SCHEDULE: Pampa Energy Cuts GeoPark Stake to 4.43%

Pampa Energy Inc. and its subsidiary Generation Argentina Inc. have significantly reduced their beneficial ownership in GeoPark Ltd, selling over 2.9 million shares.

Summary

• Pampa Energy Inc. and its wholly-owned subsidiary, Generation Argentina Inc. (GASA), filed an Amendment No. 1 to their Schedule 13D regarding their stake in GeoPark Ltd.
• The reporting persons now beneficially own 2,285,195 common shares of GeoPark Ltd, representing 4.43% of the class.
• This percentage is calculated based on 51,567,663 shares outstanding as of GeoPark's 6-K filing on August 5, 2025.
• GeoPark Limited's share capital increased from 51,247,287 to 51,567,663 shares since the original 13D filing on May 22, 2025.
• Prior to these sales, the reporting persons held an implied stake of approximately 10.17% in GeoPark Ltd.
• GASA executed open market sales on the NYSE between September 15 and September 18, 2025, totaling 2,924,951 shares.
• The sales generated approximately US$18,864,476.69 in proceeds.
• The sales prices ranged from US$6.31560 to US$6.53300 per share.

Sentiment

Score: 3

Explanation: The sentiment is negative for GeoPark Ltd due to a significant reduction in beneficial ownership by a major institutional investor, Pampa Energy Inc. This divestment could signal reduced confidence or a strategic shift, potentially impacting investor perception and stock performance. For Pampa Energy Inc., it represents a liquidity event and portfolio reallocation.

Positives

• Pampa Energy Inc. and Generation Argentina Inc. realized approximately US$18.86 million from the sale of GeoPark Ltd shares, providing liquidity for potential strategic reallocation.

Negatives

• Pampa Energy Inc. and Generation Argentina Inc. significantly reduced their stake in GeoPark Ltd from an implied approximately 10.17% to 4.43%, indicating a reduced conviction or strategic shift away from the company.
• A large shareholder reducing their stake can be perceived negatively by the market, potentially signaling concerns about the issuer's future prospects or valuation.

Risks

• The reduction in beneficial ownership by a significant shareholder like Pampa Energy Inc. could lead to increased selling pressure on GeoPark Ltd's stock.
• A decrease in institutional ownership might reduce investor confidence in GeoPark Ltd.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding GeoPark Ltd's operations or financial performance, focusing solely on the change in beneficial ownership by the reporting persons.

Industry Context

This filing reflects a significant portfolio adjustment by an energy-focused investment entity, Pampa Energy Inc., reducing its exposure to GeoPark Ltd, an oil and gas exploration and production company. Such divestments can occur due to various reasons, including strategic reallocations, liquidity needs, or a revised outlook on the specific company or the broader energy sector. While not directly indicative of industry-wide trends, it highlights a specific investor's decision within the Latin American energy market.

Comparison to Industry Standards

• Not applicable. This filing details a change in beneficial ownership by a specific investor and does not provide operational or financial results for GeoPark Ltd that could be compared to industry benchmarks or competitors.

Stakeholder Impact

• Shareholders of GeoPark Ltd: May experience negative sentiment and potential downward pressure on share price due to a large institutional investor reducing its stake.
• Pampa Energy Inc. Shareholders: Benefit from increased liquidity and potential reallocation of capital from the sale of GeoPark Ltd shares.

Next Steps

• The filing does not explicitly mention future actions or milestones for GeoPark Ltd or the reporting persons beyond the completed share sales.

Key Dates

Recommendation

The substantial reduction in stake by Pampa Energy Inc., a significant institutional holder, from over 10% to 4.43% suggests a lack of conviction or a strategic exit. Such a large divestment by a sophisticated investor often signals potential concerns about the issuer's valuation or future prospects. This action could lead to negative market sentiment and increased selling pressure on GeoPark Ltd's stock, making it prudent for investors to consider selling or reducing their exposure.

Keywords

GeoPark Ltd, Pampa Energy Inc, Generation Argentina Inc, Schedule 13D/A, Beneficial Ownership, Share Sale, Equity Stake, NYSE, Oil and Gas, Energy Sector