GeoPark Enters Venezuela Through Acquisition of Heavy-Oil Asset

04:27 AM EDT, 09/03/2026 (MT Newswires) -- GeoPark (GPRK) has made a strategic entry into Venezuela through the acquisition of the Bare Block, a large producing asset in the Orinoco heavy-oil belt, the company said late Wednesday. The block, which holds an estimated 15.7 billion barrels of oil in place and more than 1,100 wells, could help lift the company's total output to 75,000 to 85,000 boepd by 2030, the company said. The deal was structured under a new 25-year production participation contract with state-owned PDVSA, secured through Grupo Gilinski, which will become GeoPark's controlling shareholder. Under the deal, GeoPark will issue 42.1 million shares to Gilinski at a price of $12.22 per share. Upon completion, Grupo Gilinski is expected to hold about 56% of GeoPark, potentially rising to 58% depending on contractual adjustments.