(103-1) We have leveraged our growth through exploring and developing prospects, executing drilling programs, making partnerships and strategic alliances with key players in the industry, and the work of a vastly experienced technical and professional team. As a result, we have a successful track record of finding and producing oil and gas in Latin America.
(103-2) The update of our Business Model in 2020 positioned the management, performance and quality of assets at the center of GeoPark to effectively and profitably manage our portfolio and our people, work productively with our partners, comply fully with regulations and execute the work programs that allow us to explore, develop and produce our oil and gas reserves and resources.
(103-3) Our assets give us access to more than 8.6 million acres for exploration and production. The blocks in Colombia, Chile, Brazil and Argentina that we have interests in have 174.7 mmboe of net proven and probable (2P) reserves.
Blocks with operating or economic interests at December 31, 2020
*Morona, Peru: On July 15, 2020, we gave notice of our irrevocable decision to withdraw from this block due to force majeure, which allows the termination of the license agreement.
*BCAM-40 Manati, Brazil: On November 22, 2020, we signed an agreement to sell our 10% non-operated interest in the Manati block in Brazil, subject to certain conditions and obtaining regulatory approval.
*REC-T-128: In July 2020, we started a process to sell our 70% stake in block REC-T-128 in Brazil, which had not become effective by the 20-F filing date. On March 1, 2021, the assignment agreement was signed. The closing of the transaction is scheduled for May 2021 after its regulatory approval.
The most important highlights of our main assets by country in 2020 were the following: