GeoPark to Divest Colombia, Brazil Assets, Implement Staff Reductions

MT Newswires Live
31 Mar

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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