GeoPark has entered into exclusive binding sales and purchase agreements (SPAs) to acquire Repsol's upstream oil and gas assets in Colombia, marking a significant expansion of its operations in the Llanos Basin.

GeoPark (NYSE:GPRK) said Friday it agreed to acquire oil and gas production assets in Colombia from Repsol (OTCQX:REPYF) (OTCQX:REPYY) for $530M. The assets include Repsol's (OTCQX:REPYF) (OTCQX:REPYY) 45% share of an oil extraction operation in central Colombia and a 25% stake in SierraCol Energia Arauca,

Spanish oil company Repsol has agreed to sell oil and gas production assets in Colombia to Geopark for $530 million, the two companies said on Friday.

Geopark Ltd (NYSE:GPRK) shares are trading higher premarket on Friday. The company disclosed that it has signed Sale and Purchase Agreements with Repsol Exploración S.A. and Repsol E&P S.A.R.L to acquire Repsol’s upstream oil and gas assets in Colombia.

Spanish oil company Repsol has agreed to sell a pair of onshore production assets in Colombia to Latin America-focused GeoPark for $530 million. The transaction is part of the company’s portfolio rotation strategy that aims to dispose of €4 billion ($4.22 billion) worth of assets to fund investments in renewable energy.