GeoPark Reports Third Quarter 2023 Results

Exploration Successes Open Multiple Growth Fairways, Drilling Opportunities & New Plays

Consistently Strong Free Cash Flow

BOGOTA, Colombia–(BUSINESS WIRE)–GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, reports its consolidated financial results for the three-month period ended September 30, 2023 (“Third Quarter” or “3Q2023”). A conference call to discuss 3Q2023 financial results will be held on November 9, 2023, at 10:00 am (Eastern Standard Time).


All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This release does not contain all of the Company’s financial information and should be read in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the period ended September 30, 2023, available on the Company’s website.

THIRD QUARTER 2023 HIGHLIGHTS

Oil and Gas Production and Operations

  • 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
  • Full-year 2023 average production guidance is expected to be 36,000-37,000 boepd, lower than 38,000-40,000 boepd guidance previously announced mainly due to the delays in bringing back shut-in production
  • In late September 2023, the CPO-5 Block operator received approval from the regulator (ANH) to resume production in the Indico 6 and Indico 7 wells, which are currently producing approximately 8,000 bopd gross in aggregate
  • 12 rigs currently in operation (7 drilling rigs and 5 workover rigs), including 4 drilling rigs on exploration and appraisal wells

2023 Exploration Campaign Successes Open New Appraisal and Development Fairways

Llanos 123 Block (GeoPark operated, 50% WI) – Llanos Basin in Colombia:

  • The Toritos 1 exploration well initiated testing in September and is currently producing 1,300 bopd
  • GeoPark is adding a new appraisal well, the Toritos Norte 1, to be spudded before year-end (subject to joint venture approval)
  • Based on these positive results, GeoPark will pursue multiple potential drilling opportunities to be tested in 20241 (subject to joint venture approval)

Perico Block (GeoPark non-operated, 50% WI) – Oriente Basin in Ecuador:

  • GeoPark is developing a complete structural and stratigraphic geological model for the U-sand formation after three successful wells, Yin-2, Perico Centro 1 and Perico Norte 4, currently producing more than 2,700 bopd
  • The most recent appraisal well, the Perico Norte 4, initiated testing activities in early November and is currently producing approximately 1,230 bopd of 29 degrees API with a 6% water cut
  • GeoPark is adding a new appraisal well, the Perico Norte 5, to be spudded before year-end (subject to joint venture approval)
  • Based on these positive results, GeoPark will pursue multiple potential drilling opportunities to be tested in 2024 (subject to joint venture approval)

CPO-5 Block – Llanos Basin in Colombia:

  • The Halcon 1 exploration well reached total depth in late October, and will test exploration potential in the northern part of the CPO-5 Block, close to the Llanos 34 Block
  • Preliminary logging information indicates hydrocarbon potential in the Guadalupe formation and production tests are expected to initiate in late November
  • The operator will spud the Perico 1 exploration well (adjacent to Halcon 1) before year-end to continue delineating the Guadalupe play in the northern part of the block
____________________________

1 Please refer to the 2024 Work Program and Shareholder Return Framework published on November 8, 2023.

Llanos 87 Block (GeoPark operated, 50% WI) – Llanos Basin in Colombia:

  • The Zorzal Este 1 exploration well reached total depth in early November
  • Preliminary logging information indicates hydrocarbon potential in the Barco (Guadalupe) formation and production tests are expected to initiate in mid-November
  • GeoPark plans to add a new appraisal well, the Zorzal Este 2, to be spudded before year-end (subject to joint venture approval)
  • Based on these positive results, GeoPark will pursue multiple potential drilling opportunities to be tested in 2024 (subject to joint venture approval)

Llanos 34 Block (GeoPark operated, 45% WI) – Llanos Basin in Colombia:

  • The first three horizontal wells are currently producing approximately 4,600 bopd combined
  • The fourth horizontal development well initiated testing in early November 2023 and is currently producing approximately 3,450 bopd from the Mirador formation
  • The fourth horizontal well was drilled faster, to a longer lateral length, and at a lower cost compared to the first three horizontal wells

Revenue, Adjusted EBITDA and Net Profit

  • Revenue of $192.1 million
  • Adjusted EBITDA of $115.2 million (60% Adjusted EBITDA margin)
  • Operating profit of $80.5 million (42% operating profit margin)
  • Cash flow from operations of $92.6 million
  • Net profit of $24.8 million ($0.44 basic and diluted earnings per share)

