Concludes Hearing Of Counter Offers Of The Second Cycle

Source Press Release
Company Parex Resources Inc.Amerisur Resources PlcCanacol Energy Ltd.Captiva Resources, IncEcopetrolFrontera Energy CorporationGeoPark LimitedGran Tierra Energy Inc. 
Tags Licensing Rounds, Deals, Upstream Activities
Date December 05, 2019

14 AREAS ASSIGNED, AND PAREX CONTRACTOR FOR BLOCK LLA 124 THAT IMPROVED DOUBLE THE GEOPARK INITIAL OFFER - 12 MILLION DOLLAR HOCOL  

At The End Of The Counteroffering Hearing Of The Second Cycle Of The 2019 PPAA Auction, Held Today, The National Hydrocarbons Agency - ANH, Confirmed The Allocation Of 14 Blocks, Of The 15 That Were In Dispute, And Received A Counteroffer From Parex Resources Colombia Ltd. For Block LLA 124, Located In The Llanos Basin, To Compete Against The Proposal Of The Geopark - Hocol Temporary Union, Which Presented The Best Initial Proposal For The Area. The Counterproposal Doubled The Initial Offer, Which Went From 12 To 24 Million Dollars, Additional Resources That Benefit The Country. 

With This Result, The Allocation Of The 14 Blocks Represents Investment Commitments That Exceed 500 Million Dollars. According To Luis Miguel Morelli, President Of The ANH, "The Balance Of Today's Audience Is Excellent News For The Country. As Of This Moment, 14 Of The 15 Disputed Blocks Are Assigned, Contracts That Can Be Concluded In The Next Few Days, And There Is A Competing Block Whose Definition Will Be Known On December 12, Depending On Whether The Initial Bidder Improves The Counter Offer Received . In The Second Cycle Of The 2019 PPAA Auction, So Far, Investment Commitments Of About 512 Million Dollars Have Been Generated, A Figure That Could Increase If Geopark - Hocol Exercises The Option To Improve The Counter Offer Received. With These Results, Added To The 16 Contracts Already Signed In This Year, We Will Be Closing This Year With 31 Signed Contracts And Estimated Investment Commitments That Exceed 2,712 Million Dollars.".

The 14 Assigned Blocks, The Winning Companies, And The Block That Remains In Dispute, LLA 124, The Following Infographic Are Appreciated:

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Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd