GeoPark announces Phoenix Global Resources withdraws from Vaca Muerta deal

GeoPark (GPRK) announced that Phoenix Global Resources, the counterparty to the transaction through which GeoPark agreed to acquire a non-operated working interest in four unconventional blocks in Vaca Muerta, has decided to withdraw from the agreement. As a result, the acquisition will not be completed by GeoPark. As previously referenced during GeoPark’s Q1 results conference call, and in accordance with the terms of the FarmOut agreement, either party had the right to withdraw from the transaction following the contractually defined “Outside Date” of May 13.