Cost and Capital Efficiency as Key Differentiators

  • Capital expenditures of $44.1 million
  • 3Q2023 Adjusted EBITDA to capital expenditures ratio of 2.6x
  • Last twelve-month return on capital employed (ROCE) of 42%2

Lower Financial Expenses and Strengthened Balance Sheet

  • Cash in hand of $106.3 million (up from $86.4 million as of June 30, 2023)
  • Financial expenses decreased to $12.5 million (from $14.1 million), after reducing gross debt by $275 million from April 2021 to December 2022
  • Net leverage of 0.8x and no principal debt maturities until 2027
  • $80 million committed credit facility in place, with no amounts drawn

Accelerated Shareholder Returns

  • Quarterly dividend of $0.134 per share, or $7.5 million in the aggregate, payable on December 11, 2023
  • Equivalent to an annualized dividend of approximately $30 million (or $0.535 per share), a 5% dividend yield3)
  • Completed share buyback program after acquiring 2.2 million shares (or 4% of total shares outstanding) for $23.6 million since November 2022
  • Expected to return over $50 million in 2023 through dividends and buybacks, exceeding the 40-50% free cash flow target
  • Renewed discretionary share buyback program for up to 10% of shares outstanding until December 2024

Upcoming Activities

  • Drilling 10-12 gross wells in 4Q2023, targeting attractive conventional, short-cycle projects
  • Key projects include:
    • CPO-5 Block: Testing the Halcon 1 exploration well and spudding the Perico 1 exploration well before year-end
    • Llanos 123 Block: Currently drilling the Bisbita Centro 1 exploration well, expected to reach total depth in mid-November, and spudding the Toritos Norte 1 appraisal well before year-end (subject to joint venture approval)
    • Llanos 87 Block: Testing the Zorzal Este 1 exploration well and spudding the Zorzal Este 2 appraisal well before year-end (subject to joint venture approval)
    • Llanos 34 Block: Currently drilling one additional horizontal development well and spudding an additional horizontal well before year-end
    • Perico Block: Spudding the Perico Norte 5 appraisal well before year-end (subject to joint venture approval)
    • Llanos 86 and Llanos 104 Blocks (GeoPark operated, 50% WI): Preliminary activities underway targeting the acquisition of over 650 square kilometers of 3D seismic to expand the inventory of exploration prospects
____________________________

2 ROCE is defined as last twelve-month operating profit divided by average total assets minus current liabilities.

3 Based on GeoPark’s average market capitalization from October 1 to October 31, 2023.

Andrés Ocampo, Chief Executive Officer of GeoPark, said: “Our team and portfolio have again delivered with the opening up of multiple new exciting growth fairways for further development following our recent drilling successes. The 2024 self-funded and flexible work program, announced today, builds on these successes to pursue multiple potential drilling opportunities to be tested in 2024. We will continue delivering on our commitment to return value to shareholders while maintaining a strong balance sheet, reducing emissions, and strengthening our relationship with our neighbors.”

CONSOLIDATED OPERATING PERFORMANCE

Key performance indicators:

Key Indicators

3Q2023

2Q2023

3Q2022

9M2023

9M2022

Oil productiona (bopd)

32,510

33,672

34,875

33,323

34,886

Gas production (mcfpd)

13,610

17,453

21,126

15,898

22,799

Average net production (boepd)

34,778

36,581

38,396

35,973

38,686

Brent oil price ($ per bbl)

86.0

78.2

98.2

82.2

101.9

Combined realized price ($ per boe)

68.3

59.5

77.5

62.9

81.2

⁻ Oil ($ per bbl)

74.6

64.3

85.9

68.4

89.7

⁻ Gas ($ per mcf)

4.4

5.0

4.5

4.7

4.8

Sale of crude oil ($ million)

184.7

173.8

248.7

533.6

784.1

Sale of purchased crude oil ($ million)

2.2

1.2

1.0

4.1

6.3

Sale of gas ($ million)

5.3

7.3

8.6

19.1

28.2

Revenue ($ million)

192.1

182.3

258.2

556.9

818.6

Commodity risk management contracts b ($ million)

