GeoPark Limited (NYSE:GPRK) submitted a binding offer to acquire unconventional blocks in the Neuquen Basin in Argentina from Phoenix Global Resources for $320 million on April 11, 2024. GeoPark Limited (NYSE:GPRK) signed an asset purchase agreement to acquire unconventional blocks in the Neuquen Basin in Argentina from Phoenix Global Resources on May 13, 2024. GeoPark will pay $190 million, in addition to the upfront consideration, GeoPark will fund 100% of exploratory commitments up to $113 million gross over a two year period, an acquisition of midstream capacity according to the working interest of $11 million, and a $10 million bonus contingent on results in the Confluencia exploration campaign.

GeoPark intends to fund the acquisition through a combination of cash on hand, available credit facilities and new financing. The transaction is expected to close before the end of third quarter 2024, pending customary regulatory approvals.