GeoPark Rejects Parex's Undervalued $9.00 Per Share Offer

GeoPark Limited commented on Parex Resources' announcement to halt discussions regarding a potential transaction. GeoPark entered discussions with Parex in good faith, but the offer of $9.00 per share was deemed undervalued. The company provided extensive information, including certified 2025 reserves and data supporting additional reserves, which enhanced its asset base and growth trajectory. GeoPark's Board rejected Parex's initial offer and communicated that any credible engagement would require a revised proposal starting in the double-digits.