GeoPark Holdings Limited, the oil and gas company with core assets in Chile and Argentina, announces its intention to seek admission of its issued and to be issued common shares of US$0.001 each (the "Common Shares") to trading on AIM, a market operated by the London Stock Exchange.
Canaccord Adams Limited is broker and nominated adviser to the Company and intends to place both new and existing common shares with institutional investors.
- GeoPark's assets include 3 blocks in Argentina and 1 block in Chile (all on-shore), with over 700,000 acres in total
- According to DeGolyer and MacNaughton, independent petroleum consultants who have been commissioned by the Company to produce a consultant's report for inclusion in the AIM Admission Document, these blocks hold proven plus probable reserves of more than 9.6 million barrels of oil and 103.6 billion cubic feet (Bcf) of gas net to GeoPark (27 million boe assuming a gas/oil conversion ratio of approximately 6:1). Possible reserves are more than 9.7 million barrels of oil and 95.4 billion cubic feet (Bcf) of gas net to GeoPark
- GeoPark's strategy is to develop and produce from existing fields primarily through workovers and development well drilling, discover new oil and gas fields through interpretation of old and new data and through exploration drilling, and to grow through acquisitions
- GeoPark's technical and operations team has substantial depth and strength for an independent – and the team worked together for Petrolera Argentina San Jorge SA ("San Jorge"), an independent Argentine oil and gas company, which was successfully sold to Chevron Corporation for US$1.2 billion in 1999
- In February 2006, the World Bank, through the IFC, made an equity investment of US$10 million into the Company – also with a mandate to provide an additional US$20 million loan facility
- Geopark operates all its blocks
- GeoPark is the only independent oil and gas company currently operating in Chile
Commenting on the proposed admission to AIM and associated placing, Gerald O'Shaughnessy, Executive Chairman of GeoPark, said:
"GeoPark has established itself as an indigenous oil and gas independent in the Southern Cone with international scope and experience, oil and gas production and proven reserves, and significant exploration and development potential. The Admission to AIM and associated fundraising will allow the Company to maximize the significant opportunities it has in Argentina and Chile.
"The technical and management team assembled are experienced operators and they have already created significant value in the Company's three and a half year history. The Company is now positioned to become a fast growth independent Latin American oil and gas company."