GeoPark Announces 2021 Certified Oil and Gas ReservesJanuary 31, 2022IN COLOMBIA: 2021 CERTIFIED 2P RESERVES OF 136 MILLION BOE WITH NET PRESENT VALUE (AFTER TAX) OF $2.0 BILLION 117% RESERVE REPLACEMENT OF PROVEN DEVELOPED RESERVESBogota, Colombia – January 31, 2022 – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announced its independent oil and gas reserves assessment, certified by DeGolyer and MacNaughton (D&M), under PRMS methodology, as of December 31, 2021.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 12.2021 Year-End D&M Certified Oil and Gas Reserves and Highlights:Building on GeoPark’s core base in the Llanos 34 (GeoPark operated, 45% WI) and CPO-5 (GeoPark non- operated, 30% WI) blocks, the Company reports:Colombia Reserves PD Reserves: Proven developed (PD) reserves in Colombia of 49.9 mmboe, with a PD reserve life index (RLI) of 4.4 years1P Reserves: Proven (1P) reserves in Colombia of 2 mmboe, with a 1P RLI of 7.2 years. Net present value after tax discounted at 10% (NPV10 after tax) of 1P reserves of $1.3 billion2P Reserves: Proven and probable (2P) reserves in Colombia of 8 mmboe, with a 2P RLI of 11.9 years. NPV10 after tax of 2P reserves of $2.0 billion3P Reserves: Proven, probable and possible (3P) reserves in Colombia of 211.0 mmboe, with a 3P RLI of 18.5 years. NPV10 after tax of 3P reserves of $2.9 billionDevelopment Capital: Future development capital to develop 1P, 2P and 3P reserves in Colombia of $1.9 per barrel, $1.7 per barrel and $1.6 per barrel, respectivelyLlanos 34 Block: Low risk development and new field extensions with reserve upside potential to be tested in 2022Net PD reserve additions of 0 mmbbl (a 131% PD reserve replacement)Net 2P reserve additions of 3 mmbbl (a 78% 2P reserve replacement)Net 3P reserve additions of 5 mmbbl (a 100% 3P reserve replacement)1P RLI of 9 years, 2P RLI of 11.5 years and 3P RLI of 16.0 yearsAverage gross production in 2021 was 55,971 bopd with an exit rate above 60,000 bopdCPO-5 Block1 : Continued strong reservoir performance in the Indico oil fieldNet 1P reserves of 5.1 mmbbl, Net 2P reserves of 0 mmbbl and Net 3P reserves of 48.8 mmbbl (1P RLI of 3.6 years, 2P RLI of 14.7 years and 3P RLI of 36.1 years)The 2021 drilling campaign initiated in December 2021 with the spud of the Indico 4 development wellThe operator, ONGC Videsh, is accelerating drilling activities in 2022 targeting to drill 7-8 gross wells (1-2 development wells and 6-7 exploration wells) with two contracted drilling rigsConsolidated Reserves2PD Reserves: PD reserves of 1 mmboe, with a PD RLI of 4.2 years1P Reserves: 1P reserves of 6 mmboe, with a 1P RLI of 6.7 years. NPV10 after tax of 1P reserves of $1.4 billion2P Reserves: 2P reserves of 2 mmboe, with a 2P RLI of 11.6 years. NPV10 after tax of 2P reserves of $2.3 billion3P Reserves: 3P reserves of 3 mmboe, with a 3P RLI of 18.1 years. NPV10 after tax of 3P reserves of $3.4 billionFuture Development Capital: Future development capital to develop 1P, 2P and 3P reserves of $2.0 per barrel, $2.3 per barrel and $2.2 per barrel, respectivelyPortfolio Management: Divestment of non-core Aguada Baguales, El Porvenir and Puesto Touquet (GeoPark operated, 100% WI) blocks in Argentina and of the Manati gas field (GeoPark non-operated, 10% WI) in Brazil are currently underway, representing 100% of GeoPark’s reserves in Argentina and BrazilExcluding reserves from Argentina and Brazil, GeoPark’s consolidated reserves would amount to 7 mmboe, 86.6 mmboe, 153.1 mmboe and 241.4 mmboe of PD, 1P, 2P and 3P reserves, respectivelyNet Present Value and Value Per ShareGeoPark’s 2P NPV10 after tax of $2.3 billionGeoPark’s net debt-adjusted 2P NPV10 after tax of $28.9 per share ($24.0 per share corresponding to Colombia)Read the full press release.1 GeoPark non-operated, 30% WI, ONGC Videsh operated, 70% WI.2 Consolidated figures include reserves in the Aguada Baguales, El Porvenir and Puesto Touquet blocks in Argentina and in the Manati gas field in Brazil that are being divested. The Argentina transaction is expected to close in late January or early February 2022, whereas the Brazil transaction is still subject to several conditions that should be met before March 31, 2022 and that have not been met as of the date of this release. SHARE