According to official reports in late-November 2018, GeoPark has signed an agreement with its partner in Chile and Colombia, LG International (LGI), to purchase all of the latterâs interest in GeoParkâs local operations and subsidiaries. The acquisition price was said to include a fixed payment of USD 81 million payable at closing, plus two equal installments of USD 15 million each, to be paid in June 2019 and June 2020, respectively. Additionally, three contingent payments of USD 5 million each could be payable over the next three years, subject to certain production thresholds being exceeded. In Chile, LGI holds 20% stake in GeoParkâs local subsidiary GeoPark Chile, along with 31% in GeoPark TdF which operates blocks in the Tierra del Fuego region in a partnership with state company ENAP.  Earlier in the same month, GeoPark announced its plan to drill two wells on its 100%-held and best producing Fell block as part of its 2019 work program. In addition, the company also plans to test an unconventional oil project on the block in the Estratos con Favrella Formation shale. GeoParkâs 2019 program also includes a new tight gas play in the Tranquilo block, as well as drilling one exploration well with objective of oil in the Isla Norte block. Total investment for the work program is expected to be between USD 17 to 20 million.  Background Information  GeoPark is the first and largest non-state controlled oil and gas producer in Chile. The company formed a strategic partnership with LGI in 2010 to jointly acquire and develop upstream oil and gas projects in Latin America.
GeoPark has signed an agreement with its partner in Chile and Colombia, LG International (LGI), to purchase all of the latterâs interest in GeoParkâs local operations and subsidiaries.In Chile, LGI holds 20% stake in GeoParkâs local subsidiary GeoPark Chile, along with 31% in GeoPark TdF which operates blocks in the Tierra del Fuego region in a partnership with state company ENAP. Earlier in the same month, GeoPark announced its plan to drill two wells on its 100%-held and best producing Fell block as part of its 2019 work program. In addition, the company also plans to test an unconventional oil project on the block in the Estratos con Favrella Formation shale