GeoPark Ltd., Bogota, Colombia, is working with an undisclosed seller towards execution of definitive agreements to acquire a non-operated working interest in unconventional blocks in the Neuquen basin in Argentina.
As of Apr. 11, GeoPark’s binding offer—consistent with its strategy to expand in proven oil and gas basins in Latin America—has been accepted by the seller, the company said in a release.
Upon closing, the assets would immediately contribute production of more than 5,000 boe/d (net).
The agreed acquisition price is around $200 million, plus an additional carry of $110-120 million (gross) over a 2-year period associated with certain undisclosed exploration activities.
While closing is expected in this year’s third quarter, no assurances can be given that the transaction will ultimately be completed, due to regulatory or other reasons, the company said.
Confidentiality terms prevent GeoPark from providing additional information to the market until the final documentation is signed or terminated.