Geopark Limited NEW EXPLORATION LICENSES IN BRAZIL (3700O)
19 September 2013 - 4:00PM
UK Regulatory
TIDMGPK
RNS Number : 3700O
Geopark Limited
19 September 2013
Embargoed for release at 7:00 19 September 2013
am
GEOPARK LIMITED
GEOPARK SIGNS SEVEN NEW EXPLORATION LICENSES IN BRAZIL
Further to its announcement of 15 May 2013, GeoPark Limited
("GeoPark"), the Latin American oil and gas explorer, operator and
consolidator with operations and production in Chile, Colombia,
Brazil and Argentina (AIM: GPK), is pleased to announce that it has
now formally signed the following exploration licenses with the
Brazilian National Petroleum, National Gas and Biofuels Agency
("ANP") as part of the Brazilian Licensing Round 11:
In the Reconcavo Basin in the State of Bahia:
-- Block REC-T 85
-- Block REC-T 94
In the Potiguar Basin in the State of Rio Grande do Norte:
-- Block POT-T 664
-- Block POT-T 665
-- Block POT-T 619
-- Block POT-T 620
-- Block POT-T 663
Regarding its winning bids on the seven blocks, GeoPark has
committed to invest a minimum of US$15.3 million (including bonus
and work program commitment) during the next three years which will
constitute the exploratory period. The new blocks cover an area of
approximately 54,850 acres.
In May 2013, GeoPark also agreed to acquire Rio das Contas from
Panoro Energy ASA, which holds a 10% working interest in the
shallow offshore Manati Field, the largest non-associated gas field
in Brazil. This acquisition is subject to the approval of the ANP,
among other regulatory authorities, and it is expected to complete
by the end of 2013.
Commenting, James F. Park, CEO of GeoPark, said: "Completion of
the acquisition of these seven new blocks represents a further step
forward in GeoPark's growth plans and long term strategic entry
into Brazil. These exploration blocks, together with our pending
production acquisition of an interest in the Manati field, create a
risk-balanced business platform to participate in the significant
Brazilian hydrocarbon market."
In accordance with the AIM Rules, the information in this
announcement has been reviewed by Dimas Coelho, a PhD geophysicist
with 32 years of oil and gas experience and Country Director of
Brazil for GeoPark.
GeoPark can be visited online at www.geo-park.com
For further information please contact:
GeoPark Limited
Juan Pablo Spoerer (Chile)
Pablo Ducci (Chile) +54 2 2242 9600
Oriel Securities - Nominated Adviser and
Joint Broker
Michael Shaw (London) +44 (0)20 7710 7600
Tunga Chigovanyika (London)
Macquarie Capital (Europe) Limited - Joint
Broker
Steve Baldwin (London) +44 (0)20 3037 2000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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