(RTTNews) - GeoPark Limited (GPRK), an oil and gas exploration and production company, Friday announced that it has signed a deal to acquire certain Repsol assets in Columbia for about $530 million including debt.
The deal signed with Repsol Exploración S.A. and Repsol E&P S.A.R.L includes acquisition of Repsol upstream oil and gas assets in Colombia.
"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 ("Llanos Norte") in Arauca Department. Together, these assets produced approximately 16,000 boepd net 1 to Repsol as of September 2024," GeoPark said in a statement.
This acquisition aligns with GeoPark's "North Star" growth strategy. The goal is to secure high-value assets in large, proven oil and gas regions to create a profitable and sustainable portfolio across Latin America.
Wednesday, GPRK had closed 0.44 cents or 5.09% higher at $9.08. Thursday, REPYY had closed 0.03 cents or 0.24% lesser at $12.42.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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