GeoPark To Acquire 100% Working Interest In Vaca Muerta Blocks From Pluspetrol For $115M, Valuing Assets At ~$9,550/Acre

Author: Benzinga Newsdesk | September 25, 2025 08:23am

GeoPark Limited ("GeoPark" or the "Company") (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, today announced that it has entered into an agreement with Pluspetrol S.A. ("Pluspetrol") to acquire a 100% operated working interest ("WI") in the Loma Jarillosa Este and Puesto Silva Oeste blocks that target black oil in the Vaca Muerta formation in Neuquen Province, Argentina.

Concurrently, GeoPark and the Government of Neuquen Province have signed two "Actas Acuerdo" (Deeds of Agreement) that establishes the parties' commitment to the deal and outline the terms and conditions under which the concessions will be transferred. The Deeds of Agreement include the issuance of a new unconventional exploitation license for the Puesto Silva Oeste Block that requires GeoPark to transfer a 5% WI to Gas y Petróleo del Neuquen S.A. ("GyP"), therefore resulting in a 95% operated WI in that block.

Key Deal Terms

• Payment: GeoPark will pay $115 million3 at closing4, funded with available cash, with a security deposit of $22.7 million on the date Pluspetrol and GeoPark entered into the agreement. The agreed price represents a valuation of approximately $9,550 per acre
• Concession Details:
  • Loma Jarillosa Este Block: Transfer of Pluspetrol's concession (6,054 acres), with an exploitation license valid until 2057
  • Puesto Silva Oeste Block: Transfer of Pluspetrol's concession (6,301 acres) and the award of a new exploitation license valid for 35 years, including transportation authorization. As part of the new license terms, GeoPark will transfer a 5% WI to GyP. GeoPark remains operator with a 95% WI and will carry GyP's portion of the capital and expenditures on a fully recoverable basis with up to 100% of GyP's share of production. This recoverable carry will be reflected in GeoPark's working interest, increasing it from 95 to 100 percent during the carry period
• Effective Date: January 1, 2025

Posted In: GPRK