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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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