GeoPark has secured the Corralera Noreste block in Argentina’s Neuquén Basin, adding 24,200 net acres to its position in the northern Vaca Muerta area.
The Latin American oil and gas explorer was selected through Ronda 1/2026, a public tender run by provincial energy company Gas y Petróleo del Neuquén (GyP).
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GeoPark’s bid achieved the highest score under the award formula, the company said.
The award covers approximately 26,900 gross acres near Rincón de los Sauces, an area of growing unconventional activity with existing infrastructure.
The site complements GeoPark’s existing Argentine assets at Loma Jarillosa Este and Puesto Silva Oeste.
GeoPark will operate Corralera Noreste with a 90% working interest.
GyP will retain the remaining 10%, which will be carried by GeoPark and recovered through up to 80% of the former’s future production share.
The parties will execute a joint venture agreement, which will then require approval by the Executive Branch of Neuquén Province.
GeoPark CEO Felipe Bayon said: “Corralera NE adds a material long-term upside to our Argentina portfolio and expands GeoPark’s position in Vaca Muerta.
“We will approach it with the same capital discipline we apply across our portfolio: first addressing the key subsurface uncertainties through a focused appraisal programme, and then requiring each additional phase to earn the next dollar of capital through technical performance and attractive economics.”
GeoPark has committed total expenditure, including an entry bonus, of approximately $95m (303.62bn pesos), equating to around $3,900 per net acre. This includes a one-off $60.5m payment to the province.
During an initial four-year exploration period, the company will drill and frack two horizontal wells. Each will have a 2,000m horizontal section and 30 frack stages.
A further four-year exploration period is optional under the bid terms.
Based on its current technical assessment, GeoPark estimates unrisked gross resource potential of approximately 200 million barrels of oil equivalent across two landing zones. Two additional landing zones could provide further potential.
The company estimates gross peak output of 40,000–50,000 barrels of oil equivalent per day from the initial two zones, subject to de-risking, appraisal and development.
GeoPark said it would use available cash and committed liquidity to fund the bonus and initial work programme.
It plans to assess well productivity and resource quality through extended testing before considering further appraisal or full-field development investment.
In January 2026, GeoPark renewed its offtake and prepayment agreement with Vitol to supply all its crude oil production from Colombia’s Llanos basin.
