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July 24, 2014
08:25 EDTGPRKGeoPark awarded new hydrocarbon block in Colombia bidding round
GeoPark was awarded a new exploratory license during the 2014 Colombia Bidding Round, carried out by the Agencia Nacional de Hidrocarburos. GeoPark was awarded the VIM-3 Block in the Lower Magdalena Basin, covering an area of approximately 225,000 acres. GeoPark's winning bid consisted of committing to a Royalty X Factor of 3% and a minimum investment program of carrying out 200 sq km of 2D seismic and drilling one exploration well, with a total estimated investment of $22.2M during the initial three year exploratory period. GeoPark will operate and have a 100% working interest in the block. The final signature of the contracts is currently scheduled for Q3.
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January 20, 2015
07:05 EDTGPRKGeoPark targets 5% production growth in FY15
GeoPark is positioned at the beginning of 2015 with a cash balance of approximately $130M, over 20,000 boepd of oil and gas production, a solid reserve and resource base, a long term-maturing debt profile, and a large portfolio of attractive and largely discretional projects - both oil and gas - in multiple countries. This scale and positioning permit GeoPark to protect and preserve its balance sheet and capital during the current oil price downturn by adjusting investment activity and selectively allocating capital to the optimal projects under current conditions. Preparing for a period of low oil prices and continuous volatility, the company's 2015 plan is based on an average oil price assumption of $45-50 per barrel. At this base oil price assumption, GeoPark is targeting a fully-funded $60M-$70M work and investment program with flat to 5% production growth over 2014 production levels. If oil prices increase, the company will increase its work and investment program on identified drill-ready projects resulting in increased production growth.
07:04 EDTGPRKGeoPark exceeds FY14 production target with 20,557 boepd
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