FOR IMMEDIATE DISTRIBUTION

GEOPARK ANNOUNCES CONSOLIDATED 2021 CERTIFIED 2P RESERVES OF 159

MILLION BOE WITH NET PRESENT VALUE (AFTER TAX) OF $2.3 BILLION

IN COLOMBIA:

2021 CERTIFIED 2P RESERVES OF 136 MILLION BOE

WITH NET PRESENT VALUE (AFTER TAX) OF $2.0 BILLION

117% RESERVE REPLACEMENT OF PROVEN DEVELOPED RESERVES

Bogota, Colombia - January 31, 2022 - GeoPark Limited ("GeoPark" or the "Company") (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announced its independent oil and gas reserves assessment, certified by DeGolyer and MacNaughton (D&M), under PRMS methodology, as of December 31, 2021.

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. Definitions of terms are provided in the Glossary on page 12.

2021 Year-End D&M Certified Oil and Gas Reserves and Highlights:

Building on GeoPark's core base in the Llanos 34 (GeoPark operated, 45% WI) and CPO-5 (GeoPark non- operated, 30% WI) blocks, the Company reports:

Colombia Reserves

  • PD Reserves: Proven developed (PD) reserves in Colombia of 49.9 mmboe, with a PD reserve life index (RLI) of 4.4 years
  • 1P Reserves: Proven (1P) reserves in Colombia of 82.2 mmboe, with a 1P RLI of 7.2 years. Net present value after tax discounted at 10% (NPV10 after tax) of 1P reserves of $1.3 billion
  • 2P Reserves: Proven and probable (2P) reserves in Colombia of 135.8 mmboe, with a 2P RLI of 11.9 years. NPV10 after tax of 2P reserves of $2.0 billion
  • 3P Reserves: Proven, probable and possible (3P) reserves in Colombia of 211.0 mmboe, with a 3P RLI of 18.5 years. NPV10 after tax of 3P reserves of $2.9 billion
  • Development Capital: Future development capital to develop 1P, 2P and 3P reserves in Colombia of $1.9 per barrel, $1.7 per barrel and $1.6 per barrel, respectively
  • Llanos 34 Block: Low risk development and new field extensions with reserve upside potential to be tested in 2022
    o Net PD reserve additions of 12.0 mmbbl (a 131% PD reserve replacement) o Net 2P reserve additions of 7.3 mmbbl (a 78% 2P reserve replacement)
    o Net 3P reserve additions of 9.5 mmbbl (a 100% 3P reserve replacement) o 1P RLI of 7.9 years, 2P RLI of 11.5 years and 3P RLI of 16.0 years
    o Average gross production in 2021 was 55,971 bopd with an exit rate above 60,000 bopd
  • CPO-5Block1: Continued strong reservoir performance in the Indico oil field
  1. Net 1P reserves of 5.1 mmbbl, Net 2P reserves of 20.0 mmbbl and Net 3P reserves of 48.8 mmbbl (1P RLI of 3.6 years, 2P RLI of 14.7 years and 3P RLI of 36.1 years)
  1. The 2021 drilling campaign initiated in December 2021 with the spud of the Indico 4 development well
  1. The operator, ONGC Videsh, is accelerating drilling activities in 2022 targeting to drill 7-8 gross wells (1-2 development wells and 6-7 exploration wells) with two contracted drilling rigs

