Hedging | Capital Markets | Capital Expenditure | Capex Decrease | Drilling Program | Capital Expenditure - 2020
GeoPark Lowers 2020 Budget 60% to $75MM; Focus Ops on Llanos Asset
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GeoPark Limited has detailed revisions to its 2020 work program.
2020 Spending Cut 60%;Effective immediately, GeoPark has cut its 2020 capex program to $70-80 million, a 60% reduction from its prior plan.
Focus on Llanos Basin OpsThe bulk of the revised 2020 work program will be allocated to the Llanos basin in Colombia to continue unlocking the potential of the Llanos 34 block (GeoPark operated, 45% WI) and to carry out discretionary development, appraisal and exploration activities in the newly acquired CPO-5 block (GeoPark non-operated, 30% WI).
Execs Take Pay Cut; Service Contracts RenegotiatedThe company initiated other cost-saving measures, including:
Renegotiation of all service contracts Voluntary salary and bonus reduction by GeoPark’s management team and Board of…- ✓ Full news archive — U.S., Canada & international coverage
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