Final Approval for Manati Field Acquisition in Brazil - GeoPark
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GeoPark Limited (“GeoPark”), the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia, Brazil and Argentina (NYSE: GPRK), is pleased to announce that the Brazilian National Petroleum, Natural Gas and Biofuels Agency (“ANP”) approved in its Board meeting held on March 26 (i) the replacement of the parental guarantee of Panoro Energy ASA with the parental guarantee of GeoPark, and (ii) the transfer of the quotas of Rio das Contas Produtora de Petroleo Ltda. from Panoro Energy do Brasil Ltda. to GeoPark Brasil Exploração e Produção de Petroleo e Gas Ltda. The closing of the acquisition is expected to occur within the following days, after the payment mechanisms and transfer of quotas are completed.

On May 15, 2013, GeoPark announced the execution of a quota purchase agreement with Panoro Energy do Brasil Ltda to acquire Rio das Contas Produtora de Petróleo Ltda, which holds a ten percent interest in the BCAM-40 block and includes the Manati Field in the Camamu-Almada basin. The agreed purchase price is US$140 million and GeoPark will receive the net cash proceeds from all production attributable to Rio das Contas since May 1, 2013.

GeoPark has entered into a 5 year credit facility agreement with Itau BBA International plc for US$70.5 million to finance 50% of the purchase price.

Read the full press release.