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Geopark Acquires Amerisur Resources

Gasoil News - Published on Wed, 20 Nov 2019

Image Source: Geopark Amerisur
Leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador GeoPark Limited announced the acquisition of Amerisur Resources Pic. GeoPark will acquire the entire issued and to be issued share capital of Amerisur for a total cash consideration of approximately GBP 242 million, being an offer price of 19.21 pence per share. The Transaction follows from a strategic review including a formal sales process announced by Amerisur on July 19, 2019 under the UK Takeover Code. Closing of the Transaction is expected in December 2019 or January 2020, following approval of Amerisur shareholders and subject to customary regulatory approvals. The Transaction will incorporate 12 production, development and exploration blocks in Colombia, covering 2.5 million gross acres, including 11 operated blocks in the Putumayo basin and the CPO-5 non-operated block in the Llanos basin, a successful operating team, and the Oleoducto Binacional Amerisur, an export oil pipeline from Colombia to Ecuador.

Amerisur's working interest production for September 2019 was 6,865 bopd from two blocks, with light oil representing 100% of the mix. The Platanillo block (100% WI, Amerisur operated) produced 4,503 bopd of 30° API light oil for the same period. The CPO-5 block (30% WI, ONGC Videsh perated) produced 7,872 bopd of 36-41° API light oil, 2,362 bopd net to Amerisur, from two undeveloped oil fields for the same period.

Amerisur reports total net proven reserves IP and total net proven and probable reserves 2P of 15.0 and 21.8 million barrels, respectively. Amerisur reports 2P reserves for the Platanillo block of 12.3 million barrels and the CPO-5 block of 9.5 million barrels, where multiple development drilling opportunities have been identified to continue growing production. As of September 2019, the two main producing fields in the CPO-5, Indico and Mariposa, were producing from natural flow, each from a single well, at a combined gross rate of 7,872 bopd with zero water-cut. The Mariposa 1 well has accumulated more than 2.1 million bbls in approximately 23 months, and the Indico 1 well has accumulated more than 1.0 million bbls in approximately 10 months.

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Posted By : Yogender Pancholi on Wed, 20 Nov 2019
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