GeoPark Ltd

The effectiveness of the CPP follows the successful completion of the principal contractual and regulatory milestones, well before the 120 day period established in the contract, including the approval of the final Bare Block development and business plan, the execution of all complementary agreements with PPSA, and obtaining all required authorizations.

The 25-year CPP was established under Venezuela’s Organic Hydrocarbons Law 1 and its recently issued regulations. Under the agreement, GeoPark will act as operator, fund 100% of capital expenditures under approved work programs and hold a 65% net participating interest. The CPP also provides direct commercialization rights, access to critical infrastructure, operational control provisions and contractual economic protections.

GeoPark is advancing preparations to complete operational takeover of the Bare Block before year-end 2026, with readiness activities progressing across technical, field, and corporate workstreams. Approximately 300-400 reactivation wells have already been assessed, establishing the foundation for the initial redevelopment phase, focused on production stabilization, well reactivations, workovers and infrastructure rehabilitation.

GeoPark expects to begin financial consolidation of the Bare Block upon gaining operational control of the block.

1 Ley de Reforma a la Ley Organica de Hidrocarburos, published in Gaceta Oficial Extraordinaria No. 6,978 on January 29, 2026.