GeoPark to Acquire Vaca Muerta Assets from Pluspetrol for $115M

Core Insights - GeoPark Limited has signed an agreement to acquire Loma Jarillosa Este and Puesto Silva Oeste blocks in Argentina's Vaca Muerta shale, gaining a 100% working interest and operatorship [1][3] Acquisition Details - The acquisition involves a payment of $115 million, financed through available cash, with a security deposit of $22.7 million already paid [5] - GeoPark will receive a new unconventional exploitation license for the Puesto Silva Oeste Block, with a condition to transfer a 5% working interest to Gas y Petróleo del Neuquen S.A. [2] Reserves and Production - The acquired blocks encompass over 12,300 gross acres, estimated to hold recoverable resources of 60 million gross barrels of oil, with current production between 1,700-2,000 barrels of oil equivalent per day [3][4] - GeoPark anticipates reaching a plateau production of approximately 20,000 boe/d by the end of 2028, with 1P reserves of 11.4 mmboe and 2P reserves of 25.8 mmboe [4] Industry Context - Chevron plans to increase its production from Vaca Muerta to 30,000 bpd by the end of 2025, indicating significant growth potential in the region [6] - YPF Sociedad Anónima has announced a $3.3 billion investment in Vaca Muerta, aiming to enhance production and export capabilities [7][8]