GeoPark Limited ("GeoPark"), the Latin American oil and gas explorer, operator and consolidator with operations and production in Chile, Colombia, Brazil and Argentina (AIM: GPK), is pleased to announce that it has been awarded two new licenses in the Brazilian Round 12 held yesterday.
The licensing round was organized by the Brazilian National Petroleum, National Gas and Biofuels Agency ("ANP"), and all proceedings and bids have been made public.The winning bids are subject to confirmation of qualification requirements.
For its winning bids on the two blocks, GeoPark has committed to invest a minimum of US$4.0 million (including bonus and work program commitment) during the first exploratory period. The new blocks cover an area of approximately 196,500 acres.
In May 2013, GeoPark announced its agreement to acquire Rio das Contas from Panoro Energy ASA, which holds a 10% working interest in the shallow offshore Manati Field. In September 2013, GeoPark announced the signing of 7 hydrocarbon blocks in the Reconcavo and Potiguar Basins following its award from the ANP bidding Round 11.
Commenting, James F. Park, CEO of GeoPark, said: "These new blocks allow us to incorporate two new proven onshore hydrocarbon basins into our portfolio and represent one more step in building a balanced portfolio of oil and gas assets in Brazil, with development, production and exploration opportunities."
In accordance with the AIM Rules, the information in this announcement has been reviewed by Salvador Minniti, a geologist with 32 years of oil and gas experience and Director of Exploration of GeoPark.
