{"id":9996,"date":"2015-05-19T20:36:27","date_gmt":"2015-05-19T20:36:27","guid":{"rendered":"https:\/\/www.geo-park.com\/?post_type=press_releases&#038;p=9996"},"modified":"2023-03-16T10:58:48","modified_gmt":"2023-03-16T15:58:48","slug":"geopark-reports-results-for-the-first-quarter-ended-march-31-2015","status":"publish","type":"press_releases","link":"https:\/\/www.geo-park.com\/es\/press_releases\/geopark-reports-results-for-the-first-quarter-ended-march-31-2015\/","title":{"rendered":"GeoPark Reports Results for the First Quarter Ended March 31, 2015"},"content":{"rendered":"<div class=\"page\" title=\"Page 1\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>GeoPark Limited (\u201cGeoPark\u201d) (NYSE: \u201cGPRK\u201d), the Latin American oil and gas explorer, operator and consolidator with operations in Colombia, Chile, Brazil, Argentina, and Peru\u00b9 reports its quarterly results for the first quarter 2015.<\/p>\n<p>All figures are expressed in US dollars and growth comparisons refer to the same period of the prior year, except when specified.<\/p>\n<p><strong>FIRST QUARTER 2015 HIGHLIGHTS<\/strong><\/p>\n<p><strong>Operational:<\/strong><\/p>\n<ul>\n<li>Oil and gas production was up 18% to 19,586 boepd<\/li>\n<li>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<\/li>\n<li>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<\/li>\n<li>Gross production in Llanos 34 Block, operated by GeoPark, achieved record production of 26,000 bopd by the end of 1Q2015<\/li>\n<li>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<\/li>\n<li>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&amp;M (including Peru)<\/li>\n<li>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<\/li>\n<\/ul>\n<p><strong>Financial:<\/strong><\/p>\n<ul>\n<li>Adjusted EBITDA reached $16.8 million and operating netback of $16.4 per boe despite low oil price environment<\/li>\n<li>Cash position of $91.4 million at the end of 1Q2015<\/li>\n<li>Capital expenditures reduced by 83% to $10.3 million in 1Q2015 compared to $62.2 million in 1Q2014<\/li>\n<li>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<\/li>\n<\/ul>\n<p>\u00b9 Transaction executed with Petroperu on October 1, 2014 with final closing subject to Peru Government approval, expected in 2015.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"page\" title=\"Page 2\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p><a href=\"https:\/\/www.geo-park.com\/wp-content\/uploads\/2023\/02\/Geopark-Reports-Results-for-the-First-Quarter-Ended-March-31-2015.pdf\" target=\"_blank\" rel=\"noopener\"><b>\u2192 <\/b>Read the full press release.<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>GeoPark Limited (\u201cGeoPark\u201d) (NYSE: \u201cGPRK\u201d), the Latin American oil and gas explorer, operator and consolidator with operations in Colombia, Chile, Brazil, Argentina, and Peru\u00b9 reports its quarterly results for the first quarter 2015.<\/p>\n","protected":false},"template":"","press_releases_solution":[],"class_list":["post-9996","press_releases","type-press_releases","status-publish","hentry"],"acf":{"location_p_r":"","lead_p_r":"","external_link":"","gallery_p_r":null},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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