Latin American oil and gas explorer and operator GeoPark has signed an agreement to acquire three blocks in the Neuquen Basin in Argentina from Pluspetrol.

The $52m transaction gives GeoPark 100% working interest and operatorship of the Aguada Baguales, El Porvenir and Puesto Touquet blocks with oil and gas production, reserves and resources.

Covering 137,000 acres, the acquired blocks have production of 2,700 barrels of oil equivalent per day (boepd), with development and exploration opportunities to increase production.

“This acquisition is another important building block being added to the underlying foundation of GeoPark’s risk-balanced project portfolio.”

Based on estimates, the blocks have proven and probable (2P) oil and gas reserves of up to 14 million barrels of oil equivalent (mmboe) and 3P reserves between 18mmboe and 20mmboe.

GeoPark CEO James Park said: “We are very pleased to acquire these attractive blocks – with a full mix of production, reserves and upside – in the heart of the Neuquen Basin; one of the most prolific hydrocarbon basins in Latin America and where our team has a proven history of exploration success and operating experience.

“This acquisition is another important building block being added to the underlying foundation of GeoPark’s risk-balanced project portfolio, which has been the steady engine behind GeoPark’s 15-year consistent track-record of continuous growth across Latin America.”

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The acquisition provides exploration resources of around 15-30mmboe, in addition to further upside potential in the Vaca Muerta unconventional play.

The company can also access production facilities, including hydrocarbons treatment, storage, and delivery infrastructure.

GeoPark aims to strengthen its position in Argentina through the transaction.

Subject to customary regulatory approvals, the closure of the transaction is expected in the first quarter of next year.