0.0

0.0

23.0

0.0

(70.7)

Production & operating costsc ($ million)

(58.2)

(60.7)

(87.1)

(171.4)

(282.8)

G&G, G&Ad ($ million)

(14.1)

(13.9)

(16.7)

(39.9)

(43.2)

Selling expenses ($ million)

(3.8)

(2.2)

(2.0)

(8.3)

(5.2)

Operating profit ($ million)

80.5

69.5

145.4

226.6

347.4

Adjusted EBITDA ($ million)

115.2

103.9

141.3

334.0

408.7

Adjusted EBITDA ($ per boe)

41.0

33.9

42.4

37.7

40.6

Net profit ($ million)

24.8

33.8

73.4

84.8

172.2

Capital expenditures ($ million)

44.1

43.4

43.4

132.4

115.2

Cash and cash equivalents ($ million)

106.3

86.4

93.0

106.3

93.0

Short-term financial debt ($ million)

5.7

12.5

6.8

5.7

6.8

Long-term financial debt ($ million)

487.6

486.8

484.3

487.6

484.3

Net debt ($ million)

387.0

412.9

398.1

387.0

398.1

Dividends paid ($ per share)

0.132

0.130

0.127

0.392

0.291

Shares repurchased (million shares)

0.500

1.082

1.110

2.224

1.802

Basic shares – at period end (million shares)

56.118

56.570

58.543

56.118

58.543

Weighted average basic shares (million shares)

56.513

57.114

59.029

57.155

59.691

a)

Includes royalties and other economic rights paid in kind in Colombia for approximately 5,045 bopd, 2,952 bopd and 911 bopd in 3Q2023, 2Q2023 and 3Q2022, respectively. No royalties were paid in kind in other countries. Production in Ecuador is reported before the Government’s production share.

b)

Please refer to the Commodity Risk Management Contracts section below.

c)

Production and operating costs include operating costs, royalties and economic rights paid in cash, share based payments and purchased crude oil.

d)

G&A and G&G expenses include non-cash, share-based payments for $1.7 million, $1.7 million, and $3.9 million in 3Q2023, 2Q2023 and 3Q2022, respectively. These expenses are excluded from the Adjusted EBITDA calculation.

Production: Oil and gas production in 3Q2023 was 34,778 boepd, down by 9% compared to 3Q2022, due to lower production in Colombia, Chile, Brazil and Ecuador. Oil represented 93% and 91% of total reported production in 3Q2023 and 3Q2022, respectively.

Deliveries: Oil and gas deliveries to GeoPark’s offtakers in 3Q2023 totaled 30,559 boepd, down by 16% compared to 3Q2022, mainly due to lower consolidated production and higher royalties and economic rights paid in kind, which was partially offset by a reduction in inventories.

The mix of royalties and economic rights paid in kind versus in cash affects Revenue and Production and operating costs but it is neutral at the Adjusted EBITDA level. In 3Q2023, royalties and economic rights paid in kind increased significantly compared to 3Q2022, resulting in lower revenue and lower production and operating costs (due to lower cash royalties and economic rights paid in cash).

Reference and Realized Oil Prices: Brent crude oil prices decreased by 12% to $86.0 per bbl during 3Q2023, and the consolidated realized oil sales price decreased by 13% to $74.6 per bbl in 3Q2023.

A breakdown of reference and net realized oil prices in relevant countries in 3Q2023 and 3Q2022 is shown in the tables below:

3Q2023 – Realized Oil Prices

($ per bbl)

Colombia

Chile

Ecuador

Brent oil price (*)

84.8

89.6

83.4

Local marker differential

(4.3)

Commercial, transportation discounts & other

(5.8)

(14.2)

(12.3)

Realized oil price

74.7

75.4

71.1

Weight on oil sales mix

96%

1%

3%

3Q2022 – Realized Oil Prices

($ per bbl)

Colombia

Chile

Ecuador

Brent oil price (*)

98.2

98.2

98.2

Local marker differential

(3.8)

Commercial, transportation discounts & other

(8.7)

(4.8)

(5.2)

Realized oil price

85.7

93.4

93.0

Weight on oil sales mix

98%

1%

1%

 

(*) Corresponds to the average month of sale price ICE Brent for Colombia and Ecuador, and Dated Brent for Chile.

