GeoPark enters Venezuela with Orinoco heavy oil Bare Block acquisition under 25-year PDVSA contract

• GeoPark entered Venezuela via the Bare Block heavy-oil project in the Orinoco Belt under a 25-year CPP with PDVSA’s PPSA.
• Deal financed with equity; GeoPark to issue 42,100,000 shares to Grupo Gilinski at USD 12.22, implying about USD 160 million value.
• Grupo Gilinski expected to control 56.3% of shares post-closing, rising to 58.4% if up to 5,400,000 additional shares are issued.
• Transaction includes a USD 100 million tender offer at USD 12.22 per share, offering liquidity to existing shareholders.
• Bare currently produces about 11,000 bopd gross; redevelopment targets peak 85,000-95,000 bopd, with 55,000-62,000 bopd net plateau.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Geopark Limited published the original content used to generate this news brief on September 02, 2026, and is solely responsible for the information contained therein.