GeoPark's board unanimously rejected an unsolicited proposal from Parex Resources to acquire the company for US$9 per share. The offer, received on September 4, 2025, is seen as undervaluing GeoPark and failing to account for its growth potential after the Vaca Muerta acquisition. The company stresses its commitment to a strategic plan boosting production and EBITDA.
GeoPark received the acquisition proposal from Parex Resources on September 4, 2025, prior to announcing its transformational purchase in Argentina's Vaca Muerta field. The non-binding cash offer of US$9 per share was conditioned on confidentiality. After thorough reviews with independent advisors, the board determined it significantly undervalues GeoPark, overlooking its diversified portfolio and growth prospects.
Specifically, it fails to acknowledge the estimated 46% production increase by 2028 and 70% rise in adjusted EBITDA, as outlined in the strategic plan presented at the Investor Day on October 21, 2025. GeoPark highlights its track record with the Llanos 34 block, successfully operated for 13 years, growing from zero to over 200 million barrels discovered, with top-quartile performance in safety, cost efficiency, and capital efficiency.
The Vaca Muerta acquisition, now integrated, adds about 60 million barrels of recoverable resources, extends the 2P reserves life to around ten years, and positions the company to add nearly 20,000 boepd in the next three years. Parex did not update its offer to reflect this, and its CEO stated on October 10 that it has no interest in Argentina.
Felipe Bayón, GeoPark's CEO, stated: “We believe Parex's unsolicited proposal significantly undervalues GeoPark's assets and long-term prospects. As we outlined recently at our Investor Day, GeoPark has a solid financial position and is executing a disciplined growth strategy, leveraging our strong base in Colombia and the growth platform from our transformational Vaca Muerta acquisition. We have full confidence that our long-term plan, along with the proven execution capability of GeoPark's talented team, will generate significant value for our shareholders. Accepting Parex Resources' proposal at this time would deprive our shareholders of the opportunity to realize the full value of their investment”.
The board reaffirms its commitment to shareholders' best interests and will evaluate opportunities that fairly reflect the company's value, strategy, and long-term potential.