GeoPark Declines to Increase Offer for Frontera's Colombian Assets, Focused on Optimizing Colombian Operations

GeoPark has declined to increase its offer for Frontera's Colombian assets, citing a lack of alignment with its capital allocation principles and long-term value objectives. The company's board had reassessed the economics of the acquisition after a competing proposal from Parex Resources and determined that raising the bid would not meet its risk-adjusted return criteria. GeoPark will receive $75m in escrow, along with interest, and a $25m break-up fee. The company remains focused on optimizing operations in Colombia and advancing its unconventional platform in Argentina.