Repsol’s partner in SierraCol Energy Arauca (Llanos Norte) exercised pre-emptive rights to acquire a 25% stake in Llanos Norte assets in Arauca, Colombia.

GeoPark will not go ahead with its planned $530 million acquisition of Spain-based Repsol's oil and gas production assets in Colombia, the company said on Tuesday.

GeoPark (NYSE:GPRK) and Repsol (OTCQX:REPYF) (OTCQX:REPYY) said Tuesday they have agreed not to proceed with GeoPark's previously announced acquisition of $530M in oil and gas production assets in Colombia.

GeoPark Limited ("GeoPark" or the "Company") (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, announced today that Repsol’s partner in SierraCol Energy Arauca LLC has exercised its preemptive rights under the terms of the LLC Agreement to acquire 25% of Repsol’s interest in SierraCol Energy Arauca LLC ("Llanos Norte") in Arauca Department,

Spanish oil company Repsol and Latin America-focused GeoPark have decided not to proceed with a planned deal for a pair of onshore production assets in Colombia. On Tuesday, however, GeoPark said Repsol’s partner in SierraCol has exercised its pre-emptive rights to acquire the 25% working interest being sold in the company.