SANTIAGO, Chile, July 24, 2014 /PRNewswire/ -- GeoPark
Limited ("GeoPark") (NYSE: GPRK), the Latin American oil and gas
explorer, operator and consolidator with operations and producing
properties in Chile, Colombia, Brazil and Argentina, today announces its continued
expansion in Colombia through the
award of a new exploratory license during the 2014 Colombia Bidding
Round, carried out by the Agencia Nacional de Hidrocarburos ("ANH")
on July 23, 2014 in Cartagena,
Colombia.
GeoPark was awarded the VIM-3 Block in the Lower Magdalena
Basin, covering an area of approximately 225,000 acres. The block
has an attractive oil and gas exploration potential in a large area
within a proven hydrocarbon system -- surrounded by existing oil
and gas fields and with sparse exploration activity carried out to
date.
GeoPark's winning bid consisted of committing to a Royalty X
Factor of 3% and a minimum investment program of carrying out 200
sq km of 2D seismic and drilling one exploration well, with a total
estimated investment of US$22.2
million during the initial three year exploratory period.
GeoPark will operate and have a 100% working interest in the block.
The winning bid is subject to final signature of the contracts with
the ANH, which is currently scheduled for 3Q2014.
James F. Park, CEO of GeoPark,
said: "Congratulations to our Colombian team for the award of this
new block, which expands and diversifies GeoPark's existing
attractive ten block portfolio in Colombia – and also continues our record of
steady new project growth and consolidation throughout Latin America. The new block represents a high
potential opportunity to continue to build on GeoPark's successful
track record of finding oil and gas and rapidly growing production
in Colombia -- in addition to
leveraging current operational synergies."
NOTICE
Additional information about GeoPark can be
found in the "Investor Support" section on the web site at
www.geo-park.com
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING
INFORMATION
This press release contains statements that constitute
forward-looking statements. Many of the forward looking statements
contained in this press release can be identified by the use of
forward-looking words such as ''anticipate,'' ''believe,''
''could,'' ''expect,'' ''should,'' ''plan,'' ''intend,'' ''will,''
''estimate'' and ''potential,'' among others.
Forward-looking statements appear in a number of places in this
press release and include, but are not limited to, statements
regarding the intent, belief or current expectations, regarding
various matters, including expected 2014 production growth and
capital expenditures plan. Forward-looking statements are based on
management's beliefs and assumptions and on information currently
available to the management. Such statements are subject to risks
and uncertainties, and actual results may differ materially from
those expressed or implied in the forward-looking statements due to
various factors.
Forward-looking statements speak only as of the date they are
made, and the Company does not undertake any obligation to update
them in light of new information or future developments or to
release publicly any revisions to these statements in order to
reflect later events or circumstances or to reflect the occurrence
of unanticipated events. For a discussion the risks facing the
Company which could affect whether these forward-looking are
realized, see filings with the U.S. Securities and Exchange
Commission.
CONTACTS:
|
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Pablo Ducci –
Director Capital Markets
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pducci@geo-park.com
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Sofia Chellew –
Investor Relations
|
schellew@geo-park.com
|
Santiago,
Chile
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T: +562 2242
9600
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www.geo-park.com
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SOURCE GeoPark