SCHEDULE 13D: Pampa Energia's Subsidiary Acquires Over 10% Stake in GeoPark Ltd

Pampa Energia Inc., through its wholly-owned subsidiary Generacion Argentina S.A., has acquired a 10.17% beneficial ownership stake in GeoPark Ltd for investment purposes.

Summary

• Pampa Energia Inc. and its wholly-owned subsidiary, Generacion Argentina S.A. (GASA), both Argentine corporations, have become beneficial owners of 5,210,146 common shares of GeoPark Ltd.
• This acquisition represents 10.17% of GeoPark Ltd's common shares outstanding, calculated based on 51,247,287 shares as of the Issuer's last 20-F filing on April 2, 2025.
• The shares were acquired through open market purchases on the New York Stock Exchange (NYSE) using cash on hand, not borrowed funds.
• The Reporting Persons hold these securities for investment purposes and may, from time to time, acquire additional shares, retain, or sell all or a portion of their holdings.
• The total cost of the reported acquisitions between May 15, 2025, and May 30, 2025, amounts to approximately US$34,132,576.95.

Sentiment

Score: 7

Explanation: The acquisition of a significant stake (over 10%) by a prominent energy company like Pampa Energia's subsidiary is generally viewed positively for the target company, GeoPark Ltd, as it indicates investor confidence and potential strategic interest. While the filing itself is a regulatory requirement, the underlying action is a substantial investment.

Positives

• The acquisition of a significant 10.17% stake by Pampa Energia, a leading independent integrated energy company, could signal a vote of confidence in GeoPark Ltd's business and prospects.
• The investment is for 'investment purposes,' suggesting a belief in the long-term value of GeoPark's shares.

Risks

• The Reporting Persons' future actions regarding their investment in GeoPark Ltd are dependent on various factors, including share price levels, general market and economic conditions, ongoing evaluation of GeoPark's business, financial condition, operations, and prospects, and the relative attractiveness of alternative business and investment opportunities.
• The Reporting Persons reserve the right to change their investment purpose and to formulate and implement plans or proposals with respect to GeoPark at any time, which could introduce uncertainty for other shareholders.

Future Outlook

The Reporting Persons intend to evaluate their investment in GeoPark Ltd on an ongoing basis. They may, from time to time, acquire additional shares, retain, or sell all or a portion of their current holdings in the open market or privately negotiated transactions. They reserve the right to change their investment purpose and to formulate and implement plans or proposals with respect to GeoPark at any time, potentially alone or in conjunction with other stockholders or third parties.

Management Comments

• Gustavo Mariani, Legal Representative for both Pampa Energy Inc. and Generacion Argentina S.A., certified that the information set forth in the statement is true, complete, and correct to the best of his knowledge and belief.

Industry Context

Pampa Energia is described as one of the leading independent integrated energy companies in Argentina, with its subsidiary GASA focused on electric energy production and commercialization. GeoPark Ltd operates in the oil and gas sector. This acquisition signifies a strategic investment by a major regional energy player into another company within the broader energy industry, potentially indicating a long-term strategic interest or a belief in the value of GeoPark's assets and operations within the Latin American energy landscape.

Legal Proceedings

• No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
• No Reporting Person has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction that resulted in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Related Party Transactions

• There are no contracts, arrangements, understandings, or relationships between the Reporting Persons and the Issuer, or with any other person, with respect to the securities of the Issuer.

Stakeholder Impact

• Shareholders of GeoPark Ltd may perceive increased confidence in the company due to a significant investment by a major energy player, potentially leading to positive sentiment and share price movement.
• The Reporting Persons' stated intention to potentially acquire more shares or formulate plans could imply future strategic developments that might affect all stakeholders.

Next Steps

• The Reporting Persons may acquire additional shares of GeoPark Ltd.
• The Reporting Persons may retain their current holdings in GeoPark Ltd.
• The Reporting Persons may sell all or a portion of their holdings in GeoPark Ltd.
• The Reporting Persons may change their investment purpose regarding GeoPark Ltd.
• The Reporting Persons may formulate and implement plans or proposals with respect to GeoPark Ltd, potentially alone or in conjunction with other stockholders or third parties.

Key Dates

Recommendation

Keywords

GeoPark Ltd, Pampa Energia, Generacion Argentina S.A., GASA, Schedule 13D, SEC filing, beneficial ownership, equity investment, common shares, NYSE, energy company, investment stake