Jan 14 (Reuters) - GeoPark ( GPRK ) 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.

The acquisition, announced in November, included Repsol's

oil extraction operation in central Colombia and a 25% stake in

SierraCol Energia Arauca.

The termination comes after Repsol's partner in SierraCol

exercised its preemptive rights to buy the Spanish company's

interest in the Llanos Norte project in the Arauca Department in

Colombia, oil and gas producer GeoPark ( GPRK ) said in a statement.

The deal also included Repsol's 45% interest in the CPO-9

block in Colombia. A 55% stake in the block was held by

Colombia's majority state-owned energy firm Ecopetrol,

which also exercised its preemptive rights to buy the remaining

stake in the asset last month.

The two assets had the capacity to produce roughly 16,000

barrels of oil equivalent per day net to Repsol.

GeoPark's ( GPRK ) shares were down nearly 1% in extended trading.

(Reporting by Vallari Srivastava in Bengaluru; Editing by

Devika Syamnath)