GeoPark and Hocol, an Ecopetrol group company, confirm discoveries and announce exploration and development progress in Llanos basin blocks

GeoPark, a leading independent Latin American oil and gas explorer, operator and consolidator, announces the achievements made in 2024 together with its partner Hocol, a subsidiary of the Ecopetrol Group, in the joint exploration of the Llanos 86, Llanos 87, Llanos 104, Llanos 124 and Llanos 123 blocks in the Llanos basin, Colombia.

Llanos 123 Block discoveries and delimitation campaign

Discoveries made since August 2023 in the Llanos 123 Block in Meta department, associated with the Saltador-1, Toritos-1 and Bisbita wells, have continued to be delineated:

• Toritos Norte 01, an advanced well, began a short test in the first half of 2024 and found oil in the Barco formation. By end-October 2024 it reported extensive test production of 326 bopd.
• In the second half of 2024 three step-out wells – Toritos 02, Toritos Sur 01 and Bisbita Este 01 – were drilled as part of the delineation campaign. All three registered production while testing the Barco formation:
  • Toritos-02 started production in early August 2024, and had 757 bopd test production at end-October
  • Toritos Sur-01 started production on an extended trial in September 2024, registering 426 bopd test production at end-October
  • Bisbita Este-01 started production in October 2024 and increased to 405 bopd at month-end.

Production from the Llanos 123 Block reached 3,950 bopd gross at end-October 2024.

In the second half of 2024, the partners have continued drilling the block to continue outlining the play and define its potential.

• Saltador 2: currently drilling. Production tests are expected to begin in mid-November
• Toritos Sur 2: currently drilling. Production tests are expected to begin at end-November

Third largest seismic acquisition in Colombia

A major milestone in the joint development of the partners’ Llanos basin blocks was the acquisition in the first half of the year of 653 km² of 3D seismic in the Llanos 86 and Llanos 104 Blocks, in Meta department.

This project, Colombia’s third largest seismic acquisition ever, created almost 1,000 local jobs and totaled more than one million hours worked without accidents or environmental incidents, demonstrating both companies’ operational excellence and safety, and their commitment to social development and environmental care.

The Llanos 86 and Llanos 104 Blocks are adjacent to the CPO-5 Block (operated by ONGC and in which GeoPark has a 30% non-operated interest) where the Indico field, one of Colombia’s 10 highest-producing fields, is located. GeoPark and Hocol expect to add more prospects to their exploration inventory after processing the seismic, and to start drilling in 1Q2025.

Andrés Ocampo, Chief Executive Officer of GeoPark said: “The positive results obtained in the exploration blocks that we have been developing with Hocol since 2019 are proof of the strength of our partnership and the success of our technical teams in continuing to identify low-risk exploration objectives and unlock the potential of these promising blocks in the Llanos basin.”

Luis Enrique Rojas, President of Hocol said: “This year, our efforts have been focused on delimiting these discoveries, which show the dedication, technical capacity and experience of both companies’ teams, underscore our interest in continuing the exploration campaign in this part of the Llanos basin, and indicate a promising future. This partnership between GeoPark and Hocol shows the importance of teamwork in getting good results, and should be an example for all oil and gas exploration and production companies and all industries in the country.”

In the coming weeks, the companies will announce their 2025 work plan, focused on continuing to incorporate more reserves and producing more oil to guarantee Colombia’s energy security and the prosperity of the areas where they work.

ABOUT GEOPARK

GeoPark is a leading Latin American oil and gas exploration and production company with assets in Colombia, Argentina, Ecuador and Brazil, and has been listed on the New York Stock Exchange since 2014. It is Colombia’s second largest oil producer with close to 8% of total national production. Since it was founded, GeoPark has had an Integrated Value System called SPEED, which summarizes the Company’s commitment in five critical areas: Safety, Prosperity, Employees, Environment and Community Development. SPEED has been GeoPark’s key to attracting the best talent, being the preferred partner, the best neighbor and developing a successful, safe and sustainable operation.

For more information: mcasallas@geo-park.com

ABOUT HOCOL

Hocol is a company that has been present in oil and gas exploration and production for over 50 years. After more than 68 years in Colombia and having gained the knowledge and experience of different national and international owners, today we are a company focused on being pioneers, working with a people-centered approach and creating relationships of trust with all our stakeholders.

For more information: david.parra@hocol.com.co