(GeoPark, 12.Sep.2019) — GeoPark Limited announced the expansion of its portfolio with four new exploration blocks in the Reconcavo and Potiguar basins in Brazil.
GeoPark was preliminarily awarded the REC-T-58, REC-T-67, REC-T-77 and POT-T-834 blocks in the first cycle of the Permanent Offer held by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP).
The acquired blocks represent low-risk and low-cost exploration acreage, strengthening GeoPark’s existing portfolio in the Reconcavo and Potiguar basins and adjacent to existing producing fields. The Reconcavo blocks are located nearby GeoPark’s recent light oil discovery, Praia dos Castelhanos, in the REC-T-128 block (GeoPark operated, 70% working interest). The blocks cover an area of 30,731 acres in aggregate (or 124 sq km). GeoPark has preliminarily identified multiple oil prospects and leads, based on existing 3D seismic and other relevant data. GeoPark will be the operator with a 100% working interest.
The Company has committed to invest a minimum of approximately $1.3 million in aggregate (including bonus and investment commitments) during the first exploration period of five years.
The winning bids are subject to confirmation of qualification requirements by the ANP.
James F. Park, CEO of GeoPark, said: “GeoPark continues to expand block by block in the most attractive proven Latin American hydrocarbon basins and cost-effectively assemble a unique risk-balanced short-, medium-, and long-term inventory of exciting new growth projects.” ***