GeoPark Announces Second Quarter 2018 Operational Update - GeoPark
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GeoPark Announces Second Quarter 2018 Operational Update

July 11, 2018

ACTIVITY STEP-UP ACROSS ASSET BASE WITH NEW RECORD PRODUCTION, NEW OILFIELD DISCOVERY, NEW ACQUISITION AND NEW PARTNERSHIP

Bogotá, Colombia – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil and Chile, today announced its operational update for the three- month period ended June 30, 2018 (“2Q2018”).

All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when otherwise specified.

Second Quarter 2018 Highlights

37% Growth in Oil and Gas Production

  • Consolidated oil and gas production up 37% to 35,870 boepd (up 11% compared to 1Q2018)
  • Oil production increased by 38% to 30,249 bopd (up 11% compared to 1Q2018)
  • Colombian production increased by 33% to 27,940 boepd (up 6% compared to 1Q2018)
  • Gas production increased by 34% to 33.7 mmcfpd (up 16% compared to 1Q2018)

Colombia Operations

  • Successful drilling and testing of Tigui 1 exploration well in the Llanos 34 block (GeoPark operated, 45% WI) currently producing 1,100 bopd and representing a new oil field discovery, the second of 2018
  • Successful drilling and testing of Tigana Norte 9 appraisal well, located outside the certified 3P reserve area and expanding the size of the Tigana oil field
  • Successful drilling and testing of Tigana Sur Oeste 4, Tigana Sur Oeste 5, Tigana Sur Oeste 8, Tigana Norte 8 and Jacana 21 development wells
  • Flowline construction underway to connect the Llanos 34 block to regional pipeline infrastructure

Peru Operations

  • Environmental Impact Assessment (EIA) to initiate operations in the Situche Central oil field (tested oil with 200 mmbo upside potential) in the Morona block (GeoPark operated, 75% WI) completed and submitted to Peruvian authorities

Argentina Operations

  • Operational takeover of newly acquired Aguada Baguales, El Porvenir and Puesto Touquet blocks (GeoPark operated, 100% WI) in the Neuquen basin with production of 2,400-2,500 boepd
  • Spudding Rio Grande Este 1 exploration well in the CN-V block (GeoPark operated, 50% WI), to test conventional potential in the Grupo Neuquen and Grupo Mendoza formations, expected to reach total depth in 3Q2018
  • Acquired new low-cost large exploration acreage, the Los Parlamentos block (GeoPark non-operated, 50% WI), in the Neuquen basin, in partnership with YPF

Brazil Operations

  • Gas production up 9% from the Manati gas field
  • New exploration well in the Reconcavo basin in 4Q2018

→ Read the full press release.