(Source: Shutterstock.com, GeoPark)
GeoPark Ltd. submitted a binding offer to purchase a non-operated working interest in unconventional blocks in Argentina's Neuquen Basin’s Vaca Muerta Formation from an undisclosed seller.
GeoPark said it agreed to pay $200 million for the interests, plus an additional carry of between $110 million to $120 million (gross) over two years that are related to certain exploration activities, GeoPark said in an April 11 press release. At closing, the acquisition will add more than 5,000 boe/d of net production to GeoPark.
The offer has been accepted by the seller, which is working with GeoPark on an exclusive basis towards executing definitive agreements in the coming weeks, GeoPark said. Subject to those agreements, the transaction would close in third-quarter 2024.
GeoPark expects to fund the acquisition with available cash on hand and credit facilities as well as new financing. After the acquisition, GeoPark expects its net debt to adjusted EBITDA ratio to remain below 1.1x.
The planned acquisition is in line with GeoPark’s ongoing strategy to expand across Latin America, the company said.
Recommended Reading
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
Artificial Lift Firm Flowco’s Stock Surges 23% in First-Day Trading
2025-01-22 - Shares for artificial lift specialist Flowco Holdings spiked 23% in their first day of trading. Flowco CEO Joe Bob Edwards told Hart Energy that the durability of artificial lift and production optimization stands out in the OFS space.
Oilfield Services Firm Flowco Files IPO Paperwork
2024-12-09 - Oilfield services provider Flowco filed paperwork for an IPO, one of several energy-focused players seeking to test the public markets.
Baker Hughes Appoints Ahmed Moghal to CFO
2025-02-24 - Ahmed Moghal is taking over as CFO of Baker Hughes following Nancy Buese’s departure from the position.
The Private Equity Puzzle: Rebuilding Portfolios After M&A Craze
2025-01-28 - In the Haynesville, Delaware and Utica, Post Oak Energy Capital is supporting companies determined to make a profitable footprint.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.