Government Bids | Deals - Acquisition, Mergers, Divestitures
GeoPark Picks Up Acreage Blocks in Ecuador in Latest Government Auction
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GeoPark Limited announced its entry into Ecuador through the government bid acquisition of the Espejo and Perico blocks.
The blocks were awarded to the GeoPark and Frontera consortium (50% GeoPark, 50% Frontera) in the form of production sharing contracts in the Intracampos Bid Round carried out on March 12, 2019 in Quito, Ecuador.
The winning bid consisted of committing a minimum investment program of carrying out 55 sq km of 3D seismic in the Espejo block and drilling four exploration wells in each block, with a total estimated investment commitment of $60 million ($30 million net to GeoPark) over the next four years.
About the Blocks / Ops Outlook
The Espejo and Perico blocks are attractive, low-risk exploration blocks located in Sucumbíos Province in the north-eastern part of Ecuador, in the Oriente basin. The Espejo block covers an area of 15,650 acres (63 sq km) and the Perico block covers an area of 17,700 acres (72 sq km). Both blocks are covered with 3D seismic and are adjacent to multiple discoveries, producing fields and existing infrastructure.
Ongoing geoscience evaluation and field operations are expected to start in late 2019 or early 2020.
The Oriente basin is one of the most prolific petroleum systems in Latin America, currently producing more than 500,000 bopd. It has access to infrastructure, with spare capacity, and a well-developed service industry.
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