Wired News – GeoPark Partners with Parex to Drill the Zamuro Exploration Prospect
LONDON, UK / ACCESSWIRE / December 26, 2017 / Active-Investors.com has just released a free research report on GeoPark Ltd (NYSE: GPRK). If you want access to this report 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 December 21, 2017, the Company announced that it has signed a farm-in agreement with its joint venture (JV) partner Parex Resources Inc. to drill the Zamuro exploration prospect. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, GeoPark 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:
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About Zamuro exploration prospect
The Zamuro exploration prospect is in Llanos 32 block and adjacent to the prolific Llanos 34 block. Both blocks are in the Llanos Basin of Colombia. GeoPark has 12.5% non-operated working interest (WI) in Llanos 32 block and 45% operated WI in Llanos 34 block.
As per the terms of the farm-in agreement, the Company plans to drill an exploration well at the Zamuro prospect. The Company plans to fund the costs of drilling the exploration well. The drilling of the exploration well is expected to start in H2 2018. In the event that the exploration well leads to commercial discovery, the Company plans to increase its economic interest in the Zamuro field area to 56.25%.
While providing its guidance for FY18 in November 2017, GeoPark had earmarked capital expenditure of $100 million to $110 million. Out of this, a major chunk, i.e. $85 million to $90 million, was allocated for the Company's projects in Columbia and the remainder was for Argentina, Peru, Brazil, and Chile altogether. The Company's main focus in Columbia was on development and appraisal of the Tigana/Jacana oil play and targeting new exploration prospects in Llanos 34 block. The Company also planned to drill 2 exploration wells in Llanos 32 block.
About GeoPark Ltd
Santiago, Chile-based GeoPark is leading and independent Latin American oil and gas explorer, operator, and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina, and Peru. The Company was founded in 2002 and since then GeoPark has grown rapidly year after year by exploiting the opportunities in the dynamic oil and gas market in Latin America. GeoPark is currently ranked the third largest private oil and gas operator in Colombia and the first private oil and gas producer in Chile. It also has a non-operating working interest in one of the largest non-associated gas field in Brazil.
GeoPark started operations in Colombia in 2012 and currently operates in the Llanos and Magdalena basins with the La Cuerva, Llanos 34, Yamú and VIM-3 blocks. Additionally, it has participation in Llanos 32, Llanos 17, Abanico and Jagüeyes blocks. The Company's proven oil reserves in Columbia as on December 31, 2016, was 40.4 Mmboe, while probable oil reserves were 67.4 MMboe.
About Parex Resources Inc.
Calgary, Canada-based Parex is actively engaged in crude oil exploration, development, and production in Colombia. The Company holds interests in onshore exploration and production blocks through its foreign subsidiaries totaling approximately 1.7 million gross acres.
Currently, Parex is focused on Colombia where the Company is conducting activities in the Llanos and Magdalena Basins where it holds a significant land base of 1.7 million gross acres over 22 blocks. It had entered the Columbian market since 2009. The Company's proven plus probable reserves in Columbia exceed 112 MMboe.
Stock Performance Snapshot
December 22, 2017 - At Friday's closing bell, GeoPark's stock climbed 5.44%, ending the trading session at $9.69.
Volume traded for the day: 119.23 thousand shares, which was above the 3-month average volume of 100.31 thousand shares.
Stock performance in the last month – up 9.86%; previous three-month period – up 6.02%; past twelve-month period – up 123.79%; and year-to-date - up 124.83%
After last Friday's close, GeoPark's market cap was at $552.33 million.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry. This sector was up 0.1% at the end of the session.
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