GeoPark plans joint venture with GyP for Corralera Noreste block
GPRK•GeoPark plans a joint venture with Gas y Petróleo del Neuquén for Argentina’s Corralera Noreste block, subject to provincial approval. GeoPark will hold a 90% interest and commit to a four-year exploration program, with total commitments of about $95 million.
1. Joint venture terms
GeoPark will operate the Corralera Noreste block with a 90% working interest, while Gas y Petróleo del Neuquén will hold a 10% interest that is fully carried and recoverable from future production. Total commitments are approximately $95 million, including a $60.5 million access bonus.
2. Exploration program
The award adds approximately 26,900 gross acres, or 24,200 net acres, and triples GeoPark’s Vaca Muerta acreage. The initial four-year program includes drilling and fracking two horizontal wells; further investment will depend on technical results and project economics.
