GeoPark expands Argentina acreage

MENDOZA, June 12, 2018 – South America-focused E&P player GeoPark has acquired a 50% stake in the Los Parlamentos block in Argentina, the company announced in a press release on Monday.

GeoPark will partner with YPF in Los Parlamentos, which occupes 1,480 square kilometres in the Mendoza province’s section of the Neuquén Basin. According to the company, parts of the block have undergone 3D- and 2D-seismic surveys.

Through 2021, the partners intend to drill an exploration well and carry out more seismic work, which will be financed by GeoPark up to USD 6 million.

“We are very pleased to have the opportunity to partner and work with YPF in Argentina and to be adding more high-potential, valuable acres in the Neuquén Basin, where our team knows the rocks and has a great track record of finding oil and gas,” said GeoPark CEO James F. Park.

“This type of low-cost, bolt-on acquisition in a prolific hydrocarbon basin – in partnership with the national oil company – exactly fits GeoPark’s playbook and demonstrates the growing strength, reach and benefits of our regional Latin American platform.”

YPF was granted Los Parlamentos in Mendoza’s May 2018 bid round.

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