GeoPark secures new funding for exploration activities in South America
19 November 2009
Latin American oil and gas group GeoPark has raised US$20.5 million (£12.3 million) in a 542 cents (323p) per share placing in order to fund its growth plans.
The group, which has producing assets in Chile and Argentina, wants to increase its exploration and development investment on its Fell, Otway and Tranquilo blocks in Chile in an effort to increase oil and gas reserves, production and revenues. It also wants to push ahead with an acquisition programme.
Combining known 2009 activity and 2010 activity under consideration, GeoPark is planning a work programme in Chile and Argentina worth around $75 million, which will include the drilling of approximately 18-22 wells, new 3D seismic surveys and the construction of additional infrastructure and production facilities.
In 2009, the company is looking to double last year’s oil and gas production levels by delivering approximately 6,500 barrels of oil per day equivalent.
Separately, the GeoPark has now completed a US$18.3 million funding facility with Methanex which includes a gas pre-payment facility and a loan for its exploration activities on the Otway block. It has also successfully agreed to reschedule its outstanding US$14.0 million loan with the International Finance Corporation of the World Bank, extending the final maturity until 2016 and including an eighteen month repayment grace period and a reduced repayment schedule thereafter.
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