GEOPARK

Jaime Gilinski agreed to transfer a Venezuelan Bare oil-field contract to GeoPark in exchange for about 42.1 million shares valued at $12.22 each, roughly $514 million, a transaction that would give him majority control of GeoPark. Under the deal GeoPark will fund new investments, hold a 65% net working interest in the Bare field while PDVSA retains the remainder, and has 120 days to meet contract conditions before it takes effect. Gilinski previously invested $107 million for about 20% of GeoPark and is expected to offer to buy up to $100 million of stock from existing shareholders if the agreement proceeds. GeoPark plans to lift production at Bare from roughly 11,000 bpd to 95,000 bpd and is coordinating with PDVSA on blendstock access for the heavy crude. » More on forbes.com

GeoPark takes a 65% net working interest in the Bare Block in the Orinoco heavy oil belt and will operate the field under a 25-year production-sharing agreement with PDVSA. The transaction is an equity deal: GeoPark issues 42.1 million new shares at $12.22 to Grupo Gilinski, making Gilinski the majority shareholder with about 56.3%. The block is currently producing roughly 11,000 barrels/day, has OIP of 15.7 billion barrels and peak potential up to 95,000 barrels/day; GeoPark has around $700 million of liquidity to fund development. The announcement drove the stock to a 52-week high and complements GeoPark’s expansion into Vaca Muerta. » More on de.investing.com

GeoPark reported average production of 27,271 boepd for Q2, nearly unchanged from the prior quarter, with 25,871 boepd in Colombia and roughly 1,400 boepd gross in Argentina. The company carried out multiple wells and frac phases and signed a three-year contract with Helmerich & Payne for a dedicated drilling rig; the first well is expected at the end of Q4 2026. GeoPark also secured crude processing and export agreements with Pan American Energy through the end of 2027 and will release Q2 financial results on August 4. » More on de.investing.com