LGI partners with GeoPark in Colombia

Touching down in Colombia: LG International acquires a 20% stake in GeoPark Holdings' Colombian assets

Reuters/Scanpix

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Danica Newnham

 18 December 2012 08:58 GMT

Korea’s LG International (LGI) is growing its presence in Latin America through a new partnership in Colombia with London-listed GeoPark Holdings.

GeoPark confirmed on Tuesday that LGI had acquired a 20% stake in its Colombian subsidiary, GeoPark Colombia SA, whose assets in the country includes interests in 10 hydrocarbon blocks.

The deal comes just four days after GeoPark’s announcement that it was flowing oil from the onshore Tua oilfield – one of two discoveries made on the Llanos 34 Block in Colombia this year.

Under the agreement, LGI will be required to pay $20.1 million in cash for its proportion of the purchase price of the Colombian assets, which were acquired by…

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