State-owned Ecopetrol has swooped in to buy some of the assets GeoPark Ltd. agreed to buy in November from Respol Exploracion and Repsol E&P for what was initially a total purchase price of $530 million.

GeoPark said Dec. 30 that Ecopetrol, the operator of Block CPO-9, has exercised its preemptive rights under the terms of a joint operating agreement to acquire 100% of Repsol Colombia O&G Ltd., which owns a 45% non-operated working interest in the block.

As a result, GeoPark is not able to proceed with the acquisition of Block CPO-9, the company said in a Dec. 30 press release.

Earlier in December, GeoPark signed an agreement to acquire 100% of Repsol Colombia O&G Ltd., which includes its 45% non-operated working interest block in Meta Department (Ecopetrol-operated) and 25% interest in SierraCol Energy Arauca LLC in Arauca Department. Together, the assets have produced about 16,000 boe/d as of September 2024.

“With regards to the acquisition of Repsol’s 25% interest in SierraCol Energy Arauca LLC (“Llanos Norte”) in Arauca Department, at this stage, Repsol’s partners can still exercise their preemptive rights, and the process is still open,” Geopark said.

GeoPark said it would provide further updates on the acquisition process in due course.

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