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GeoPark
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OIL AND GAS RESERVES AND PRODUCTION

RESERVES

The following table shows GeoPark’s proved (P1), probable (P2), and possible (P3) reserves as of December 31, 2017, in accordance with Degolyer & MacNaughton’s independent appraisal report.

The reserves estimates were prepared in line with the industry standards recognized by the Society of Petroleum Engineers (SPE) in accordance with the Petroleum Resources Management System (PRMS). The PRMS reserves do not constitute SEC reserves.

The oil price assumptions used in the 2017 reserve report are an average of $65 per barrel over the next five years and $78 to $84 per barrel for the period 2024-2026.


Country Reserves
Category
December 2017
(MMboe)
%Oil December 2016
(MMboe)
% Change
Colombia


1P
2P
3P
66.1
88.2
101.7
100%
100%
100%
40.4
67.4
94.9
64%
31%
7%
Chile


1P
2P
3P
7.9
34.0
66.6
54%
40%
30%
13.9
38.3
73.2
-43%
-11%
-9%
Brazil


1P
2P
3P
4.4
4.4
4.6
2%
2%
2%
5.4
5.6
5.9
-20%
-21%
-22%
Peru


1P
2P
3P
18.7
31.5
62.2
100%
100%
100%
18.6
31.5
60.8
1%
0%
2%
Argentina


1P
2P
3P
0.0
1.1
6.4
100%
100%
100%
-
-
-
-
-
-
Total
(D&M Certified)

PDP
PDNP
PUD
28.5
9.5
59.1
79%
100%
97%
19.4
9.6
49.3
47%
-1%
20%
  1P
2P
3P
97.0
159.2
241.6
92%
85%
79%
78.3
142.8
234.8
24%
11%
3%


Reserves