GeoPark Limited, a leading independent Latin American oil and gas explorer, operator, and consolidator, today announced its work program for 2024. All figures are expressed in US Dollars.

2024 Work Program Summary ($80-90/bbl Brent)

Production: 37,000-40,000 boepd average production (assuming no production from the 2024 exploration drilling program), 1-10%(1) production growth versus 2023E.

The 2024 expected average production reflects growing production in Colombia and Ecuador (3-11%)(2), relatively flat production in Brazil and declining production in Chile.

Drilling plan: 35-45 gross wells, including 5-10 gross exploration wells and 30-35 appraisal and development wells.

Capital expenditures program: $150-200 million, with approximately 20-30% to be allocated to exploration and 70-80% to be allocated to the development and delineation of high-potential, short-cycle and near-field projects in the Llanos basin in Colombia and in the Oriente basin in Ecuador.

Assuming $80-90 per bbl Brent base case, GeoPark expects to generate an Adjusted EBITDA(3) of $420-550 million(4) in 2024, or 2-3 times total capital expenditures.

(1) Calculated using the mid-point of the 2023E average production of 36,000-37,000 boepd and the 2024E expected low and high production ranges of 37,000-40,000 boepd.
(2) Calculated using the 2024E expected low and high production ranges in Colombia and Ecuador.  
(3) The Company is unable to present a quantitative reconciliation of the 2024 Adjusted EBITDA which is a forward-looking non-GAAP measure, because the Company cannot reliably predict certain of the necessary components, such as write-off of unsuccessful exploration efforts or impairment loss on non-financial assets, etc. Since free cash flow is calculated based on Adjusted EBITDA, for similar reasons, the Company does not provide a quantitative reconciliation of the 2023 free cash flow forecast.
(4) Assuming a $4-5 Vasconia/Brent differential.

KeyFacts Energy: GeoPark Colombia country profile   l   GeoPark Argentina country profile   l   GeoPark Brazil country profile