Ecopetrol (EC) said Monday it has concluded negotiations to acquire Repsol's remaining 45% stake in block CPO-09 in Colombia.

The company said it exercised its right of first refusal after GeoPark (GPRK) announced a $530 million deal last month to acquire Repsol Exploracion's upstream oil and gas assets in Colombia.

The deal included the purchase of Repsol Colombia O&G, which owns the 45% stake in CPO-09, as well as Repsol's 25% stake in SierraCol Energy Arauca.

Ecopetrol did not disclose the financial terms of its acquisition, but noted that the purchase would add approximately 41 million barrels to its reserves and increase its daily production by approximately 7,000 barrels of oil.

Meanwhile, GeoPark said Repsol's 25% interest in SierraCol Energy Arauca was also subject to right of first refusal by the project's partners and that the process was still open.

Ecopetrol was up nearly 2% in recent trading, while GeoPark was up 4%.

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