GeoPark Announces Third Quarter 2022 Operational Update

GROWING PRODUCTION WITH HIGH-IMPACT EXPLORATION DRILLING. UNDERWAY DELEVERAGING & ACCELERATING SHAREHOLDER RETURNS.

Bogota, Colombia – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator today announces its operational update for the three-month period ended September 30, 2022 (“3Q2022”).

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

Accelerating Production Growth

Consolidated oil and gas production up 8% to 38,396 boepd1
13 rigs operating in October 2022, including 8 drilling rigs
Currently producing approximately 40,000 boepd
On track to reach 2022 full-year guidance of 38,500-40,500 boepd

Llanos Basin: Growing Production and Drilling High-Potential Prospects

Llanos 34 block (GeoPark operated, 45% WI):

Added a third drilling rig in 3Q2022
Average gross production up 3% to 57,707 bopd CPO-5 block (GeoPark non-operated, 30% WI):
Indico 6 development well was spudded in September 2022 and reached total depth in October 2022

-Preliminary logging information indicated 201 feet of net pay in the Ubaque formation

-Initial production tests of 3,800 bopd of light oil

Cante Flamenco 1 exploration well spudded in June 2022 and reached total depth in August 2022

-Preliminary logging information indicated 40 feet of net pay in the Mirador formation

-Initial production tests of 170 bopd

-Well intervention activities planned in 4Q2022 targeting increased production rates

Apterix 1 exploration well, in the southern part of the block, was unsuccessful
Drilling rig moving to drill the Indico 7 development well Llanos 87 block (GeoPark operated, 50% WI):
Currently drilling the Tororoi 1 exploration well
Civil works underway targeting drilling of 1-2 additional exploration prospects in 4Q2022 Llanos 94 block (GeoPark non-operated, 50% WI):
Currently drilling the Humea 1 exploration well

Oriente Basin: New Drilling Success

Espejo block (GeoPark operated, 50% WI):

Pashuri 1 exploration well was spudded in September 2022 and reached total depth in October 2022

-Preliminary logging and other relevant information indicated hydrocarbons in the Napo formation

– Completion activities currently underway with production tests to initiate in October 2022

Putumayo Basin: Drilling Attractive Short-Cycle Prospects

Platanillo block (GeoPark operated, 100% WI):

Alea NW 1 exploration well was spudded in September 2022 and reached total depth in October 2022

-Preliminary logging information indicated hydrocarbons in the U and N formations

– Initial production tests in the U formation of 445 bopd

Civil works underway targeting to drill one additional exploration prospect in 4Q2022
Production and operations were affected for 38 days in 3Q2022 due to blockades

2022 Work Program: Strong Cash Flow Generation

Self-funded 2022 capital expenditures program of $200-220 million
Assuming $90-100 per bbl Brent2, GeoPark expects to generate a free cash flow of $250-280 million3, equivalent to a 33-37% free cash flow yield4
Free cash flow funding incremental capital projects, debt reduction, increased shareholder returns and other corporate purposes

Debt Reduction and Balance Sheet Strengthening

Fully redeemed the remaining $67 million principal of the 2024 Notes in September 2022
Reduced gross debt by $170 million since January 1, 2022 (or $275 million since April 2021)
Cash-in-hand of $91 million5 as of September 30, 2022 (after redeeming the 2024 Notes)

Returning More Value to Shareholders

Quarterly Dividend of $0.127 per share, or $7.5 million, paid on September 8, 2022, representing an annualized dividend of approximately $30 million (or $0.508 per share), a 4% dividend yield6
Acquired 1.9 million shares, or 3% of total shares outstanding for $24.4 million since January 1, 2022 ($3.0 million in 1Q2022, $6.3 million in 2Q2022 and $15.1 million from July 1, 2022 to date)

Upcoming Catalysts

Drilling 15-18 gross wells in 4Q2022, targeting development, appraisal, and exploration projects in the Llanos and Putumayo basins in Colombia and in the Oriente basin in Ecuador
Exploration drilling includes 3-4 wells in new blocks in the Llanos basin, 1 well in the Putumayo basin and 1 well in the Oriente basin in Ecuador
GeoPark capital allocation process currently underway with 2023 work program and investment guidelines to be released in November jointly with 3Q2022 results

→ Read the full press release.

¹ Percentages are calculated adjusting for divestments in Argentina in 3Q2021.

² Brent oil price assumption corresponds to October to December 2022.

³ Free cash flow is used here as Adjusted EBITDA less income tax, capital expenditures and mandatory interest payments.

⁴ Calculated using GeoPark’s average market capitalization from July 1 to October 18, 2022.

⁵ Unaudited.

⁶ Annualized and calculated using GeoPark’s market capitalization from July 1 to October 18, 2022.