Mergers & Acquisitions ·
GeoPark Limited announced a strategic entry into Venezuela through the acquisition of the Bare Block, a heavy oil…
GPRKGeoPark Ltd
GeoPark Limited announced a strategic entry into Venezuela through the acquisition of the Bare Block, a heavy oil asset in the Orinoco Belt. Grupo Gilinski will become the controlling shareholder by exchanging its interest in the project for approximately 42.1 million GeoPark shares issued at $12.22 per share, representing a 26% premium to the 30-day VWAP. This transaction implies an immediate value accretion of $1.5 per share and includes a $100 million tender offer by Grupo Gilinski at the same price. The deal grants GeoPark a 65% net working interest under a 25-year Production Participation Contract with PDVSA, subject to regulatory approvals within 120 days. Proforma production is expected to reach 75-85 kboepd by 2030, significantly expanding the company's reserves and EBITDA generation capabilities in Latin America. GeoPark Limited operates as an independent energy company focused on oil and gas exploration and production across Latin America.