GeoPark Announces 2018 Certified Oil and Gas Reserves - GeoPark
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GeoPark Announces 2018 Certified Oil and Gas Reserves

Febrero 5, 2019

PDP RESERVES UP 55% TO 44 MMBOE
1P RESERVES UP 17% TO 114 MMBOE VALUED AT $1.8 BILLION
2P RESERVES UP 15% TO 184 MMBOE VALUED AT $2.7 BILLION
3P RESERVES UP 44% TO 347 MMBOE VALUED AT $5.1 BILLION
2P RESERVE REPLACEMENT OF 285%
2P VALUE PER SHARE (NET DEBT-ADJUSTED) UP 37% TO $40.1 PER SHARE

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, Peru, Argentina, Brazil and Chile, today announced its independent oil and gas reserves assessment, certified by DeGolyer and MacNaughton Corp. (D&M), under PRMS methodology, as of December 31, 2018.

All figures are expressed in US Dollars. Definitions of terms are provided in the Glossary on page 12.

Year-End 2018 D&M Certified Oil and Gas Reserves and Highlights:

  • Higher Per Share Value:

After consolidated capital expenditures of $2.9 per share in 2018:

– Net debt-adjusted 2P NPV10 increase of $10.9 per share (3.8 times higher) to $40.1 per share, from $29.2 per share in 2017

– Significant increase in Colombia’s net debt adjusted 2P NPV10 by 64% to $25.9 per share, from $15.8 per share in 2017, with capital expenditures of $1.6 per share

– Accretive acquisition of LGI’s equity interest in GeoPark’s Colombian and Chilean subsidiaries for $2 per share, with a 2018 estimated 2P NPV10 of $4 per share

  • PDP Reserves:

– Net proven developed producing (“PDP”) reserves increased 55% (by 15.7 mmboe) to 44.2 mmboe

– PDP reserve life index (“RLI”) of 3.3 years
– PDP reserve replacement ratio (“RRR”) of 218%

  • 1P Reserves:

– Net proven (“1P”) reserves increased 17% (by 16.9 mmboe) to 113.9 mmboe o 1P RLI of 8.6 years
– 1P RRR of 229%
– 1P NPV10 increased by $268 million (up 17%) to $1.8 billion

  • 2P Reserves:

– Net proven and probable (“2P”) reserves increased 15% (by 24.5 mmboe) to 183.7 mmboe o 2P RLI of 13.9 years
– 2P RRR of 285%
– 2P NPV10 increased by $454 million (up 20%) to $2.7 billion

→ Read the full press release.