GeoPark signed a 25-year Product Participation Contract with the Venezuelan state-owned oil company PDVSA for the Bare block. ^[1] GeoPark, a Colombian oil company, announced the acquisition of the Bare block in Venezuela's Orinoco oil belt on a Wednesday. ^[2] As part of the transaction, Grupo Gilinski will become the controlling shareholder of GeoPark. ^[3] The acquisition will make the Gilinski Group the controlling shareholder of GeoPark, holding 20% of the company's shares. ^[4] The Bare block consists of approximately 1,100 wells with current gross production of 11,000 barrels per day and a potential capacity of up to 95,000 barrels per day. ^[5] GeoPark will issue 42.1 million shares to a Grupo Gilinski entity at a price of US$12.22 per share, resulting in Grupo Gilinski holding approximately 56.3% of the outstanding ordinary shares. ^[6] The acquisition operation marks one of the most relevant strategic moves for the oil company in recent years. ^[7] GeoPark stated that the Bare block represents a major redevelopment opportunity backed by existing production, installed infrastructure, and significant potential for remaining recovery. ^[8] Jaime Gilinski, president of Grupo Gilinski, stated that the group's strategic presence in Venezuela was fundamental to securing a 25-year Production Sharing Contract with Pdvsa Petróleo. ^[9] The transaction was financed by issuing GeoPark shares to Grupo Gilinski with a premium, allowing Gilinski to indirectly acquire control of the company. ^[10]