GeoPark announces that today its Board of Directors has approved an agreement to sell its 10% stake in the Manati gas field in Brazil to Gas Bridge.
The total amount of the transaction is R$ 144.4 million, including a fixed payment of R$ 124.4 million and an earn-out of R$ 20.0 million and that the business is subject to obtaining regulatory approvals.
Discovered in 2000 and with production started in 2007, Manati is one of the largest fields of non-associated natural gas in production in Brazil. Located in the Camamu Basin, on the coast of the state of Bahia.
The Manati field has proven and probable net reserves of approximately 3 million barrels of oil equivalent, based on the December 2019 DeGolyer and MacNaughton certification.
Source: TN Petróleo