Gilinski Group to Take Control of GeoPark Through Venezuela Oil Deal
Grupo Gilinski, already GeoPark’s largest shareholder, is set to take majority control of the oil company through a transaction that will also give GeoPark access to the Bare oil block in Venezuela’s Orinoco Heavy Oil Belt. GeoPark announced the agreement Sept. 2, saying it will acquire Grupo Gilinski’s 95% interest in the company that holds […]
Colombia's largest business conglomerate, Grupo Gilinski, announced plans to gain majority control of GeoPark, an oil company, through a transaction tied to Venezuela's Bare oil block. The deal will see GeoPark issue 42.1 million new shares to Gilinski in exchange for their 95% stake in the Bare project, valued at around US$160 million.
The transaction will also offer existing GeoPark shareholders a US$100 million tender offer at US$12.22 per share. With the approval of Regulatory authorities, GeoPark will operate the Bare block under a 25-year Production Participation Contract with PDVSA Petróleo. Once the deal is finalized, Gilinski is expected to hold approximately 56.3% of GeoPark, potentially rising to 58.4% with improvements in the Bare project's contractual conditions.
Written by urgent.news from Colombia One's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