Revenue: Consolidated revenue decreased by 26% to $192.1 million in 3Q2023, compared to $258.2 million in 3Q2022, mainly reflecting lower oil and gas prices and lower deliveries.

Sales of crude oil: Consolidated oil revenue decreased by 26% to $184.7 million in 3Q2023, mainly due to a 13% decrease in realized oil prices and 13% lower deliveries. Oil revenue was 96% of total revenue in 3Q2023 and 3Q2022.

The table below provides a breakdown of crude oil revenue in 3Q2023 and 3Q2022:

Oil Revenue (In millions of $)

3Q2023

3Q2022

Colombia (*)

178.0

243.6

Chile

1.0

3.0

Brazil

0.1

0.2

Ecuador

5.6

1.9

Oil Revenue

184.7

248.7

(*) Net of Commodity risk management contracts designated as cash flow hedges.

  • Colombia: 3Q2023 oil revenue decreased by 27% to $178.0 million, reflecting lower realized oil prices and lower oil deliveries. Realized prices decreased by 13% to $74.7 per bbl due to lower Brent oil prices while oil deliveries decreased by 16% to 27,022 bopd. Earn-out payments decreased to $7.2 million in 3Q2023, compared to $9.3 million in 3Q2022 in line with lower oil prices. Commodity risk management contracts designated as cash flow hedges amounted to $0.7 million in 3Q2023, reflecting hedges with ceiling prices below actual Brent oil prices during the quarter.
  • Chile: 3Q2023 oil revenue decreased by 66% to $1.0 million, reflecting lower realized prices and lower oil deliveries. Realized prices decreased by 19% to $75.4 per bbl due to lower Brent oil prices while oil deliveries decreased by 57% to 147 bopd, affected by temporarily shut-in oil production due to commercial negotiations with ENAP, the oil offtaker in Chile. GeoPark reached an agreement with ENAP and as of August 2023, it gradually started reopening temporarily shut-in oil production of 400 bopd.
  • Ecuador: 3Q2023 oil revenue increased by 190% to $5.6 million, reflecting higher deliveries that were partially offset by lower realized prices. Oil deliveries increased by 279% to 859 bopd while realized prices decreased by 24% to $71.1 per bbl. Deliveries in Ecuador are net of the Government’s production share.

Sales of purchased crude oil: 3Q2023 sales of purchased crude oil increased 125% to $2.2 million, which corresponds to oil trading operations (purchasing and selling crude oil from third parties with the cost of the oil purchased being reflected in production and operating costs). Sales of purchased crude oil were 1% of total revenue in 3Q2023 and 3Q2022.

Sales of gas: Consolidated gas revenue decreased by 39% to $5.3 million in 3Q2023 compared to $8.6 million in 3Q2022, reflecting 37% lower gas deliveries and 3% lower gas prices. Gas revenue was 3% of total revenue in 3Q2023 and 3Q2022.

The table below provides a breakdown of gas revenue in 3Q2023 and 3Q2022:

Gas Revenue (In millions of $)

3Q2023

3Q2022

Chile

2.4

4.2

Brazil

2.6

4.3

Colombia

0.3

0.1

Gas Revenue

5.3

8.6

  • Chile: 3Q2023 gas revenue decreased by 43% to $2.4 million, reflecting lower gas deliveries and lower gas prices. Gas deliveries fell by 32% to 7,988 mcfpd (1,331 boepd). Gas prices were 16% lower, at $3.2 per mcf ($19.4 per boe) in 3Q2023.
  • Brazil: 3Q2023 gas revenue decreased by 40% to $2.6 million, reflecting lower gas deliveries, partially offset by higher gas prices. Gas deliveries decreased by 49% from the Manati gas field to 4,392 mcfpd (732 boepd). Gas prices increased by 18% to $6.4 per mcf ($38.4 per boe) in 3Q2023.

Commodity Risk Management Contracts: Consolidated commodity risk management contracts amounted to zero in 3Q2023, compared to a $23.0 million gain in 3Q2022.

