Rules, the information in this announcement has been reviewed by Mr Dimas Coelho, a PhD geophysicist with 32 years of oil and gas experience and Brazil Country Director of GeoPark.
