12:40 PM EDT, 05/13/2024 (MT Newswires) -- GeoPark ( GPRK ) said Monday that it has signed an asset purchase agreement to acquire non-operated working interest in four adjacent unconventional blocks in the Vaca Muerta shale formation in Argentina.

Under the agreement signed with Mercuria Energy Trading's Phoenix Global Resources unit, GeoPark ( GPRK ) will acquire a 45% working interest in each of the Mata Mora Norte producing block and Mata Mora Sur exploration block in Neuquen province and a 50% working interest in each of the Confluencia Norte and Confluencia Sur exploration blocks in Rio Negro province, GeoPark ( GPRK ) said.

The company said it will pay $190 million for a total of 122,315 gross acres in the transaction, which is expected to close before the end of Q3.

The company said it will also fund 100% of exploratory commitments up to $113 million gross to be funded over two years, an acquisition of midstream capacity based on the working interest of $11 million, and a $10 million bonus based on results in the exploration campaign in Confluencia.

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