Consolidated Reserves2

  • PD Reserves: PD reserves of 58.1 mmboe, with a PD RLI of 4.2 years
  • 1P Reserves: 1P reserves of 91.6 mmboe, with a 1P RLI of 6.7 years. NPV10 after tax of 1P reserves of $1.4 billion
  • 2P Reserves: 2P reserves of 159.2 mmboe, with a 2P RLI of 11.6 years. NPV10 after tax of 2P reserves of $2.3 billion
  • 3P Reserves: 3P reserves of 248.3 mmboe, with a 2P RLI of 18.1 years. NPV10 after tax of 3P reserves of $3.4 billion
  • Future Development Capital: Future development capital to develop 1P, 2P and 3P reserves of $2.0 per barrel, $2.3 per barrel and $2.2 per barrel, respectively
  • Portfolio Management: Divestment of non-core Aguada Baguales, El Porvenir and Puesto Touquet (GeoPark operated, 100% WI) blocks in Argentina and of the Manati gas field (GeoPark non-operated, 10% WI) in Brazil are currently underway, representing 100% of GeoPark's reserves in Argentina and Brazil
    o Excluding reserves from Argentina and Brazil, GeoPark's consolidated reserves would amount to 53.7 mmboe, 86.6 mmboe, 153.1 mmboe and 241.4 mmboe of PD, 1P, 2P and 3P reserves, respectively

Net Present Value and Value Per Share

  • GeoPark's 2P NPV10 after tax of $2.3 billion
  • GeoPark's net debt-adjusted 2P NPV10 after tax of $28.9 per share ($24.0 per share corresponding to Colombia)
  1. GeoPark non-operated, 30% WI, ONGC Videsh operated, 70% WI.
  2. Consolidated figures include reserves in the Aguada Baguales, El Porvenir and Puesto Touquet blocks in Argentina and in the Manati gas field in Brazil that are being divested. The Argentina transaction is expected to close in late January or early February 2022, whereas the Brazil transaction is still subject to several conditions that should be met before March 31, 2022 and that have not been met as of the date of this release.

2

2022 Work Program: Superior Free Cash Flow3 Plus Multiple Catalysts to Grow Production and Test High Potential Prospects

Self-funded 2022 capital expenditures program of $160-180 million to drill 40-48 gross wells, including an extensive exploration drilling program of 15-20 gross wells that targets high-potential,short-cycle and near-field projects adjacent to the Llanos 34 block plus other exploration targets in Colombia and Ecuador

  • At $65-70/bbl Brent the program would generate $90-140 million free cash flow, or 11-18% free cash flow yields
  • At $75-80/bbl Brent the program would generate $170-210 million free cash flow, or 21-26% free cash flow yields
  • At $80-85/bbl Brent the program would generate $210-250 million free cash flow, or 26-32% free cash flow yields
  • GeoPark intends to use free cash flow for continued deleveraging, incremental shareholder returns through cash dividends and share buybacks, and other corporate purposes, subject to prevailing oil price conditions in 2022

Recent Events (Not included in the 2021 Year-End D&M Certification)

  • Perico Block (GeoPark non-operated, 50% WI): In January 2022, GeoPark announced its first discovery in Ecuador after drilling and testing the Jandaya 1 exploration well. Initial production tests had a rate of 750 bopd of 28 degrees API and 0.8 mmcfpd, for a combined 890 boepd. Production is already tied- in and being delivered. The second exploration well, Tui 1, has spudded and is expected to reach TD in late February 2022
  • CPO-5Block: The Indico 4 development well was spudded in December 2021 and tested in January 2022. Initial tests showed a production rate of 3,840 bopd (on a restricted 32/64 inch choke) of light oil (35 degrees API) with an estimated payback of approximately 2 months4. Oil production is already tied-in and being delivered. Rig down activities are currently underway and the operator is expecting to spud the Indico 5 development well in February 2022

James F. Park, Chief Executive Officer of GeoPark, said: "Thanks and congratulations to our team for these strong 2021 results - in a year with little exploration investment. Once again, we were able to continue developing and adding reserves in our core and big cash-generating Llanos 34 block where we replaced 131% of Proven Developed, 79% of 2P and 100% of 3P reserves. Our large profitable reserve base in Colombia provides us with a steady growth fairway and large inventory of low-risk,low-cost development drilling projects to continue generating and growing production and cash flow. On top of this secure foundation, we have just kicked off our 2022 work program with an extensive drilling campaign of 40-48 wells, including 15-20low-cost exploration wells on our high-impact proven acreage that can quickly be converted to production and cash flow, as demonstrated by our recent discovery in Ecuador and the new development well in the CPO-5 block."

