GeoPark enters asset purchase agreement with Phoenix Global

GeoPark Limited has signed an Asset Purchase Agreement with Phoenix Global Resources, a subsidiary of Mercuria Energy Trading, for the acquisition of non-operated working interest in four adjacent unconventional blocks in the Neuquen Basin in Argentina as follows: a 45% WI in each of the Mata Mora Norte producing block and Mata Mora Sur exploration block, located in Neuquen Province, and a 50% WI in each of the Confluencia Norte and Confluencia Sur exploration blocks, located in Rio Negro Province. GeoPark will pay $190 million for a total of 122,315 gross acres; In addition to the upfront consideration, GeoPark will fund 100% of exploratory commitments up to $113 million gross, to be funded over two years, an acquisition of midstream capacity according to the WI of $11 million, and a $10 million bonus contingent on results in the Confluencia exploration campaign The transaction is expected to close before the end of 3Q2024, pending customary regulatory approvals.