News & Events zu GeoPark Ltd (GPRK)GPRKGeoPark Ltd

GeoPark Q3 Oil and Gas Production Increases to 27,973 boepd

The company states: "GeoPark delivered solid operational performance in 3Q2026, supported by continued development and exploration activities across its core Colombian assets, including the Milano 1X discovery, and bringing five wells online in Vaca Muerta. In parallel, the Company advanced its next phase of growth, progressing toward the launch of its factory drilling campaign in Argentina and operational readiness in Venezuela. Q3 consolidated average oil and gas production of 27,973 boepd was an increase of 2.6% versus 27,271 boepd in 2Q2026, supported by resilient operations in the Llanos 1231 Block, the Platanillo2 Block, and the CPO-53 Block in Colombia, as well as the start-up of Pad 1030 in the Loma Jarillosa Este Block4 in Vaca Muerta."

GeoPark Enters Venezuela via Bare Block, Expected Production to Reach 75-85 kboepd

GeoPark announced its strategic entry into Venezuela through the Bare Block, a large-scale producing heavy oil asset located in the Orinoco Heavy Oil Belt. The incorporation of Bare and higher production at Vaca Muerta in Argentina is expected to potentially increase GeoPark's production to 75-85 kboepd by 2030, approximately 2.7x current production levels. The CPP framework is the contractual structure through which the Bare redevelopment will be advanced with PPSA under the framework established by Venezuela's Organic Hydrocarbons Law and its recently issued regulations. Under the CPP, GeoPark, as operator, will fund 100% of capital expenditures under approved work programs and hold a 65% net working interest. The operator holds the rights to directly commercialize and monetize hydrocarbons, access critical infrastructure, operational control provisions, economic rebalancing mechanisms and compensation protections designed to mitigate operational disruptions. The CPP effective date remains subject to applicable approvals, authorizations, regulatory requirements and sanctions-related compliance requirements. GeoPark has access to approximately $700M of liquidity and committed/negotiated financing sources, including approximately $310M of cash on hand. The transaction structure includes an initial 5% GeoPark participation in the CPP holding company, followed by the acquisition of the remaining 95% interest in the CPP Holdco in exchange for a base consideration of 42.1M GeoPark shares issued to a member entity of Grupo Gilinski. GeoPark is acquiring Grupo Gilinski's 95% interest in CPP Holdco, issuing shares at $12.22 per share, implying a 26% premium to the company's US$9.67 30-day VWAP reference price. The agreed exchange terms, including the share issuance premium, represent approximately $160M, equivalent to $1.50 per share of immediate value accretion to GeoPark shareholders. Upon completion of the share issuance, Grupo Gilinski is expected to hold approximately 56.3% of GeoPark's outstanding common shares, becoming the company's controlling shareholder. The exchange terms include an adjustment mechanism tied to potential improvements in the project's contractual conditions prior to closing, under which Grupo Gilinski may receive up to approximately 5.4M additional GeoPark shares, potentially increasing its ownership percentage to approximately 58.4%. The agreed structure also includes a tender offer mechanism to be launched by Grupo Gilinski, providing a liquidity alternative for shareholders who may prefer not to participate in GeoPark's next phase of growth. The tender offer is expected to be made at $12.22 per share, with a total size of $100M, implying a pro-rata payment equivalent to $2.10 per share to GeoPark shareholders. The transaction was approved by GeoPark's board. Gabriel Gilinski, Dorita Gilinski and Camilo Martinez, directors nominated by Grupo Gilinski, were recused from the board's deliberations and approval process, did not receive board materials related to the transaction and did not participate in the vote. The board considered the expected change of control in the context of the scale, quality and strategic relevance of the Bare opportunity, the independently assessed valuation framework and the overall terms negotiated for GeoPark shareholders. From a governance perspective, GeoPark will continue to operate as a NYSE-listed company with a majority independent Board, applicable committee structures and related-party transaction protections.

GeoPark CEO Highlights Stable Q2 Performance

Felipe Bayon, Chief Executive Officer of GeoPark, said: "Our second quarter results demonstrate the consistency of our execution and the strength of our portfolio. While maintaining stable production and resilient cash generation, we continued to advance the largest investment program in our recent history, reaching important milestones in Argentina ahead of schedule while preserving financial discipline and a strong balance sheet. Colombia continues to provide a robust platform of production and cash flow through disciplined reservoir management and operational excellence. As we move through this peak investment period, we remain focused on executing safely and efficiently, allocating capital with discipline and creating sustainable long-term value for our shareholders."