The table below provides a breakdown of realized and unrealized commodity risk management charges in 3Q2023 and 3Q2022:

Commodity Risk Management (In millions of $)

3Q2023

3Q2022

Realized loss

(13.8)

Unrealized gain

36.8

Commodity Risk Management Contracts

23.0

In 3Q2023 GeoPark had zero cost collars covering 9,000 bopd including purchased puts with an average price of $70.0 per bbl and sold calls at an average price of $94.7 per bbl. As from January 1, 2023 Commodity risk management contracts are designated and qualify as cash flow hedges, so that realized gains or losses are recorded in Revenue.

Please refer to the “Commodity Risk Management Contracts” section below for a description of hedges in place as of the date of this release.

Production and Operating Costs: Consolidated production and operating costs decreased to $58.2 million from $87.1 million, mainly resulting from lower royalties and economic rights paid in cash (due to lower oil prices and higher royalties and economic rights paid in kind), partially offset by higher operating costs.

The table below provides a breakdown of production and operating costs in 3Q2023 and 3Q2022:

Production and Operating Costs (In millions of $)

3Q2023

3Q2022

Royalties paid in cash

(0.8)

(15.5)

Economic rights paid in cash

(14.8)

(47.0)

Operating costs

(40.6)

(23.6)

Purchased crude oil

(1.9)

(0.7)

Share-based payments

(0.2)

(0.3)

Production and Operating Costs

(58.2)

(87.1)

Consolidated royalties paid in cash amounted to $0.8 million in 3Q2023 compared to $15.5 million in 3Q2022, in line with lower oil prices and higher volumes of royalties being paid in kind.

Consolidated economic rights paid in cash (including high price participation, x-factor and other economic rights paid to the Colombian Government in cash) amounted to $14.8 million in 3Q2023 compared to $47.0 million in 3Q2022, in line with lower oil prices and higher volumes of economic rights paid in kind.

Consolidated operating costs increased to $40.6 million in 3Q2023 compared to $23.6 million in 3Q2022, reflecting higher energy costs due to lower availability of hydroelectric power in Colombia and inflationary pressures.

The breakdown of operating costs is as follows:

  • Colombia: Total operating costs increased to $33.5 million in 3Q2023 from $19.4 million in 3Q2022, mainly due to higher operating costs per boe, partially offset by lower deliveries (deliveries in Colombia decreased by 16%). Increased operating costs per boe in 3Q2023 mainly reflected higher energy costs due to a drought affecting the energy matrix in Colombia with lower availability of hydroelectric power, as well as inflationary pressures (the general inflation index was approximately 8% in 9M2023).
  • Chile: Total operating costs decreased to $1.8 million in 3Q2023 from $2.6 million in 3Q2022, mainly due to lower oil and gas deliveries (deliveries in Chile decreased by 36%), partially offset by higher operating costs per boe.
  • Brazil: Total operating costs increased to $1.2 million in 3Q2023 from $0.8 million in 3Q2022, due to higher operating costs per boe, partially offset by lower gas deliveries from the Manati field (deliveries in Brazil decreased by 49%).
  • Ecuador: Total operating costs increased to $4.1 million in 3Q2023 from $0.6 million in 3Q2022, mainly due to higher deliveries (deliveries in Ecuador increased by 279%) and higher operating costs per boe.

Consolidated purchased crude oil charges amounted to $1.9 million in 3Q2023 compared to $0.7 million in 3Q2022, which corresponds to oil trading operations (purchasing and selling crude oil from third parties with the sale of purchased oil being reflected in Revenue).

Selling Expenses: Consolidated selling expenses increased to $3.8 million in 3Q2023 compared to $2.0 million in 3Q2022.

Geological & Geophysical Expenses: Consolidated G&G expenses increased to $2.6 million in 3Q2023 compared to $2.3 million in 3Q2022.

Administrative Expenses: Consolidated G&A decreased to $11.6 million in 3Q2023 compared to $14.3 million in 3Q2022.

Adjusted EBITDA: Consolidated Adjusted EBITDA4 decreased by 18% to $115.2 million in 3Q2023 (on a per boe basis, Adjusted EBITDA decreased to $41.0 per boe in 3Q2023 from $42.4 per boe in 3Q2022).

 ____________________________

4See “Reconciliation of Adjusted EBITDA to Profit Before Income Tax” included in this press release.

