GeoPark Reports Results for the First Quarter Ended March 31, 2015 - GeoPark
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GeoPark Reports Results for the First Quarter Ended March 31, 2015

May 19, 2015

GeoPark Limited (“GeoPark”) (NYSE: “GPRK”), the Latin American oil and gas explorer, operator and consolidator with operations in Colombia, Chile, Brazil, Argentina, and Peru¹ reports its quarterly results for the first quarter 2015.

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

FIRST QUARTER 2015 HIGHLIGHTS

Operational:

  • Oil and gas production was up 18% to 19,586 boepd
  • Exploratory well Tilo 1 in Llanos 34 Block (GeoPark operated with 45% WI), was successfully tested in the Guadalupe formation and is currently producing approximately 850 bopd. Further technical evaluations are being undertaken to determine if Tilo Field is a northeast extension of Tigana Field
  • Appraisal wells Tua 7 and Tua 9 in the Llanos 34 Block successfully tested in the Guadalupe formation and are currently producing 1,400 bopd and 950 bopd, respectively
  • Gross production in Llanos 34 Block, operated by GeoPark, achieved record production of 26,000 bopd by the end of 1Q2015
  • Drilling campaign expected to re-start during 2Q2015 with the drilling of an exploratory well in the CPO- 4 Block in Colombia (GeoPark operated with a 50% WI), followed by a development and exploration drilling campaign in the Llanos 34 Block scheduled for 2H2015
  • P1 reserves up 116% to 62.9 mmboe, 2P reserves up 74% to 122.3 mmboe, with the corresponding 1P NPV10 up 49% to $0.8 billion and 2P NPV10 up 32% to $1.7 billion, according to reserves report certified by D&M (including Peru)
  • Construction of a compression plant continued in the Manati Field (non-operated with 10% WI) in Brazil with an expected start-up scheduled for 2H2015

Financial:

  • Adjusted EBITDA reached $16.8 million and operating netback of $16.4 per boe despite low oil price environment
  • Cash position of $91.4 million at the end of 1Q2015
  • Capital expenditures reduced by 83% to $10.3 million in 1Q2015 compared to $62.2 million in 1Q2014
  • Net loss of $36.0 million in 1Q2015 mainly explained by lower revenues from decreased oil prices, foreign exchange losses from depreciation of Brazilian currency, and one-time charges from cost reduction efforts

¹Transaction executed with Petroperu on October 1, 2014 with final closing subject to Peru Government approval, expected in 2015.

→ Read the full press release.