GeoPark Announces 2020 Certified 2P Reserves of 175 Million Boe With Net Present Value (After Tax) of $2.5 Billion - GeoPark
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GeoPark Announces 2020 Certified 2P Reserves of 175 Million Boe With Net Present Value (After Tax) of $2.5 Billion

February 18, 2021

IN COLOMBIA:
199% RESERVE REPLACEMENT GREW CERTIFIED 2P RESERVES TO
141 MILLION BOE WITH NET PRESENT VALUE (AFTER TAX) OF $2.1 BILLION

EXPLORATION RESOURCES OVER 750 MILLION BARRELS IN COLOMBIA

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, Ecuador, Chile, Brazil and Argentina, today announced its independent oil and gas reserves assessment, certified by DeGolyer and MacNaughton (D&M), under PRMS methodology, as of December 31, 2020.

All reserves included in this release refer to GeoPark working interest reserves before royalties paid in kind, except when specified. All figures are expressed in US Dollars. Definitions of terms are provided in the Glossary on page 11.

Year-End Certified 2020 D&M Oil and Gas Reserves and Highlights:

Building on GeoPark’s core base Llanos 34 block (GeoPark operated, 45% WI), adding Amerisur’s growing production and reserves, and following a limited 2020 work program with a focus on lower risk projects, the Company reports:

Colombia Reserves

  • PD Reserves: Proven developed (PD) reserves in Colombia increased 13% to 48.0 mmboe, with a PD reserve life index (RLI) of 3.9 years
  • 1P Reserves: Proven (1P) reserves in Colombia remained steady at 95.2 mmboe, with a 1P RLI of 7.8 years. Net present value after tax discounted at 10% (NPV10 after tax) of 1P reserves decreased by 6% to $1.5 billion due to a lower price deck
  • 2P Reserves: Proven and probable (2P) reserves in Colombia increased 9% to 141.0 mmboe, with a 2P RLI of 11.6 years. NPV10 after tax of 2P reserves increased by 3% to $2.1 billion
  • 3P Reserves: Proven, probable and possible (3P) reserves in Colombia increased 28% to 216.4 mmboe, with a 3P RLI of 17.8 years. NPV10 after tax of 3P reserves increased by 17% to $3.1 billion
  • CPO-5 Block Reserves: Gross 2P and 3P reserves in the CPO-5 block (GeoPark non-operated, 30% WI) of 70.5 mmbbl and 167.0 mmbbl, respectively, reflecting the significant potential of the existing Indico and Mariposa light oil fields in the CPO-5 block – with net 2P and 3P reserves of 21.1 mmbbl and 50.1 mmbbl, respectively

→ Read the full press release.