GeoPark Announces 2019 Work Program and Investment Guidelines - GeoPark
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GeoPark Announces 2019 Work Program and Investment Guidelines

November 6, 2018

Bogotá, 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 work program and investment guidelines for 2019. (All figures are expressed in US Dollars).

A conference call to discuss Third Quarter 2018 financial results and the 2019 work program and investment guidelines will be held on November 7, 2018 at 10:00 a.m. Eastern Standard Time.

2019 Work Program: Principles and Approach

Technical

  • Maximum efficient development of the Llanos 34 block (GeoPark operated, 45% WI)
  • Increase average oil and gas production by 15%
  • Initiate Morona block project (GeoPark operated, 75% WI), with production in 1Q2020
  • Delineate new plays, leads and prospects on existing assets

Economic

  • Operate and grow within cashflow
  • Grow adjusted EBITDA and operating cashflow
  • Reduce costs
  • Achieve maximum net present value for existing assets

Strategic

  • Achieve scale
  • Improve and add to core capabilities
  • Strengthen SPEED and compliance culture
  • Promote innovation

Work Program Detail ($70 Brent)

  • Production target: 15% increase over 2018 average production (with 2019 not including approximately 1,000 bopd from the La Cuerva and Yamu blocks, which were sold in November 2018)

→ Read the full press release.