Latin American oil and gas company GeoPark Holdings has reached an in-principle agreement to invest up to US$10 million in the drilling of an exploration well on the Sholkara prospect in the LGI-operated Block 8 in Kazakhstan, which would give GeoPark effectively a 25% participating interest in Block 8.
The Sholkara prospect has an unrisked mean oil resource estimate of 100- 400 million barrels and represents an exciting opportunity for GeoPark outside its historical and principal area of focus, Oil&Gas Eurasia reported.
LGI is the energy, natural resource and trading affiliate of LG Corporation, the large international Korean company with 147 subsidiaries operating in over 50 countries and with annual sales exceeding US$100 billion.
LGI has successfully invested and operated in the oil and gas exploration and production business for over twenty years including current upstream oil and gas projects in Oman, Vietnam and Kazakhstan.
LGI has adopted a long term strategy of investing in oil and gas upstream investments in emerging resource-rich countries and has targeted Latin America as a new growth region.