GeoPark Streamlines Operations With Divestment of Non-core Assets

Core Viewpoint - GeoPark Limited (GPRK) is divesting non-core assets in Colombia and Brazil to optimize its portfolio, reduce costs, and focus on high-impact projects [1][2]. Group 1: Asset Divestment - GeoPark has signed agreements to sell its non-operated working interests in the Llanos 32 Block in Colombia and a 10% stake in the Manati gas field in Brazil for a total consideration of $20 million, net of decommissioning liabilities [2]. - The Llanos 32 Block had net 1P PRMS reserves of 1.9 million barrels of oil equivalent (mmboe) and an average production rate of 490 barrels of oil equivalent per day (boepd) in 2024 [5]. - The Manati gas field held 1.0 mmboe in reserves and produced 222 boepd in 2024 [6]. Group 2: Strategic Focus and Financial Discipline - GeoPark is evaluating strategic options for its assets in Ecuador while aiming to maximize shareholder value and maintain financial discipline [3]. - The company is implementing a cost reduction strategy that could save $5-$7 million annually in operating, general, and administrative expenses through various initiatives [4]. Group 3: Future Outlook - The divestment deals are expected to close in the third quarter of 2025, pending regulatory approvals [3].