Exploration & Production | Top Story
GeoPark Scores VIM-3 Block in Colombia's Magdalena Basin
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GeoPark Limited has reported its continued expansion in Colombia through the award of a new exploratory license during the 2014 Colombia Bidding Round, carried out by the Agencia Nacional de Hidrocarburos (ANH) on July 23, 2014 in Cartagena, Colombia.
GeoPark was awarded the VIM-3 Block in the Lower Magdalena Basin, covering an area of approximately 225,000 acres. The block has an attractive oil and gas exploration potential in a large area within a proven hydrocarbon system -- surrounded by existing oil and gas fields and with sparse exploration activity carried out to date.
GeoPark's winning bid consisted of committing to a Royalty X Factor of 3% and a minimum investment program of carrying out 200 sq km of 2D seismic and drilling one exploration well, with a total estimated investment…
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