Parex Resources Announces Update on Discussions with GeoPark Regarding a Potential Business Combination

Core Viewpoint - Parex Resources Inc. has decided to halt discussions regarding the acquisition of GeoPark Limited due to a lack of agreement on the perceived value of GeoPark shares compared to Parex's acquisition proposal of US$9.00 per share [2][5]. Company Overview - Parex Resources Inc. is one of the largest independent oil and gas companies in Colombia, focusing on sustainable and conventional production. The company is headquartered in Calgary, Canada, with an operating office in Bogotá, Colombia, and its shares trade on the Toronto Stock Exchange under the symbol PXT [3]. Timeline of Events - On November 2, 2025, GeoPark's CEO indicated readiness to engage in discussions with Parex regarding a potential transaction [5]. - A non-disclosure agreement was executed between Parex and GeoPark from November 4 to November 13, 2025 [5]. - GeoPark provided Parex access to a virtual data room on November 14, 2025, and shared select information [5]. - On December 1, 2025, Parex and GeoPark representatives met in person in Bogotá to discuss their views on value [5]. - On December 8, 2025, GeoPark reaffirmed its unwillingness to negotiate within the parameters of Parex's September Proposal, leading Parex to halt further discussions [5].