GeoPark preliminarily awarded four blocks in Brazil

GeoPark Ltd. was preliminarily awarded four exploration blocks in the Reconcavo and Potiguar basins in Brazil in the first cycle of the permanent offer held by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels.

GeoPark Ltd. was preliminarily awarded four exploration blocks in the Reconcavo and Potiguar basins in Brazil in the first cycle of the permanent offer held by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP). GeoPark will be the operator with a 100% working interest.

Blocks REC-T-58, REC-T-67, REC-T-77, and POT-T-834 cover an area of 30,731 acres in aggregate and represent low-risk and low-cost exploration acreage, the company said in a press statement. The Reconcavo blocks are nearby GeoPark’s recent light oil discovery, Praia dos Castelhanos, on the REC-T-128 block (GeoPark operated, 70%).

GeoPark has preliminarily identified multiple oil prospects and leads, based on existing 3D seismic and other relevant data. The company has committed to invest at least $1.3 million in aggregate (including bonus and investment commitments) during the first 5-year exploration period.

Winning bids are subject to confirmation of qualification requirements by the ANP.

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