Financial Statements - September 30, 2021

GEOPARK LIMITED

INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

AND EXPLANATORY NOTES

For the three-months and nine-months periods ended September 30, 2020 and 2021

GEOPARK LIMITED

SEPTEMBER 30, 2021

CONTENTS

Page

• Condensed Consolidated Statement of Income

• Condensed Consolidated Statement of Comprehensive Income
  5 Condensed Consolidated Statement of Financial Position
  6 Condensed Consolidated Statement of Changes in Equity
  7 Condensed Consolidated Statement of Cash Flow
  8 Explanatory Notes to the Interim Condensed Consolidated Financial Statements

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GEOPARK LIMITED

SEPTEMBER 30, 2021

CONDENSED CONSOLIDATED STATEMENT OF INCOME

		Three-months			Three-monthsNine-months	Nine-months
		period ended			period ended	period ended	period ended
		September 30,	September 30, September 30,	September 30,
		2021	2020		2021			2020
Amounts in US$ '000	Note	(Unaudited)			(Unaudited)	(Unaudited)	(Unaudited)
REVENUE	3	173,972		98,147		486,165			287,036
Commodity risk management contracts	4	(11,733)	2,722		(106,693)		25,602
Production and operating costs	5	(49,232)		(28,404)		(145,204)			(90,193)
Geological and geophysical expenses	6	(2,065)	(2,777)	(7,268)		(10,186)
Administrative expenses	7	(11,782)		(10,361)		(35,809)			(34,364)
Selling expenses	8	(1,792)	(1,294)	(5,344)		(4,894)
Depreciation		(23,641)		(26,695)		(66,802)			(89,318)
Write-off of unsuccessful exploration efforts	10	(4,201)	(575)	(12,262)		(3,780)
Impairment loss reversed (recognized) for
non-financial assets	10	13,307		(1,007)		13,307			(98,488)
Other expenses		(1,555)	(1,278)	(3,703)		(8,939)
OPERATING PROFIT (LOSS)		81,278		28,478		116,387			(27,524)
Financial expenses	9	(13,994)	(16,637)	(50,703)		(47,936)
Financial income	9	699		814		1,297			2,911
Foreign exchange gain (loss)	9	936	(674)	5,440			(6,735)
PROFIT (LOSS) BEFORE INCOME TAX		68,919		11,981		72,421			(79,284)
Income tax expense		(31,907)	(16,332)	(48,214)		(34,463)
PROFIT (LOSS) FOR THE PERIOD		37,012	(4,351)		24,207			(113,747)
Earnings (Losses) per share (in US$) for
profit (loss) attributable to owners of the
Company. Basic		0.61	(0.07)		0.40			(1.88)
Earnings (Losses) per share (in US$) for
profit (loss) attributable to owners of the
Company. Diluted		0.60	(0.07)		0.39			(1.88)

The above condensed consolidated statement of income should be read in conjunction with the accompanying notes.

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GEOPARK LIMITED

SEPTEMBER 30, 2021

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Three-months	Three-months	Nine-months	Nine-months
	period ended	period ended	period ended	period ended
	September 30,	September 30,	September 30,	September 30,
	2021	2020	2021	2020
Amounts in US$ '000	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
Profit (Loss) for the period	37,012	(4,351)	24,207	(113,747)
Other comprehensive income
Items that may be subsequently reclassified to
profit or loss:
Currency translation differences	(2,226)	(778)	(414)	(10,960)
Losses on cash flow hedges	-	-	-	(6,770)
Income tax relating to losses on cash flow
hedges	-	-	-	2,166
Other comprehensive loss for the period	(2,226)	(778)	(414)	(15,564)
Total comprehensive profit (loss) for the
period	34,786	(5,129)	23,793	(129,311)

The above condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

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			GEOPARK LIMITED
			SEPTEMBER 30, 2021
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
	Note	At September 30, 2021	Year ended
Amounts in US$ '000		(Unaudited)	December 31, 2020
ASSETS
NON CURRENT ASSETS
Property, plant and equipment	10	607,395	614,665
Right-of-use assets		20,925	21,402
Prepayments and other receivables		223	1,060
Other financial assets		13,790	13,364
Deferred income tax asset		13,585	18,168
TOTAL NON CURRENT ASSETS		655,918	668,659
CURRENT ASSETS
Inventories		13,832	13,326
Trade receivables		64,081	46,918
Prepayments and other receivables		14,923	27,263
Derivative financial instrument assets	15	12	1,013
Other financial assets		13	28
Cash and cash equivalents		76,845	201,907
Assets held for sale	18	25,641	1,152
TOTAL CURRENT ASSETS		195,347	291,607
TOTAL ASSETS		851,265	960,266
EQUITY
Equity attributable to owners of the Company
Share capital	11	61	61
Share premium		175,525	179,399
Reserves		87,007	92,216
Accumulated losses		(352,514)	(380,866)
TOTAL EQUITY		(89,921)	(109,190)
LIABILITIES
NON CURRENT LIABILITIES
Borrowings	12	656,806	766,897
Lease liabilities		12,210	11,457
Provisions and other long-term liabilities	13	61,369	82,370
Deferred income tax liability		8,643	7,190
Trade and other payables	14	1,435	4,886
TOTAL NON CURRENT LIABILITIES		740,463	872,800
CURRENT LIABILITIES
Borrowings	12	18,138	17,689
Lease liabilities		7,741	10,890
Derivative financial instrument liabilities	15	49,658	15,094
Current income tax liability		8,945	52,775
Trade and other payables	14	97,031	100,156
Liabilities associated with assets held for sale	18	19,210	52
TOTAL CURRENT LIABILITIES		200,723	196,656
TOTAL LIABILITIES		941,186	1,069,456
TOTAL EQUITY AND LIABILITIES		851,265	960,266

The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes.

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