LONDON, UK / ACCESSWIRE / June 13, 2018 / If you want access to our free research report on GeoPark Ltd (NYSE: GPRK), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GPRK as the Company's latest news hit the wire. On June 11, 2018, the Company announced that it has acquired Los Parlamentos block in partnership with YPF S.A. (NYSE: YPF), which is the largest oil and gas producer in Argentina, further expanding in the Neuquen basin in Argentina. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, GeoPark and YPF S.A. most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Los Parlamentos expands GeoPark's seven block, 2+ million acre platform in the prolific Neuquen basin, with significant conventional and unconventional exploration potential within the Grupo Neuquen and Loncoche formations.
Terms of Partnership Agreement between YPF and GeoPark
GeoPark will receive a 50% non-operating working interest (WI) in the Los Parlamentos block in exchange for a commitment to fund its 50% WI of one exploration well and additional 3D seismic. GeoPark's total financial commitment is approximately $6 million over the next three years. The block was awarded to YPF in the Mendoza bidding round on May 31, 2018. The deal is subject to customary regulatory approvals.
Acquisition Demonstrates Growing Strength, Reach, and Benefits of GeoPark's Regional Latin American Platform
Commenting on the announcement, James F. Park, Chief Executive Officer (CEO) of GeoPark, stated that the Company is very pleased to have the opportunity to partner and work with YPF in Argentina and to be adding more high-potential, valuable acres in the Neuquen basin, where its team knows the rocks and has a great track-record of finding oil and gas. Park added that this type of low-cost, bolt-on acquisition in a prolific hydrocarbon basin, in partnership with the national oil Company, exactly fits GeoPark's playbook and demonstrates the growing strength, reach, and benefits of the Company's regional Latin American platform.
GeoPark's Last Acquisition in Argentina
In December 2017, the Company acquired three blocks in the Neuquen Basin in Argentina with oil and gas production, reserves, and resources. GeoPark executed an asset purchase agreement with Pluspetrol, a private oil and gas Company with a strong presence across Latin America, to acquire a 100% working interest and operatorship of the Aguada Baguales, El Porvenir, and Puesto Touquet blocks for a total consideration of $52 million. GeoPark acquired the blocks to strengthen its growing position in Argentina, and identified attractive development and exploration projects on the blocks with the potential to significantly increase production and reserves, mainly funded with its own cash flow. The acquisition also provided tax savings and operational synergies with GeoPark's existing platform in Argentina.
About Los Parlamentos
Los Parlamentos is an attractive, high-potential block located in the Mendoza Province and covers an area of approximately 366,000 acres (1,480 sq km) with seismic coverage (100 sq km of 3D and 800 sq km of 2D seismic), near other producing fields.
About YPF S.A.
Established in 1922, YPF is the largest oil and gas producer in Argentina, with participating interests in more than 100 development concessions and more than 20 exploration permits in the most attractive basins in Argentina.
About GeoPark Ltd
Founded in 2002 and headquartered in Santiago, Chile, GeoPark is a leading independent Latin American oil and gas explorer, operator, and consolidator with assets and growth platforms in Argentina, Brazil, Chile, Colombia, and Peru. GeoPark is currently ranked the third-largest private oil and gas operator in Colombia and the first private oil and gas producer in Chile.
Stock Performance Snapshot
June 12, 2018 - At Tuesday's closing bell, GeoPark's stock advanced 4.60%, ending the trading session at $19.10.
Volume traded for the day: 1.06 million shares, which was above the 3-month average volume of 349.10 thousand shares.
Stock performance in the last month – up 36.14%; previous three-month period – up 92.35%; past twelve-month period – up 133.21%; and year-to-date - up 92.73%
After yesterday's close, GeoPark's market cap was at $1.14 billion.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry.
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