GeoPark Limited made an entry into Argentina's Vaca Muerta shale by acquiring two operated blocks from Pluspetrol S.A., marking a strategic move for the Latin America-centric independent.
The purchase gives GeoPark a 100% operated interest in the Loma Jarillosa Este block and a 95% operated interest in the Puesto Silva Oeste block, following the mandatory relinquishment of 5% to Neuquén provincial oil and gas company Gas y Petróleo del Neuquén (GyP). The concessions cover more than 12,300 acres within the black oil window of the producing shale play.
Production of the current blocks is 1,700–2,000 boed (95% oil) and recoverable resources are over 60 million bbl. GeoPark anticipates plateau production of approximately 20,000 boed in 2028, supported by up to 55 wells development plan.
The $115 million acquisition, funded with available cash, is expected to close on or prior to year-end 2025 pending government final approvals. GeoPark plans to build a new central processing plant of 20,000 bopd capacity and supporting infrastructure to position for future production.
"This milestone is a turning point for GeoPark, adding near-term production, reserves and long-term value, and positioning our presence in one of the world's premier unconventional oil plays," said GeoPark CEO Felipe Bayón.