GeoPark enters Venezuela with Orinoco heavy oil Bare Block acquisition under 25-year PDVSA contract
GPRK•GeoPark enters Venezuela through Bare Block acquisition
- GeoPark entered Venezuela via the Bare Block heavy-oil project in the Orinoco Belt under a 25-year CPP with PDVSA’s PPSA.
- Deal financed with equity; GeoPark to issue 42,100,000 shares to Grupo Gilinski at USD 12.22, implying about USD 160 million value.
- Grupo Gilinski expected to control 56.3% of shares post-closing, rising to 58.4% if up to 5,400,000 additional shares are issued.
- Transaction includes a USD 100 million tender offer at USD 12.22 per share, offering liquidity to existing shareholders.
- Bare currently produces about 11,000 bopd gross; redevelopment targets peak 85,000-95,000 bopd, with 55,000-62,000 bopd net plateau.
