\nGeoPark Limited (\u201cGeoPark\u201d or the \u201cCompany\u201d) (NYSE: GPRK), a leading independent energy company with more than 20 years of successful operations across Latin America, today announced that it has been awarded the Corralera Noreste Block (\u201cCorralera NE\u201d) in the Neuqu\u00e9n Basin, Argentina, further expanding its position in Vaca Muerta and strengthening its long-term growth platform in the country.<\/p>\n
This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20261021898573\/en\/<\/a><\/p>\n Corralera Noreste Location Map<\/p>\n<\/div>\n \nCorralera NE was awarded through a public bidding round (Ronda 1\/2026) launched by Neuqu\u00e9n Province\u2019s energy company Gas y Petr\u00f3leo del Neuqu\u00e9n (\u201cGyP\u201d) under the Plan Exploratorio Neuqu\u00e9n \u2014 the largest Vaca Muerta acreage offering in nearly a decade \u2014 in which 15 blocks were offered and 20 offers were received from 10 companies. GeoPark\u2019s offer for Corralera NE ranked highest under the tender\u2019s award formula.<\/p>\n \nGeoPark and GyP will proceed with the execution of the applicable joint venture agreement, which will be submitted for approval by the Executive Branch of the Province of Neuqu\u00e9n in accordance with the terms of the bidding round.<\/p>\n Expanding Into a Growing New Vaca Muerta Hub<\/b><\/p>\n \nCorralera NE is strategically located in the northern hub of Vaca Muerta, near Rinc\u00f3n de los Sauces, an emerging development area with growing unconventional activity and with existing infrastructure availability. The award provides GeoPark with access to approximately 26,900 gross acres \u2013 some 24,200 acres net to GeoPark \u2013 for a total committed cost (including entry bonus) of approximately $95 million, or approximately $3,900 per net acre.<\/p>\n \nThe award represents a natural extension of GeoPark\u2019s Argentina strategy and provides a potential long-term continuation of the Company\u2019s growth platform in the country, complementing its existing assets Loma Jarillosa Este and Puesto Silva Oeste.<\/p>\n \nNearby operations run by other companies, currently producing approximately 80,000 barrels of oil per day in aggregate, provide relevant technical analogues and support the potential for multiple productive landing zones.<\/p>\n Bid Terms<\/b><\/p>\n \nUnder the terms of its winning offer, GeoPark will pay a one-time access bonus of $60.5 million to the Province of Neuqu\u00e9n and has committed a work program consisting of the drilling and fracking of 2 horizontal wells, each with 2,000 meters of horizontal section and 30 frack stages, to be carried out during the initial four-year exploration period.<\/p>\n \nGeoPark will hold a 90% working interest (\u201cWI\u201d) and will act as operator of the block. GyP will hold the remaining 10% WI, fully carried by GeoPark and recoverable through up to 80% of GyP\u2019s share of future production.<\/p>\n \nUnder the terms of the bidding process and the applicable joint venture agreement, Corralera NE carries a 12% royalty, and provides for a first exploration period of four years, with an optional second period of an additional four years. Upon declaration of a commercial discovery and compliance with the applicable requirements, a 35-year unconventional exploitation concession shall be granted.<\/p>\n \nGeoPark expects to fund the initial bonus and subsequent commitments with existing cash and committed liquidity sources, with no change to the Company\u2019s capital allocation priorities.<\/p>\n Key Highlights<\/b><\/p>\n \nThe Company plans to advance Corralera NE through a phased de-risking and appraisal program before committing material development capital. The initial program comprises two horizontal wells followed by an extended testing period focused on establishing well productivity and resource quality. Any subsequent appraisal or development investment will be subject to technical results, project economics and GeoPark\u2019s capital allocation criteria.<\/p>\n \nGeoPark will provide further information on the block and its planned de-risking and appraisal activities following the execution of the joint venture agreement and completion of the applicable provincial approval process.<\/p>\n Executive Commentary<\/b><\/p>\n \nFelipe Bayon, Chief Executive Officer of GeoPark, said: \u201cCorralera NE adds a material long-term upside to our Argentina portfolio and expands GeoPark\u2019s position in Vaca Muerta. We will approach it with the same capital discipline we apply across our portfolio: first addressing the key subsurface uncertainties through a focused appraisal program, and then requiring each additional phase to earn the next dollar of capital through technical performance and attractive economics. This phased approach gives us exposure to significant potential upside while maintaining financial flexibility and protecting long-term returns. We thank GyP and the Province of Neuqu\u00e9n for conducting this process and look forward to continuing to work together to responsibly develop the province\u2019s energy resources.\u201d<\/p>\n NOTICE<\/b><\/p>\n \nAdditional information about GeoPark can be found in the Invest with Us section on the website at www.geo-park.com<\/a>.<\/p>\n \nRounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation.<\/p>\n \nThis press release contains certain oil and gas metrics, including operating netback, reserve life index and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company\u2019s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.<\/p>\n CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION<\/b><\/p>\n \nThis press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as \u2018\u2018anticipate,\u2019\u2019 \u2018\u2018believe,\u2019\u2019 \u2018\u2018could,\u2019\u2019 \u2018\u2018expect,\u2019\u2019 \u2018\u2018should,\u2019\u2019 \u2018\u2018plan,\u2019\u2019 \u2018\u2018intend,\u2019\u2019 \u2018\u2018will,\u2019\u2019 \u2018\u2018estimate\u2019\u2019 and \u2018\u2018potential,\u2019\u2019 among others.<\/p>\n \nForward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, emission reduction goals, production, production growth, Adjusted EBITDA, capital expenditures and other operating and financial performance, including expected free cash flow and shareholder returns, dividends and buybacks forecasts, timing, method and amount of share repurchases, operating netback, future opportunities, our deleveraging process and interest payment reductions, dividends or other distributions, capital return yield, etc. Forward-looking statements are based on management\u2019s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.<\/p>\n \nForward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).<\/p>\n \nOil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days.<\/p>\n Information about oil and gas reserves<\/b>: The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proven, probable and possible reserves that meet the SEC\u2019s definitions for such terms. GeoPark uses certain terms in this press release, such as \u201cPRMS Reserves\u201d that the SEC\u2019s guidelines do not permit GeoPark from including in filings with the SEC. As a result, the information in the Company\u2019s SEC filings with respect to reserves will differ significantly from the information in this press release.<\/p>\n \nNPV10 for PRMS 1P, 2P and 3P reserves is not a substitute for the standardized measure of discounted future net cash flow for SEC proved reserves.<\/p>\n \nThe reserve estimates provided in this release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. Statements relating to reserves are by their nature forward-looking statements.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20261021898573\/en\/<\/a><\/span><\/p>\n For further information, please contact:<\/b><\/p>\n INVESTORS: \nMiguel Bello \nMaria Alejandra Velez MEDIA: KEYWORDS:<\/b> Florida Latin America North America United States South America Colombia<\/p>\n INDUSTRY KEYWORDS:<\/b> Energy Other Energy Oil\/Gas<\/p>\n![\"Corralera](\"https:\/\/mms.businesswire.com\/media\/20261021898573\/en\/2942354\/4\/Corralera_N_E.jpg\")
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Maria Catalina Escobar
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Shareholder Value and Capital Markets Director
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mescobar@geo-park.com<\/a><\/p>\n
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Investor Relations Officer
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mbello@geo-park.com<\/a><\/p>\n
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Investor Relations Leader
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mvelez@geo-park.com<\/a><\/p>\n
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Communications Department
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communications@geo-park.com<\/a><\/p>\n
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