The acquisition aligns with GeoPark’s growth strategy aimed at boosting production and reserves with immediate and long-term benefits. Credit: MacroEcon/Shutterstock.

GeoPark has entered into exclusive binding sales and purchase agreements (SPAs) to acquire Repsol‘s upstream oil and gas assets in Colombia, marking a significant expansion of its operations in the Llanos Basin.

The acquisition aligns with GeoPark’s growth strategy that promises to boost production and reserves with immediate and long-term benefits.

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The assets involved in the transaction include a 45% non-operated working interest in the CPO-9 Block in the Meta Department, currently operated by Ecopetrol with a 55% interest, and a 25% stake in SierraCol Energy Arauca in the Arauca Department.

These assets have a combined net production of approximately 16,000 barrels of oil equivalent per day (boepd) to Repsol as of September 2024.

GeoPark sees the potential acquisition as a strategic fit, enhancing its asset portfolio with low capital investment intensity and substantial growth potential.

The deal complements GeoPark’s recent foray into Argentina’s Vaca Muerta shale play and contributes to a diversified risk profile.

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The acquisition is valued at around $530m, with financing planned through cash resources and a debt facility of up to $345m, provided by Macquarie Bank.

The debt facility is supported by a robust hedging strategy to ensure debt service and mitigate price risks.

The transaction is contingent on fulfilling certain conditions precedent, obtaining customary regulatory approvals and the waiver or non-exercise of pre-emptive rights by Repsol’s current partners.

Earlier this year, GeoPark signed an agreement with Phoenix Global Resources to acquire working interests in four blocks in the Neuquén Basin, Argentina.

The acquisition comprises stakes in the Mata Mora Norte, Mata Mora Sur, Confluencia Norte and Confluencia Sur blocks.