GeoPark Holdings, a Latin America-focused oil and gas company, was in demand after announcing a positive endto a busy 2011.
In the final three months of last year GeoPark bought three new blocks around the Tierra del Fuego archipelago off the coast of South America.
It also achieved production rates of 9,400 barrels of oil equivalent in December.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Geopark drilled 25 wells in 2011 with a 70% success rate including the discovery of the new Punta Delgada Norte gas field.
The sale of a 10% interest in its Chilean business to LG international also raised $78m and, probably more importantly, established a valuation for the assets of $780m.
Year end cash resources were "in excess" of $200m.
The company's chief executive, James Park, said of the results: "Our existing attractive acreage inventory continues to provide consistent and reliable performance growth and the exciting expansion into Tierra del Fuego will allow us to apply a proven oil and gas finding approach to a new high potential area."
Despite today's rise, GeoPark's stock value has dropped 48% in the last twelve months.
BS
-
Tariff day: what to expect from Trump’s ‘Liberation Day'Donald Trump's tariff day is fast approaching. What does it mean for global markets and your money?
-
Is the stock market open on Easter?Will your stocks bloom during Easter? We look at the UK stock market opening times over the spring holiday period
