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GeoPark grows portfolio onshore Colombia following Llanos Basin success

05th November 2014

GeoPark has announced an expansion in Colombia with the addition of the CPO-4 Block to its portfolio through a partnership with SK Innovation, a subsidiary of SK Group

GeoPark grows portfiolio at Llanos Basin onshore Colombia
The CPO-4 Block is an attractive high potential block on trend with GeoPark’s successful Llanos 34 Block in the Llanos Basin (approximately 60 km away)

"We are pleased to acquire an interest in the CPO-4 Block and add to our highly-attractive Colombian portfolio,” said James F. Park, CEO of GeoPark.

“This block allows us to leverage our exploration and operational success in the Llanos Basin in Colombia – as well as, go to work immediately. We also look forward to our first partnership with SK Group – which has an important presence and track-record of success in Latin America.”

The CPO-4 Block is an attractive high potential block on trend with GeoPark’s successful Llanos 34 Block in the Llanos Basin (approximately 60 km away).

The CPO-4 Block covers an area of approximately 1,398 square kilometres with 3D seismic coverage of approximately 880 square kilometres and sparse drilling activity (with only four wells drilled to date). SK and GeoPark have jointly identified new prospects in CPO-4 similar to prospects and leads in GeoPark’s Llanos 34 Block where GeoPark has successfully discovered oil.

In accordance with the farm-in agreement, and subject to the approval of Agencia Nacional de Hidrocarburos (ANH) in Colombia, GeoPark will operate and receive a 50 per cent working interest in the CPO-4 Block in exchange for its commitment to drill and fund its 50 per cent working interest (with no carry) of one exploration well.

The well is targeted for 1H2015 and GeoPark’s total financial commitment is approximately USD 6.0m. There is an option to move to an additional exploration phase following the drilling of a successful well.

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