Parex Resources Inc. Nomination and Acquisition Activities

Parex Resources Inc. has filed an amendment to its Schedule 13D, detailing its nomination of six independent directors to the GeoPark Limited Board and its proposal to acquire Frontera Petroleum International Holdings B.V. The nomination aims to ensure independent evaluation of value-maximizing transactions for GeoPark shareholders. The acquisition proposal for Frontera Petroleum, a subsidiary of Frontera Energy Corporation, is an all-cash offer of US$500 million plus debt assumption and a US$25 million contingent payment. This move by Parex, a significant GeoPark shareholder, could lead to changes in GeoPark's board composition, potential revisions to its shareholder rights plan, and reengagement regarding potential transactions. The acquisition of Frontera Petroleum is a separate strategic move to enhance Parex's position as a leading Colombian energy company.