GeoPark Announces Third Quarter 2021 Operational Update

ACCELERATING LLANOS BASIN DEVELOPMENT AND EXPLORATION DRILLING INDEX INCLUSION TO EXPAND INVESTOR BASE

Bogota, 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, Ecuador, Chile, Brazil, and Argentina, today announced its operational update for the three-month period ended September 30, 2021 (“3Q2021”).

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

Highlights

Oil and Gas Production

• Consolidated oil and gas production of 37,859 boepd, up 4% compared to 2Q2021
• Oil production of 32,844 bopd, up 6% compared to 2Q2021 due to increased production in Colombia
• Gas production of 30.1 mmcfpd, down 9% compared to 2Q2021 due to lower production in Chile and Brazil
• On track to reach 2021 full-year guidance of 38,000-40,000 boepd

Drilling Activity in Colombia Accelerates

Currently operating four drilling rigs and three workover rigs in Colombia In the Llanos 34 block (GeoPark operated, 45% WI):

• Drilled and put on production six new wells
• Successful results in the Tigui field area, potentially expanding its northern and southeast margins and opening new drilling opportunities

In the CPO-5 block (GeoPark non-operated, 30% WI):

• Civil works and other pre-drilling activities ongoing, with drilling expected to initiate in 4Q2021
• The operator ONGC signed contracts for two drilling rigs for two years with one rig currently in the block
• ONGC and GeoPark Technical Workshop held in New Delhi to align and define 2022 work program

In the Platanillo block (GeoPark operated, 100% WI):

• Spudded the Alea Oeste 1 development well, to be followed by an additional well in 4Q2021

In the Llanos 94 block (GeoPark non-operated, 50% WI):

• Drilling the Humea exploration prospect in 4Q2021

Drilling Activity in Ecuador Begins

In the Perico block (GeoPark non-operated, 50% WI):

• Pre-drilling activities underway for the Jandaya exploration prospect to be drilled by year-end 2021 or early 2022

In the Espejo block (GeoPark operated, 50% WI):

• 3D seismic acquisition of 60 sq km expected to start in 4Q2021

2022 Work Program and Capital Allocation Process

• Focused on low-risk rapid cash flow generation and production and development growth from the Llanos 34 and CPO-5 blocks
• Targeting meaningful high potential short-cycle, near-field exploration projects on big proven acreage position adjacent to core Llanos 34 block
• 2022 work program and investment guidelines to be released in November with 3Q2021 results