GeoPark Announces First Quarter 2018 Operational Update - GeoPark
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GeoPark Announces First Quarter 2018 Operational Update

April 11, 2018

CONTINUED DRILLING SUCCESS AND RECORD PRODUCTION GROWTH, NEW ARGENTINA PROJECT CLOSING AND NEW LARGE-SCALE ACQUISITION PARTNERSHIP

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 operational update for the three- month period ended March 31, 2018 (“1Q2018”).

All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when otherwise specified.

First Quarter 2018 Highlights
28% Growth in Oil and Gas Production

  • Consolidated oil and gas production up 28% to 32,195 boepd (up 5% compared to 4Q2017)
  • Oil production increased by 33% to 27,345 bopd (up 8% compared to 4Q2017)
  • Colombian oil production increased by 37% to 26,303 bopd (up 8% compared to 4Q2017)
  • Gas production increased by 3% to 29.1 mmcfpd (down 9% compared to 4Q2017)
  • Current production of 35,000 boepd, including new production from Argentina acquisition

Continued Drilling and Operational Successes
Colombia:

  • Tigana Norte 6, Tigana Norte 7 and Jacana 20 development wells drilled, tested and put on production,
    adding approximately 3,000 bopd gross in the Llanos 34 block (GeoPark operated, 45% WI), bringing
    current gross production to 58,000 bopd
  • Chachalaca Sur 1 exploration well, Tigana Norte 9 appraisal well, and Tigana Sur Oeste 5 and Jacana
    21 development wells drilled and currently being tested
  • Coming catalysts: testing of four wells above, and drilling of seven new wells which include five
    development wells and one exploration well in the Llanos 34 block, and a new exploration well in the
    Tiple exploration acreage
  • Project to construct flowline to connect the Llanos 34 block to nearby regional pipeline underway

Chile:

  • Uaken 1 exploration well, tested and put on production from a new shallow gas play in El Salto formation

New Argentina Project Closed and New Latin American Acquisition Partnership

  • Argentina: closing of low-cost, cash flow producing acquisition with development and exploration potential in the prolific Neuquen basin
  • Strategic Alliance: ONGC Videsh (India’s national oil company) and GeoPark formed a long-term Latin American acquisition partnership for large-scale projects

→ Read the full press release.