The potential acquisition would incorporate high-quality assets located in the prolific Llanos Basin, one of Colombia’s most productive oil regions where GeoPark already has a successful oil-finding track record and is a well-established operator both above and below ground. The agreements include the acquisition of 100% of Repsol Colombia O&G Limited, which owns a 45% non-operated working interest in the CPO-9 Block in Meta Department (operated by Ecopetrol with a 55% WI), and Repsol’s 25% interest in SierraCol Energy Arauca LLC in Arauca Department. Together, these assets produced approximately 16 000 boe/d net to Repsol as of September 2024.
The consideration for the potential acquisition at full scope is approximately US$530 million, funded through a combination of cash resources and debt, including a non-recourse amortising debt facility of up to US$345 million, led and arranged by Macquarie Bank Limited, underscoring the security and strong cash generation profile of the assets. The debt facility is paired up with a robust hedging strategy that underpins debt service and provides price downside protection.
