(Source: Shutterstock.com)
GeoPark Ltd. has signed a sale and purchase agreement with Respol Exploracion and Repsol E&P to acquire upstream oil and gas assets in Colombia, the Latin American company announced Nov. 29.
Consideration for the acquisition is the equivalent of $530 million and will be funded through a combination of cash and debt, including a non-recourse amortizing debt facility of up to $345 million led by Macquarie Bank Ltd.
The deal includes assets in Colombia’s Llanos Basin where GeoPark already operates. The Repsol portfolio will provide immediate and long-term production, reserves and cash flow with a low capital investment commitment, GeoPark said in the press release.
As part of its agreements with Repsol, GeoPark will acquire 100% of Repsol Colombia O&G Ltd., which includes its 45% non-operated working interest in the CPO-9 Block in Meta Department (Ecopetrol-operated) and 25% interest in SierraCol Energy Arauca LLC in Arauca Department. Together, the assets have produced about 16,000 boe/d as of September 2024.
The transaction is subject to certain conditions and regulatory approvals, including the waiving or non-execution of preemptive rights by Repsol’s current partners.
GeoPark did not give an estimated completion date for the transaction.
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