Oil and natural gas company GeoPark Holdings has made its entry into Colombia by acquiring two exploration and production companies operating in the country for $30m in cash.
The company, which currently operates in Chile and Argentina, has purchased La Luna Oil Company and Winchester Oil and Gas to build a long-term business in Colombia.
The acquisitions provide GeoPark with interests in eight Colombian blocks, ranging from 75% to 5%in the Llanos, Magdalena and Catatumbo basins, covering an area of about 131,000 gross acres.
GeoPark will become the licensed operator of two of these blocks.
Current oil production from two blocks is about 1,230 barrels per day (bpd).
GeoPark estimates that there are 2P oil reserves of about two million barrels net to the company.
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By GlobalDataGeoPark CEO James Park said the acquisition of La Luna and Winchester is an important first step for the company into Colombia and into a region with exciting growth and consolidation opportunities.
"The acquisition of Winchester Luna is an important first step for GeoPark into Colombia and into a region with exciting growth and consolidation opportunities," said GeoPark CEO James F. Park.
"GeoPark’s successful business model is to establish an initial platform in a country, understand the broader set of opportunities and then build up and out from that foundation into a more meaningful and valuable business."
