GeoPark founder ups stake by £800k

GeoPark's executive chairman and co-founder Gerald O'Shaughnessy has decided to beef up his stake in the Latin American oil and gas firm following a 50% slump in its share price since September.

O'Shaughnessy, who set up the business with James Park, hence GeoPark, in 2002, paid over £800,000 for 456,000 shares at 176p each.

The purchase lifts his stake in the company to over 7m shares, or 20.56%.

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On Monday, the group said year end exit production was up 180% from last year and ahead of expectations.

It produced over 6,500 barrels of oil equivalent per day (boepd), trumping forecasts for 6,000 boepd. Oil and gas production revenue increased over 248% to about $38.3m.

"The company's cost structure allows it to sustain itself in a very low oil and gas price environment," it said.

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