ASSET PLATFORMS / RESERVES

RESERVES

The following table shows GeoPark’s proved (1P), probable (2P), and possible (3P) reserves as of December 31st, 2020, 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 2020 reserve report are an average of $70.8 per barrel over the next five years and $76.5 to $79.8 per barrel for the period 2025-2027.


Country Reserves
Categeory
Dec 2020
(MMboe)
% Oil Dec 2019
(MMboe)
% Change
Colombia


PD
1P
2P
3P
48.0
95.2
141.0
216.4
99%
100%
100%
100%
42.4
95.9
129.0
168.9
13%
-1%
9%
28%
Chile


PD
1P
2P
3P
5.1
7.3
25.5
44.2
20%
33%
34%
34%
3.4
7.4
24.6
41.1
50%
-1%
4%
8%
Argentina


PD
1P
2P
3P
3.0
4.3
5.5
7.3
57%
68%
66%
60%
3.3
4.9
8.5
14.2
-12%
-12%
-35%
-49%
Brazil


PD
1P
2P
3P
2.5
2.5
2.6
3.0
1%
1%
1%
1%
3.2
3.2
3.8
5.6
-22%
-22%
-32%
-46%
Peru


PD
1P
2P
3P
-
-
-
-
-
-
-
-
-
19.2
31.4
121.4
-
-
-
-
Total (2019 as reported)
(D&M Certified)

PD
1P
2P
3P
58.5
109.3
174.7
270.9
86%
92%
88%
87%
52.4
130.6
197.3
351.3
12%
-16%
-11%
-23%
Total (2019 Pro Forma)
(D&M Certified)

PD
1P
2P
3P
58.5
109.3
174.7
270.9
86%
92%
88%
87%
52.4
111.4
165.4
227.6
12%
-2%
6%
19%

Reserves