StockMarketWire.com - GeoPark Holdings has taken over Winchester Oil and Gas and La Luna Oil Company, privately-held exploration and production companies operating in Colombia, for $30m.
The agreement also provides for certain contingent payments from production revenues as a result of successful future exploration. GeoPark is acquiring the Winchester Luna assets to form a nucleus around which it plans to build a meaningful long-term business in Colombia and to complement its expanding upstream business in Chile and Argentina.
GeoPark currently operates nine blocks in Chile and Argentina (approximately 4 million gross acres) with current oil and gas production of approximately 9,200 barrels of oil equivalent per day (boepd).
At 8:24am: (LON:GPK) share price was +12.5p at 480p
Story provided by StockMarketWire.com
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