GeoPark to Divest Colombia, Brazil Assets, Implement Staff Reductions

MT Newswires Live

03/31

GeoPark (GPRK) said Monday it will divest certain assets and implement cost reduction initiatives.

The energy company said it will divest the non-operated Llanos 32 block in Colombia and Manati gas field in Brazil for about $20 million. GeoPark also said it is evaluating strategic options for its assets in Ecuador.

The company said it will implement cost reduction measures including workforce reductions that it expects will deliver $5 million to $7 million in annual savings.

Shares were 0.1% lower in recent premarket activity.

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