GEOPark, an energy company operating in Latin America, has announced the withdrawal of non -basic assets and the implementation of cost efficiency initiatives.
The company aims to simplify the processes and focus on sustainable growth in the long run by getting rid of investments.
It strives for the non -essential LLANOS LLANOS mass in Colombia and the Matni gas field in Brazil for a total of $ 20 million.
This amount of $ 20 million is characterized by $ 12 million of obligations related to suspension or retirement obligations for the Manati gas field.
With these assets, these assets had 1P PRMS (Petroleum Resources Management System) with a value of 2.9 million barrels of oil rewards (MBOE), and it consists of 60 % of oil and 40 % of natural gas, by the end of 2024 and the average production of 712 barrels of the daily oil equivalent (BOEPD) last year.
These assets represented about 1500BoePd in this year's plan, with the associated EBITDA (before interest, taxes, depreciation and extinguishing profits) from $ 10-13 million at $ 70-80 a barrel (BBL) Brent.
Last month, Geopark agreed to transport, pending organizational approval, its non -operating practical interest in the LLANOS 32 bloc to the joint operating partner, Parex Resources. The total consideration of this transaction is $ 19 million, without modifying the 3.7 million dollar capital.
Geopark has already received net returns from the deal, which is still awaiting the final settlement.
Near the end of last month, Geopark has entered into an agreement to strip its practical interest by 10 % in the Manati gas field in Brazil with a total amount of one million dollars, in addition to working capital adjustments and an emergency payment linked to the future cash flow of the field or a possible transfer to the natural gas storage store.
Under this deal, GEOPARK will also transfer all relevant obligations including off -operating obligations.
Last year, in September, a $ 12 million bound was restored for these obligations in cash and was later replaced by a bank guarantee.
The completion of the deal is subject to the usual regulatory approvals and is expected during the third quarter of 2025.
The gas field had 1MBOE 1P PRMS reserves, with 99 % of natural gas, at the end of 2024. The net production of the field reached an average of 222BoePd in 2024.
Meanwhile, Geopark is looking at the strategic options for its origins in Ecuador.
GEOPARK also follows the activity of targeted and efficient cost reduction measures, which are expected to achieve annual savings of about 5-7 million dollars in operational, public and administrative expenditures. These initiatives include immediate structural adjustments, including manpower discounts, as well as discounts to consultants, contractors, and various administrative costs.
In January this year, Geopark It canceled the acquisition of $ 530 million Of the origins of oil and gas on the source in Colombia.
Geopark signed binding shares purchase agreements to buy Repsol assets in November 2024.
“GEOPARK announces the abstraction of non -basic assets in Colombia and Brazil,” was originally created and published Marine technologyThe brand owned by Globaldata.
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