GeoPark Limited, a leading independent Latin American oil and gas explorer, operator and consolidator, today announces its operational update for the three-month period ended September 30, 2023.

• Oil and Gas Production Back Online
• GeoPark is currently producing approximately 39,000 boepd(1)
• 3Q2023 consolidated average oil and gas production of 34,778 boepd, below its potential mainly due to temporarily shut-in production in the CPO-5 block (GeoPark non-operated, 30% WI) in Colombia and in the Fell block (GeoPark operated, 100% WI) in Chile
• 12 rigs currently in operation (7 drilling rigs and 5 workover rigs), including 5 drilling rigs on exploration and appraisal wells

Colombia - Llanos Basin: New Exploration Success and Drilling High-Potential Prospects

Llanos 34 Block (GeoPark operated, 45% WI): 

• The third horizontal development well initiated testing in early October 2023 and is currently producing approximately 1,800 bopd from the Mirador formation
• GeoPark has already spudded the fourth and fifth horizontal wells, which are expected to reach total depth in November 2023
• The block is currently producing approximately 54,200 bopd gross (vs 53,367 bopd gross in 3Q2023) 

CPO-5 Block:

• The operator spudded the Halcon 1 exploration well in late September, targeting the exploration potential of the Guadalupe formation in the northern part of the CPO-5 block, close to the southern part of the Llanos 34 block, expected to reach total depth in late October 2023
• In late September 2023, the operator received approval from the regulator (ANH) to resume production in the Indico 6 and Indico 7 wells(2), which are currently producing 7,500-8,000 bopd gross in aggregate. These wells could potentially increase and stabilize their combined production at approximately 9,000 bopd gross before year-end, depending on reservoir performance
• The block is currently producing approximately 23,800 bopd gross (vs 16,877 bopd gross in 3Q2023)

Llanos 123 Block (GeoPark operated, 50% WI-Hocol 50% WI): 

• The Toritos 1 exploration well reached total depth in September 2023
• Logging information indicated hydrocarbon potential in the Barco (Guadalupe) and Gacheta formations
• The well initiated testing activities in late September 2023 and is currently producing approximately 1,370 bopd of 14 degrees API with a 1.5% water cut from the Barco (Guadalupe) formation
• The block is currently producing approximately 2,140 bopd gross (vs 626 bopd gross in 3Q2023)

Ecuador - Oriente Basin: New Exploration Success

Perico Block (GeoPark non-operated, 50% WI): 

• The Perico Centro 1 exploration well reached total depth in September 2023 
• Preliminary logging information indicated hydrocarbon potential in the U-sand formation
• The well initiated testing in late September 2023 and is currently producing approximately 830 bopd of 28 degrees API with a 1% water cut
• The block is currently producing approximately 2,400 bopd gross (vs 1,318 bopd gross in 3Q2023)
• Returning More Value to Shareholders and Maintaining a Strong Balance Sheet
• Quarterly Dividend of $0.132 per share, or $7.5 million, paid on September 7, 2023, representing an annualized dividend of approximately $30 million (or $0.52 per share), a 5% dividend yield3
• Repurchased 2.2 million shares, or 4% of total shares outstanding, for $23.6 million since January 1, 2023
• Cash and cash equivalents of $106 million4 as of September 30, 2023

Upcoming Catalysts 

• Drilling 10-12 gross wells in 4Q2023, targeting attractive conventional, short-cycle development and exploration projects

Key projects include: 

• CPO-5 block: Currently drilling the Halcon 1 exploration well
• Llanos 123 block: Currently drilling the Bisbita Centro 1 exploration well 
• Llanos 87 block (GeoPark operated, 50% WI-Hocol 50% WI): Currently drilling the Zorzal Este 1 exploration well 
• Llanos 34 block: Currently drilling 2 additional horizontal development wells
• Perico block: Currently drilling the Perico Norte 4 appraisal well

GeoPark Chief Financial Officer Transition

GeoPark announced that Veronica Davila, Chief Financial Officer, will be stepping down from her role to pursue new career opportunities effective November 30, 2023. The Company has commenced a formal search process for a replacement and has appointed Ignacio Mazariegos to serve as interim Chief Financial Officer, upon Ms. Davila’s departure.

Mr. Mazariegos joined GeoPark in 2010 and currently serves as Director of New Business, where he leads and supports the Company’s growth and profitability through acquisitions and strategic partnerships. Mr. Mazariegos and Ms. Davila will work closely over the coming weeks to ensure a smooth transition.

Andres Ocampo, Chief Executive Officer said:
“On behalf of our entire team, I would like to thank Veronica for her commitment and contributions to GeoPark. Since joining the Company in 2016, Veronica has been a valuable team member, and we wish her well in her future endeavors.”

KeyFacts Energy: GeoPark Colombia country profile   l   Ecuador