Adjusted EBITDA (In millions of $)

3Q2023

3Q2022

Colombia

115.6

139.1

Chile

1.0

3.6

Brazil

0.6

2.5

Argentina

(0.9)

(1.6)

Ecuador

0.7

0.7

Corporate

(1.7)

(3.0)

Adjusted EBITDA

115.2

141.3

The table below shows production, volumes sold and the breakdown of the most significant components of Adjusted EBITDA for 3Q2023 and 3Q2022, on a per boe basis:

Adjusted EBITDA/boe

Colombia

Chile

Brazil

Ecuador

Totald

 

3Q23

3Q22

3Q23

3Q22

3Q23

3Q22

3Q23

3Q22

3Q23

3Q22

Production (boepd)

31,780

33,338

1,565

2,425

774

1,439

659

1,194

34,778

38,396

Inventories, RIK & Othera

(4,645)

(1,212)

(86)

(121)

(29)

19

202

(967)

(4,219)

(2,175)

Sales volume (boepd)

27,135

32,126

1,479

2,304

745

1,458

861

227

30,559

36,221

% Oil

99.6%

99.8%

10%

15%

2%

1%

100%

100%

93%

90%

($ per boe)

 

 

 

 

 

 

 

 

 

 

Realized oil price

74.7

85.7

75.4

93.4

88.1

100.1

71.1

93.0

74.6

85.9

Realized gas pricec

28.7

27.1

19.4

23.1

38.4

32.5

26.3

27.1

Realized commodity risk management contracts (Cash flow hedge)

(0.3)

(0.2)

Earn-out

(2.9)

(3.2)

(2.8)

(2.8)

Combined Price

71.4

82.5

24.9

33.7

39.3

33.4

71.1

93.0

68.4

77.5

Realized commodity risk management contracts

(4.7)

(4.2)

Operating costse

(14.2)

(6.7)

(14.4)

(12.4)

(21.2)

(8.7)

(51.7)

(30.7)

(15.3)

(7.3)

Royalties & economic rights

(6.1)

(21.0)

(0.9)

(1.3)

(3.1)

(2.6)

(5.5)

(18.8)

Purchased crude oilb

(0.7)

(0.3)

Selling & other expenses

(1.3)

(0.5)

(0.4)

(0.4)

(0.0)

(4.7)

(19.6)

(1.3)

(0.6)

Operating Netback/boe

49.8

49.6

9.2

19.6

15.0

22.1

14.8

42.7

45.6

46.4

G&A, G&G & other

 

 

 

 

 

 

 

 

(4.6)

(4.0)

Adjusted EBITDA/boe

 

 

 

 

 

 

 

 

41.0

42.4

a)

RIK (Royalties in kind) & Other: Includes royalties and other economic rights paid in kind in Colombia for approximately 5,045 bopd and 911 bopd in 3Q2023 and 3Q2022, respectively. No royalties were paid in kind in Chile, Brazil or Ecuador. Production in Ecuador is reported before the Government’s production share.

b)

Reported in the Corporate business segment.

c)

Conversion rate of $mcf/$boe=1/6.

d)

Includes amounts recorded in the Corporate business segment.

e)

Operating costs per boe included in this table include certain adjustments to the reported figures (IFRS 16 and others).

Operating costs per boe in Colombia are affected by the mix of royalties and economic rights paid in kind versus paid in cash, as operating cost per boe is calculated as total operating costs (including the cost to produce barrels that are used to pay royalties and economic rights in kind) divided by barrels delivered to GeoPark’s offtakers (after royalties and economic rights paid in kind).

Depreciation: Consolidated depreciation charges increased to $29.8 million in 3Q2023 compared to $21.4 million in 3Q2022.

Write-off of unsuccessful exploration efforts: The consolidated write-off of unsuccessful exploration efforts amounted to $9.3 million in 3Q2023 compared to $5.9 million in 3Q2022. Amounts recorded in 3Q2023 correspond to unsuccessful exploration efforts in the Llanos 124 Block (GeoPark operated, 50% WI), and to a lesser extent in the Llanos 34 Block, both in Colombia.

Contacts

INVESTORS:

Stacy Steimel

Shareholder Value Director

T: +562 2242 9600

ssteimel@geo-park.com

Miguel Bello

Market Access Director

T: +562 2242 9600

mbello@geo-park.com

Diego Gully

Investor Relations Director

T: +55 21 99636 9658

dgully@geo-park.com

MEDIA:

Communications Department

communications@geo-park.com

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