GeoPark Limited announced on September 2, 2026, its strategic entry into Venezuela via the acquisition of the Bare oil block, a large-scale heavy oil producer in the Orinoco Belt. ^[1] Upon completion, the Gilinski Group is expected to hold approximately 56.3% of GeoPark's ordinary shares in circulation, becoming the controlling shareholder. ^[2] GeoPark announced on September 2 that it will acquire Grupo Gilinski's 95% interest in the Venezuelan Bare project in exchange for 42.1 million newly issued GeoPark shares priced at US$12.22 each. ^[3] Grupo Gilinski, led by Jaime Gilinski, is set to acquire majority control of GeoPark through a transaction valued at approximately US$160 million. ^[4] GeoPark expects its total production to increase to 75,000-85,000 barrels of oil equivalent per day by 2030, driven by the Bare block and increased production in Argentina's Vaca Muerta. ^[5] The Bare block contains approximately 15.7 billion barrels of original oil in place and has a current gross production of approximately 11,000 barrels per day. ^[6] The deal is tied to a 25-year Production Participation Contract with PDVSA Petróleo for the Bare block, subject to regulatory approvals and sanctions-related compliance. ^[7] The transaction includes a US$100 million tender offer at US$12.22 per share, allowing existing GeoPark shareholders to sell their holdings for cash. ^[8]