GeoPark Announces Third Quarter 2015 Operational Update

GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Colombia, Chile, Brazil, Argentina and Peru¹, is pleased to announce its 3Q2015 operational update.

QUARTERLY HIGHLIGHTS

Two new Colombian oilfield discoveries: GeoPark resumed drilling on the Llanos 34 Block in Colombia (GeoPark operated with 45% WI) and discovered the new Chachalaca and Jacana oil fields. Both fields have been put into production at approximately 2,800 bopd gross
Two new Colombian appraisal wells: GeoPark drilled the Tilo 2 well with a successful 800 bopd oil test and the Jacana 2 well with a successful 1,000 bopd oil test, both in the Llanos 34 Block (GeoPark operated with 45% WI)
Oil production in Llanos 34 Block (GeoPark operated with 45%WI) achieved record production of 29,000 bopd gross
Consolidated oil and gas production of 19,244 boepd from Colombia, Chile and Brazil. Current consolidated production is approximately 22,000 boepd
New Chile gas field on stream: Construction of Ache gas treatment facility in Fell Block (GeoPark operated with 100% WI) was completed and the field was put into production at a rate of approximately 6.7 mmcfpd
Brazil compression plant completed: Pressure maintenance facility to stabilize production and develop remaining Manati gas field reserves (non-operated with 10% WI) was completed and field production resumed at approximately 220 mmcfpd gross
Re-opening of La Cuerva oil field in Colombia (GeoPark operated with 100% WI and temporarily shut-in since 1Q2015) with more efficient cost structure to generate positive cash flows at low oil prices
Continuing cost reduction efforts underway – including operating costs, capital expenditures, G&A and service contractors (cash costs per barrel down 33% as reported in 2Q2015)
New Brazil blocks: Four new attractive exploratory blocks in the Reconcavo and Potiguar basins – adjacent to existing GeoPark acreage – were awarded in the Brazilian Round 13 auction (4Q2015)

Oil and Gas Production Update

Consolidated:

Average consolidated oil and gas production reached 19,244 boepd in 3Q2015 compared to 21,548 boepd in 3Q2014 – mainly resulting from increased Colombian production, stabilized Brazilian production and declining Chilean production.

Consolidated oil production accounted for 76% of total reported production in 3Q2015.

Colombia:

Average net oil production in Colombia increased by 9% to 13,033 boepd in 3Q2015 compared to 3Q2014 – mainly resulting from new field discoveries, development drilling and reengineering of well completions and operations.

The Llanos 34 Block (GeoPark operated with 45% WI) represented 91% of GeoPark’s Colombian production in 3Q2015.

Chile:

Average net oil and gas production in Chile decreased by 46% to 3,207 boepd in 3Q2015 compared to 3Q2014 (consisting of 54% lower oil production and 33% lower gas production) – mainly resulting from the natural decline in base production and no new wells drilled during 2015. (Ache gas field was put into production at the end of 3Q2015 and is expected to stabilize production during 4Q2015).

The Fell Block (GeoPark operated with a 100% WI) represented 94% of GeoPark’s Chilean production.

Brazil:

Average net gas production in Brazil decreased 15% to 17,754 mcfpd, or 2,959 boepd in 3Q2015 compared to 3,480 boepd in 3Q2014 – mainly resulting from temporary shut-in of the Manati gas field during the tie-in of the new compression plant.

The Manati Field (non-operated with a 10% WI) represented 100% of GeoPark’s Brazilian production.

¹Transaction executed with Petroperu on October 1, 2014 with final closing subject to Peru government approval.

→ Read the full press release.