General News
GeoPark, Trafigura Set $100MM Funding / Offtake Deal
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GeoPark Limited announced the execution of an offtake and prepayment agreement with Trafigura.
The offtake agreement provides for GeoPark to sell and deliver to Trafigura a portion of GeoPark’s Colombian crude oil production and will benefit GeoPark by (i) improving crude oil sales prices; (ii) improving operating netbacks by reducing transportation costs; (iii) simplifying logistics and reducing risks; and (iv) improving working capital. Pricing will be determined at future spot market prices, net of transportation costs.
As part of the transaction, GeoPark and Trafigura have also entered into an agreement which provides GeoPark access to funding up to $100 million, subject to applicable volumes corresponding to the terms of the agreement, in the form of prepaid future oil sales. Funds…
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