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GeoPark Limited (symbol: GPRK) is a leading independent Latin American oil and gas exploration and production company. The firm has established operations and growth platforms in multiple countries, including Colombia, Chile, Brazil, Argentina, Peru, and Ecuador. GeoPark's primary revenue sources are the sale of crude oil, condensate, and natural gas, net of value-added tax and sales discounts.
GeoPark is renowned for its experienced management and technical teams, which have enabled consistent year-to-year growth in production and reserves. The company boasts an attractive portfolio of high-potential oil and gas assets and maintains a strong balance sheet supported by consistent cash flow.
The company takes a conservative, risk-balanced approach to business and actively explores new project opportunities across Latin America. GeoPark has developed an extensive network of partners and capital to fuel its growth, alongside an in-house culture focused on commitment, care, and excellence.
Recently, GeoPark announced the preliminary and final results of its tender offer to purchase its common shares. The company accepted 4,369,181 shares at a final purchase price of U.S.$10.00 per share, an endeavor that highlights its robust financial health and strategic focus on maximizing shareholder value. The tendered shares represent approximately 7.87% of GeoPark's issued and outstanding common shares, resulting in a total cost of around U.S.$43.7 million.
The Dealer Manager for the offer was BTG Pactual US Capital, LLC, and Georgeson LLC acted as the Information Agent. Computershare Trust Company, N.A. served as the Depositary. This tender offer exemplifies GeoPark's ongoing dedication to optimizing its capital structure and delivering value to its shareholders.
GeoPark announced the acquisition of non-operated working interest in four adjacent unconventional blocks in the Vaca Muerta shale formation in Argentina, providing immediate access to growing production and reserves profiles. The transaction is valued at $190 million and is expected to close in 3Q2024. The partnership with Phoenix Global Resources offers significant exploration upside and access to a proven operator with strong financial backing. The acquisition aligns with GeoPark's strategy to expand its presence in Latin America and diversify its asset portfolio.
GeoPark announced a new offtake agreement with Vitol, providing improved price realizations and up to $500 million in funding. The agreement allows GeoPark to sell a minimum of 20,000 bopd of production from the Llanos 34 Block, starting on July 1, 2024. GeoPark will receive immediate access to $300 million in funding, with an option to increase to $500 million, for prepaid future oil sales. The agreement offers competitive financing with a SOFR risk-free rate plus a margin of 3.75% per annum, enhancing GeoPark's commercial performance and growth prospects.
GeoPark, a leading Latin American oil and gas explorer, published its 2023 SPEED/Sustainability Report, showing strong results in emissions reduction strategies and significant achievements in social, environmental, and governance areas. The report highlights a 10.6 kg CO2e/boe emissions intensity in 2023 and notable recognitions for sustainability efforts.
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