Geopark Ltd Stock Price, News & Analysis

GeoPark (NYSE: GPRK) has announced its intention to offer senior notes in a private placement to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act. The company plans to use the proceeds for multiple purposes:

1. To purchase any and all of its outstanding 5.500% notes due 2027
2. To repay up to $152.0 million of outstanding prepayments under an offtake and prepayment agreement
3. Any remaining funds will be used for general corporate purposes, including capital expenditures

The timing and terms of the Notes offering will depend on market conditions. The Notes will not be registered under the Securities Act and will only be offered to qualified institutional buyers and non-U.S. persons.

GeoPark (NYSE: GPRK) has announced a cash tender offer to purchase any and all of its outstanding 5.500% Senior Notes due 2027. The tender offer expires at 5:00 p.m., New York City time, on January 27, 2025. The company is offering U.S.$1,000 per U.S.$1,000 of principal amount, plus accrued and unpaid interest.

The tender offer is being made in connection with a proposed offering of new U.S. dollar-denominated senior notes. Notes may be tendered in minimum denominations of U.S.$200,000 and integral multiples of U.S.$1,000 thereafter. The offer is subject to certain conditions, including a Financing Condition, and GeoPark reserves the right to amend or terminate the offer at any time.

GeoPark (NYSE: GPRK) reported its Q4 2024 operational update, showing consolidated average oil and gas production of 31,489 boepd, a 5% decrease from Q3 2024 due to blockades in Colombia. The company's annual average production reached 33,937 boepd.

Key operational highlights include: strong performance in Vaca Muerta with Q4 production of 15,052 boepd gross (19% higher than Q3); successful waterflooding projects in Llanos 34 Block contributing 5,500 gross boepd; and positive exploration results in various blocks. The Mata Mora Norte block showed significant reserves according to D&M's interim report, with net 1P reserves of 39.1 mmboe, 2P reserves of 75.2 mmboe, and 3P reserves of 142.8 mmboe.

The company maintained 10 rigs in operation at end-2024, completed 43 wells throughout the year, and achieved zero recordable incidents in Q4 2024 in GeoPark-operated assets.

GeoPark (NYSE: GPRK) has announced its 2025 Work Program, targeting production of 35,000 boepd (±2,500) with a capital expenditure of $275-310 million. The program focuses on operations across Colombia (26,000 boepd), Vaca Muerta (7,400 boepd), Ecuador (1,000 boepd), and Brazil (600 boepd).

The company plans to drill 23-31 gross wells, with 65% allocated to development and 35% to exploration. The production mix is expected to be 97% oil and 3% natural gas. The program aims to generate $350-430 million in Adjusted EBITDA at $70-80/bbl Brent prices, with a targeted ROACE above 30%.

GeoPark will maintain its annual dividend of $30 million, representing a 6-7% yield at current prices. The company expects to achieve a 35-40% reduction in GHG emissions intensity by 2025 compared to 2020 levels.

GeoPark (NYSE: GPRK) announced that its previously planned acquisition of Repsol's assets in Colombia will not proceed. The cancellation comes after Repsol's partner in SierraCol Energy Arauca exercised its preemptive rights to acquire 25% of Repsol's interest in the Llanos Norte project in Arauca Department, Colombia.

The original transaction, announced on November 29, 2024, included Repsol's 45% working interest in the CPO-9 block and its 25% interest in SierraCol Energy Arauca Despite this development, GeoPark states it remains committed to pursuing disciplined growth opportunities while leveraging its operational expertise to generate long-term value for stakeholders.

GeoPark (NYSE: GPRK) announced that Ecopetrol, the operator of the CPO-9 block, has exercised its preemptive rights to acquire 100% of Repsol Colombia O&G , which owns a 45% non-operated working interest in the CPO-9 Block. This development means GeoPark cannot proceed with the previously announced acquisition of the CPO-9 block from Repsol.

Regarding the acquisition of Repsol's 25% interest in SierraCol Energy Arauca (Llanos Norte) in Arauca Department, the process remains open as Repsol's partners can still exercise their preemptive rights. GeoPark will provide updates on the acquisition process as it develops.

GeoPark has signed Sale and Purchase Agreements with Repsol to acquire their upstream oil and gas assets in Colombia. The $530 million acquisition includes a 45% non-operated stake in the CPO-9 Block and a 25% interest in Llanos Norte, collectively producing about 16,000 boepd. The assets are located in the prolific Llanos Basin, where GeoPark already operates successfully. The deal will be funded through cash and a $345 million non-recourse debt facility arranged by Macquarie Bank The transaction aligns with GeoPark's 'North Star' growth strategy and complements their recent entry into Argentina's Vaca Muerta play.

GeoPark announces successful production start at the Confluencia Norte Block in Rio Negro, Argentina, where it holds a 50% non-operated working interest. The block's first pad of three unconventional wells began production in mid-October, confirming Vaca Muerta formation presence. The development includes a vertical pilot well and three horizontal wells with 3,000 meters of lateral extension, reaching 6,300 meters total measured depth. Current gross production is 4,000 bopd during flowback and testing, with peak production expected within 90 days. Partner Phoenix Global Resources completed 228 km² of 3D seismic data acquisition and plans four additional wells as part of its commitment.

GeoPark (NYSE: GPRK) has announced updated conference call details for its Third Quarter 2024 financial results. The company will host a conference call on November 7, 2024, at 10:00 am EST. Participants can access the webcast through GeoPark's website investor section or join via telephone using specific dial-in numbers. The webcast replay will be available in the company's investor section after the call concludes.