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Geopark announces agreement to acquire Repsol exploration and production assets in Colombia

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Oilfield Technology,


GeoPark Limited, an independent energy company with over 20 years of successful operations across Latin America, has announced that the Company has signed Sale and Purchase Agreements (SPAs) with Repsol Exploración S.A. and Repsol E&P S.A.R.L to acquire Repsol upstream oil and gas assets in Colombia.

Geopark announces agreement to acquire Repsol exploration and production assets in Colombia

The potential acquisition would incorporate high-quality assets located in the prolific Llanos Basin, one of Colombia’s most productive oil regions where GeoPark already has a successful oil-finding track record and is a well-established operator both above and below ground. The agreements include the acquisition of 100% of Repsol Colombia O&G Limited, which owns a 45% non-operated working interest in the CPO-9 Block in Meta Department (operated by Ecopetrol with a 55% WI), and Repsol’s 25% interest in SierraCol Energy Arauca LLC in Arauca Department. Together, these assets produced approximately 16 000 boe/d net to Repsol as of September 2024.

The consideration for the potential acquisition at full scope is approximately US$530 million, funded through a combination of cash resources and debt, including a non-recourse amortising debt facility of up to US$345 million, led and arranged by Macquarie Bank Limited, underscoring the security and strong cash generation profile of the assets. The debt facility is paired up with a robust hedging strategy that underpins debt service and provides price downside protection.

Read the article online at: https://www.oilfieldtechnology.com/exploration/29112024/geopark-announces-agreement-to-acquire-repsol-exploration-and-production-assets-in-colombia/

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