GeoPark Ltd. said on Nov. 23 that its board of directors has approved an agreement to sell its 10% non-operated working interest in the Manati gas field in Brazil to Gas Bridge SA.

The total consideration of the transaction amounts to R$144.4 million (about US$27 million), including a fixed payment of R$124.4 million plus an earn-out of R$20.0 million, which is subject to obtaining certain regulatory approvals.

The transaction becomes effective Dec. 31, 2020, and is subject to certain conditions, including the acquisition by Gas Bridge of the remaining 90% working interest and operatorship of the Manati gas field.

Two other non-operating partners in the Manati gas field consortium with a combined 55% working interest have already announced their respective agreements to sell their stakes to Gas Bridge. Subject to the agreement by the remainder of the consortium and regulatory approvals, closing of the transaction would occur in fourth-quarter 2021.

The Manati Gas field has net proven and probable reserves of about 3 million barrels of oil equivalent (boe), based on December 2019 DeGolyer and MacNaughton’s certification, and adjusted by production during the nine-month period ended Sept. 30 of 1,127 boe/d.