GeoPark awarded 7 new licenses

GeoPark Holdings Limited, a Latin American oil and gas explorer, operator and consolidator, has been awarded seven new licenses in the Brazilian Round 11. The awarded blocks include: Block REC-T 94 and Block REC-T 85 (in the Reconcavo Basin in the State of Bahia); Block POT-T 664, Block POT-T 665, Block POT-T 619, Block POT-T 620, and Block POT-T 663 (in the Potiguar Basin in the State of Rio Grande do Norte).
For 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 first three years of exploratory period. The new blocks cover an area of approximately 54,850 acres.

“We congratulate our geoscience and engineering teams for their efforts and success in winning these blocks,” said CEO of GeoPark, James F. Park. “Our entry into Brazil – with an attractive platform of risk-balanced assets – represents an important step forward in GeoPark’s consistent growth strategy throughout Latin America. The award of these blocks provides an attractive exploration upside to GeoPark’s stable production acquisition made by GeoPark in Brazil today.”
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