GeoPark Ltd., Bogota, Colombia, signed an agreement with Pluspetrol to acquire 100% of Loma Jarillosa Este and Puesto Silva Oeste concessions, which lie in the black oil window of Vaca Muerta, Neuquen basin, for a total consideration of $115 million.
The deal, expected to close before year-end subject to provincial ratification, marks the company’s effective entry into Argentina’s most prolific shale formation.
Through the agreement, GeoPark acquires 12,355 net acres (6,054 in Loma Jarillosa Este, 6,301 in Puesto Silva Oeste). The Loma Jarillosa license is valid until 2057, while Puesto Silva Oeste will be covered by a new 35-year unconventional exploitation license with transportation rights.
Neuquén’s provincial oil company, Gas y Petróleo del Neuquén (GyP), will hold a 5% carried interest in Puesto Silva Oeste, with GeoPark retaining a 95% operated working interest.
GeoPark expects gross investments of $500-600 million through 2028, targeting a plan that includes drilling up to 55 additional wells across both concessions, construction of new oil processing plant at Puesto Silva Oeste with a pipeline connecting the blocks, and a production ramp-up to 20,000 boe/d (gross) from the current 1,700-2,000 boe/d (95% oil, 5% gas) by 2028.
Construction is expected to start in 2026.