  1. Please refer to section "2022 Free Cash Flow Calculation and Sensitivities to Different Brent Oil Prices" included in this press release.
  2. Assuming $75-80/bbl Brent.

3

2020 Year-End to 2021 Year-End D&M Certified Reserves Evolution

Colombia (mmboe)

PD

1P

2P

3P

2020

Year-End Reserves

48.0

95.2

141.0

216.4

2021

Production

-11.4

-11.4

-11.4

-11.4

Net Change5

13.3

-1.7

6.2

6.0

2021

Year-End Reserves

49.9

82.2

135.8

211.0

2021

Reserve Life (years)

4.4

7.2

11.9

18.5

2020

Reserve Life (years)

3.9

7.8

11.6

17.8

Total (mmboe)

PD

1P

2P

3P

2020

Year-End Reserves

58.5

109.3

174.7

270.9

2021

Production

-13.7

-13.7

-13.7

-13.7

Net Change5

13.3

-4.0

-1.8

-8.9

2021

Year-End Reserves

58.1

91.6

159.2

248.3

2021

Reserve Life (years)

4.2

6.7

11.6

18.1

2020

Reserve Life (years)

4.0

7.4

11.9

18.4

Net Present Value per Share by Country

The table below presents GeoPark's 2P NPV per share, by country, as of December 31, 2021.

2021 Net Present Value per Share

Colombia

Chile

Brazil

Argentina

Total6

2P

Reserves (mmboe)

135.8

17.3

2.6

3.5

159.2

2P

NPV10 after tax 2021 ($ mm)

2,019

223

51

20

2,313

Shares Outstanding (mm)

60.2

60.2

60.2

60.2

60.2

($/share)

33.5

3.7

0.8

0.3

38.4

The table below illustrates the details of the net debt adjusted 2P NPV10 after tax per share:

2021 Net Debt Adjusted 2P NPV10 After Tax per Share

Colombia

Total

2P NPV10 after tax ($ mm)

2,019

2,313

Shares Outstanding (mm)

60.2

60.2

Subtotal ($/share)

33.5

38.4

Net Debta/Share ($/share)

-9.5

-9.5

Net Debt Adjusted 2P NPV10 After Tax per Share ($/share)

24.0

28.9

  1. Includes extensions, improved recoveries, discoveries, technical revisions and economic factors.
  2. Consolidated figures include reserves in the Aguada Baguales, El Porvenir and Puesto Touquet blocks in Argentina and in the Manati gas field in Brazil that are being divested. The Argentina transaction is expected to close in late January or early February 2022, whereas the Brazil transaction is still subject to several conditions that should be met before March 31, 2022 and that have not been met as of the date of this release.

4

  1. Net debt adjusted 2P NPV10 after tax per share is shown on a consolidated basis. Net debt considers financial debt of $674 million less $100 million of cash & cash equivalents (both figures unaudited and as of December 31, 2021).

Future Development Capital - D&M Report (Undiscounted)

The tables below present D&M's best estimate of future development capital (undiscounted) and the unit value per boe by category of certified reserves as of December 31, 2021:

Colombia

PD

1P

2P

3P

Future Development Capital ($ mm)

23.1

154.8

225.7

333.4

Reserves (mmboe)

49.9

82.2

135.8

211.0

Future Development Capital ($/boe)

0.5

1.9

1.7

1.6

Total

PD

1P

2P

3P

Future Development Capital ($ mm)

23.1

187.4

361.9

541.7

Reserves (mmboe)

58.1

91.6

159.2

248.3

Future Development Capital ($/boe)

0.4

2.0

2.3

2.2

5

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Disclaimer

Geopark Limited published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 12:59:07 UTC.