HOUSTON, TEXAS (Ian Silverman, Energy Analytics Institute, 22.Oct.2024) — GeoPark Limited said the Mata Mora Norte Block is currently producing over 12,500 barrels of equivalent oil per day (boe/d) gross and is expected to generate $90mn-$100mn in adjusted EBITDA in the full-year 2024 on a pro-forma basis.
By the 2028-2030 timeframe, the block is projected to reach plateau production of around 40,000 boe/d gross, contributing $300mn net per year in adjusted EBITDA (based on a Brent price of $70 per barrel).
GeoPark said 22 Oct. 2024 in an official statement that it expects the acquisition of the Vaca Muerta unconventional blocks in Argentina to close in in the fourth-quarter 2024, pending customary regulatory approvals.
However, this doesn’t include the exploratory potential from the Mata Mora Sur, Confluencia Norte and Confluencia Sur blocks, GeoPark said.
To support the expected production growth, GeoPark’s wholly owned subsidiary GeoPark Argentina S.A. plans to fund its capital expenditures through ongoing cash flow generation from the Mata Mora Norte Block and debt raised in the domestic capital market, where attractive rates and terms are currently available.
As of 22 Oct. 2024, GeoPark Argentina has also secured over $100mn in local credit lines in Argentina and no amount has been drawn on such credit lines.
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By Ian Silverman reporting from Houston. © Energy Analytics Institute (EAI). All Rights Reserved.
