GPK Geopark

TIDMGPK

RNS Number : 3700O

Geopark Limited

19 September 2013

 
 Embargoed for release at 7:00   19 September 2013 
  am 
 

GEOPARK LIMITED

GEOPARK SIGNS SEVEN NEW EXPLORATION LICENSES IN BRAZIL

Further to its announcement of 15 May 2013, GeoPark Limited ("GeoPark"), the Latin American oil and gas explorer, operator and consolidator with operations and production in Chile, Colombia, Brazil and Argentina (AIM: GPK), is pleased to announce that it has now formally signed the following exploration licenses with the Brazilian National Petroleum, National Gas and Biofuels Agency ("ANP") as part of the Brazilian Licensing Round 11:

In the Reconcavo Basin in the State of Bahia:

   --     Block REC-T 85 
   --     Block REC-T 94 

In the Potiguar Basin in the State of Rio Grande do Norte:

   --     Block POT-T 664 
   --     Block POT-T 665 
   --     Block POT-T 619 
   --     Block POT-T 620 
   --     Block POT-T 663 

Regarding its winning bids on the seven blocks, GeoPark has committed to invest a minimum of US$15.3 million (including bonus and work program commitment) during the next three years which will constitute the exploratory period. The new blocks cover an area of approximately 54,850 acres.

In May 2013, GeoPark also agreed to acquire Rio das Contas from Panoro Energy ASA, which holds a 10% working interest in the shallow offshore Manati Field, the largest non-associated gas field in Brazil. This acquisition is subject to the approval of the ANP, among other regulatory authorities, and it is expected to complete by the end of 2013.

Commenting, James F. Park, CEO of GeoPark, said: "Completion of the acquisition of these seven new blocks represents a further step forward in GeoPark's growth plans and long term strategic entry into Brazil. These exploration blocks, together with our pending production acquisition of an interest in the Manati field, create a risk-balanced business platform to participate in the significant Brazilian hydrocarbon market."

In accordance with the AIM Rules, the information in this announcement has been reviewed by Dimas Coelho, a PhD geophysicist with 32 years of oil and gas experience and Country Director of Brazil for GeoPark.

GeoPark can be visited online at www.geo-park.com

For further information please contact:

 
 GeoPark Limited 
 Juan Pablo Spoerer (Chile) 
  Pablo Ducci (Chile)                          +54 2 2242 9600 
 
 Oriel Securities - Nominated Adviser and 
  Joint Broker 
 Michael Shaw (London)                         +44 (0)20 7710 7600 
 Tunga Chigovanyika (London) 
 
 Macquarie Capital (Europe) Limited - Joint 
  Broker 
 Steve Baldwin (London)                        +44 (0)20 3037 2000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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