Two other two non-operating partners in the field have already reached agreements to sell their stakes to Gas Bridge
Oil and gas exploration company GeoPark has agreed to sell its 10% non-operated working interest (WI) in the Manati gas field in Brazil to Gas Bridge.
The company is selling the stake for a total consideration of about BRL144.4m ($26.7m).
The transaction amount consists of a fixed payment of BRL$124.4m ($23m) and an earn-out of BRL$20m ($3.7m), which is subject to obtaining certain regulatory approvals.
GeoPark said: “The Manati Gas field has net proven and probable PRMS reserves of approximately 3 million barrels of oil equivalent, based on December 2019 DeGolyer and MacNaughton’s certification, and adjusted by production during the nine month period ended September 30, 2020 of 1,127 boepd.”
The transaction is subject to certain conditions which include the acquisition of the remaining 90% working interest and operatorship of the Manati gas field by Gas Bridge.
The agreed effective date of the transaction is 31 December 2020.
The other two non-operating partners in the Manati gas field consortium have a combined working interest of 55% and have already announced their respective agreements to sell their stakes to Gas Bridge.
Based on December 2019 DeGolyer and MacNaughton’s certification, the gas field has net proven and probable PRMS reserves of approximately 3 million barrels of oil equivalent.
The deal is expected to take place in the fourth quarter of next year, subject to the agreement by the remainder of the consortium and regulatory approvals.
Recently, Petro Rio has signed a binding agreement with Gas Bridge to sell its stake in Manati field in Brazil, for a value of BRL144.4m ($26m).
GeoPark is an independent Latin American oil and gas explorer, operator and consolidator and has operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina.