(WO) – GeoPark has won the Corralera Noreste block in Argentina’s Neuquén basin, adding about 26,900 gross acres (24,200 net) in Vaca Muerta. Total committed cost, including the entry bonus, is about $95 million, or roughly $3,900 per net acre. The block was awarded in Ronda 1/2026, a bid round run by Neuquén’s provincial energy company, Gas y Petróleo del Neuquén (GyP). It was the largest Vaca Muerta acreage offering in nearly a decade, with 15 blocks on offer and 20 bids from 10 companies. GeoPark’s bid ranked highest under the tender’s award formula.
Under the winning bid, GeoPark will pay a $60.5-million access bonus to the province. During the initial four-year exploration period, it will drill and hydraulically fracture two horizontal wells, each with a 2,000-m lateral and 30 frac stages. GeoPark will operate the block with a 90% working interest. GyP will hold the remaining 10%, fully carried by GeoPark and recoverable from up to 80% of GyP’s share of future production. The block carries a 12% royalty and an optional second four-year exploration period. A commercial discovery would lead to a 35-year unconventional exploitation concession. The joint venture agreement still needs approval from Neuquén’s executive branch.
Corralera Noreste is in Vaca Muerta’s northern hub near Rincón de los Sauces, an emerging development area with existing infrastructure. Nearby operations run by other companies produce about 80,000 bpd combined and serve as technical analogues. GeoPark estimates the block holds about 200 MMboe of unrisked gross resource potential across two landing zones, with possible upside from two more. It puts potential gross peak production at 40,000–50,000 boed, subject to successful appraisal. The block complements GeoPark’s existing Argentine assets, Loma Jarillosa Este and Puesto Silva Oeste.
GeoPark plans to take a phased approach, starting with the two horizontal wells and an extended testing period before committing major development capital. It will fund the initial commitments with existing cash and committed liquidity. “We will approach it with the same capital discipline we apply across our portfolio: first addressing the key subsurface uncertainties through a focused appraisal program, and then requiring each additional phase to earn the next dollar of capital through technical performance and attractive economics,” said CEO Felipe Bayon.
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