By OGJ editors
HOUSTON, Mar. 30 – LG International Corp., Seoul, and GeoPark Holdings Ltd., Buenos Aires, accelerated a strategic partnership entered into in 2010.
GeoPark has reached an in-principle agreement to sell to LGI a 10% interest in GeoPark Chile Ltd., a company registered in Bermuda, for $70 million. The transaction is expected to close in the second quarter of 2011.
Separately, and subject to regulatory approvals, GeoPark has reached an in-principle agreement to invest up to $10 million in the drilling of an exploratory well on the Sholkara prospect in LGI-operated Block 8 in Kazakhstan, which would give GeoPark a 25% participating interest in the block.
The Sholkara prospect has an unrisked mean oil resource estimate of 100-400 million bbl.
Both transactions are subject to the signing of definitive legal agreements and final approval of the GeoPark and LGI boards.
Rendering from Cedar LNG.
US Government Accountability Office.
