ASSET PLATFORMS / RESERVES

RESERVES

The following table shows GeoPark’s proved (1P), probable (2P), and possible (3P) reserves as of December 31st, 2021, in accordance with Degolyer & MacNaughton’s independent appraisal report.

The reserves estimates were prepared in line with the industry standards recognized by the Society of Petroleum Engineers (SPE) in accordance with the Petroleum Resources Management System (PRMS). The PRMS reserves do not constitute SEC reserves.

The oil price assumptions used in the 2020 reserve report are an average of $69.7 per barrel over the next five years and $71.9 to $80.0 per barrel for the period 2027 and forward.


Country Reserves
Categeory
Dec 2021
(MMboe)
% Oil Dec 2020
(MMboe)
% Change
Colombia


PD
1P
2P
3P
49.9
82.2
135.8
210.0
100%
100%
100%
100%
48.0
95.2
141.0
216.4
4%
-14%
-4%
-2%
Chile


PD
1P
2P
3P
3.8
4.4
17.3
30.4
23%
32%
30%
31%
5.1
7.3
25.5
44.2
50%
-1%
4%
8%
Brazil


PD
1P
2P
3P
2.5
2.5
2.6
2.8
2%
2%
2%
2%
2.5
2.5
2.6
3.0
0%
0%
0%
0%
Argentina


PD
1P
2P
3P
2.0
2.6
3.5
4.1
60%
67%
63%
61%
3.0
4.3
5.5
7.3
-33%
-40%
-36%
-44%
Total [1]
(D&M Certified)

PD
1P
2P
3P
58.1
91.6
159.2
248.3
89%
93%
90%
90%
58.5
109.3
174.7
270.9
-1%
-16%
-9%
-8%
[1] 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.
Reserves