GeoPark Activates Production Participation Contract For Bare Block in Venezuela, Completes Grupo Gilinski Share Issuance
Benzinga Newsdesk 10 hours ago
News
25-Year Bare Block CPP Now Effective Following Early Completion of Milestones42.1 Million New GeoPark Shares to Be Issued to Grupo Gilinski, Becoming the Company’s Controlling ShareholderOperational Takeover in
25-Year Bare Block CPP Now Effective Following Early Completion of Milestones
42.1 Million New GeoPark Shares to Be Issued to Grupo Gilinski, Becoming the Company’s Controlling Shareholder
Operational Takeover in Progress
GeoPark Limited ("GeoPark" or the "Company") (NYSE:GPRK), a leading independent energy company with more than 20 years of successful operations across Latin America, today announced the effectiveness of the 25-year Production Participation Contract ("CPP") for the Bare Block in Venezuela (the "Bare Block"), together with the completion of the related share issuance transaction with Grupo Gilinski.
The closing marks a major milestone in GeoPark’s strategic entry into Venezuela and was achieved well within the originally agreed effectiveness period, following intensive technical, contractual and operational coordination and agreements with PDVSA Petróleo S.A. ("PPSA").