03:35 AM EST, 11/29/2024 (MT Newswires) -- GeoPark ( GPRK ) said Friday it has agreed to acquire Repsol Exploracion's upstream oil and gas assets in Colombia for consideration of about $530 million.

The deal includes 100% of Repsol Colombia O&G and Repsol's 25% stake in SierraCol Energy Arauca. Together, the assets produced a net 16,000 barrels of oil-equivalent per day as of September, GeoPark ( GPRK ) said.

The company aims to fund the acquisition through a combination of cash and debt, including a non-recourse amortizing debt facility of up to $345 million.

The transaction requires regulatory approval.