GeoPark, a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina, this week announced its independent oil and gas reserves assessment, certified by DeGolyer and MacNaughton (D&M), under PRMS methodology, as of December 31, 2020.

All reserves included in this release refer to GeoPark working interest reserves before royalties paid in kind, except when specified. All figures are expressed in US Dollars. 
 
Year-End Certified 2020 D&M Oil and Gas Reserves and Highlights:

Building on GeoPark’s core base Llanos 34 block (GeoPark operated, 45% WI), adding Amerisur’s growing production and reserves, and following a limited 2020 work program with a focus on lower risk projects, the Company reports:   

Colombia Reserves 

• PD Reserves: Proven developed (PD) reserves in Colombia increased 13% to 48.0 mmboe, with a PD reserve life index (RLI) of 3.9 years
• 1P Reserves: Proven (1P) reserves in Colombia remained steady at 95.2 mmboe, with a 1P RLI of 7.8 years. Net present value after tax discounted at 10% (NPV10 after tax) of 1P reserves decreased by 6% to $1.5 billion due to a lower price deck 
• 2P Reserves: Proven and probable (2P) reserves in Colombia increased 9% to 141.0 mmboe, with a 2P RLI of 11.6 years. NPV10 after tax of 2P reserves increased by 3% to $2.1 billion 
• 3P Reserves: Proven, probable and possible (3P) reserves in Colombia increased 28% to 216.4 mmboe, with a 3P RLI of 17.8 years. NPV10 after tax of 3P reserves increased by 17% to $3.1 billion
• CPO-5 Block Reserves: Gross 2P and 3P reserves in the CPO-5 block (GeoPark non-operated, 30% WI) of 70.5 mmbbl and 167.0 mmbbl, respectively, reflecting the significant potential of the existing Indico and Mariposa light oil fields in the CPO-5 block - with net 2P and 3P reserves of 21.1 mmbbl and 50.1 mmbbl, respectively
• Reserve Additions and Replacement Ratios: After record production of 12.2 mmbbl, the Company added 17.8 mmboe of PD reserves and 24.2 mmboe of 2P reserves, achieving 146% and 199% reserve replacement of PD and 2P reserves, respectively 

Consolidated Reserves

• PD Reserves: PD reserves increased 12% to 58.5 mmboe, with a PD RLI of 4.0 years
• 1P Reserves: 1P reserves decreased 2% to 109.3 mmboe, with 1P RLI of 7.4 years. NPV10 after tax of 1P reserves decreased by 10% to $1.6 billion
• 2P Reserves: 2P reserves increased 6% to 174.7 mmboe, with a 2P RLI of 11.9 years. NPV10 after tax of 2P reserves remained steady at $2.5 billion
• 3P Reserves: 3P reserves increased 19% to 270.9 mmboe, with a 2P RLI of 18.4 years. NPV10 after tax of 2P reserves increased by 12% to $3.7 billion
• Reserve Additions and Replacement Ratios: After record production of 14.7 mmboe, the Company added 20.8 mmboe of PD reserves and 24.0 mmboe of 2P reserves, achieving, respectively, 141% and 163% replacement of PD and 2P reserves

Net Present Value and Value Per Share 

• GeoPark’s 2P NPV10 after tax of $2.5 billion 
• GeoPark’s net debt-adjusted 2P NPV10 after tax of $31.3 per share ($25.5 per share corresponding to Colombia)

Enhanced Exploration Inventory with Over 750 Mllion Bbl Recoverable Resource Potential in Colombia   

• CPO-5 block: 400-900 mmbbl gross recoverable exploration resources, or 120-270 mmbbl net to GeoPark  
• Other Llanos basin blocks: 110-210 mmbbl recoverable exploration resources, net to GeoPark
• Putumayo basin blocks: 150-300 mmbbl recoverable exploration resources, net to GeoPark
• Oriente basin (Ecuador) blocks: 14-29 mmbbl recoverable exploration resources, net to GeoPark

James F. Park, Chief Executive Officer of GeoPark, said: 
“Thanks and congratulations to our team for these strong 2020 results in a remarkably challenging year with so much of our focus on keeping our people and communities safe and healthy and with significantly reduced work programs. We previously reported on our success in growing production in 2020 for the 18th straight year. So, after a record production year (and after adjusting for the divestment of our non-producing Morona block), we were able to replace all of our produced oil and gas and continue growing our total PD, 2P and 3P reserves. This again highlights the quality of our assets, the benefits of our self-funded flexible work program, and our ability to effectively allocate capital even in the toughest environments. Our large, certified reserve base gives us a powerful inventory of low-risk, low-cost development drilling opportunities to continue to generate and grow cash flow over the short and medium-term. Additional good news is the big exploration resource certification on our expanded acreage in Colombia that demonstrates the attractiveness of our land position—as well as the extensive running room we have in the short, medium, and long-term.”

KeyFacts Energy: GeoPark Colombia country profile