GeoPark Announces Fourth Quarter 2015 Operational Update - GeoPark
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OIL AND GAS PRODUCTION UP 15% TO RECORD LEVELS WITH GROWTH ACROSS ALL OPERATING UNITS

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, Chile, Brazil, Argentina, and Peru¹, today announced its operational update for the three-month period ended December 31, 2015 (“Fourth Quarter” or “4Q2015”).

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

Quarterly Highlights

Total Company:

  • Consolidated production up 15% to 23,062 boepd (up 20% compared to 3Q2015)
  • Oil production up 19% to 17,123 bopd (up 16% compared to 3Q2015)
  • Gas production up 6% to 35.6 mmcfpd (up 31% compared to 3Q2015)

Colombia:

  • Oil and gas production up 34% to 15,510 boepd (up 19% compared to 3Q2015)
  • GeoPark-operated Llanos 34 Block (45% WI) grew gross production, for 14th consecutive quarter, to 34,000 bopd after putting two exploration wells (Chachalaca 1 and Jacana 1) and two development wells (Jacana 2 and Tilo 2) into production

Chile:

  • Oil and gas production down 16% to 4,006 boepd (up 25% compared to 3Q2015)
  • Reversed Chile production decline with start-up of new Ache gas field in GeoPark-operated Fell Block (100% WI). Appraisal well, Ache Este 1, currently being drilled and completed

Brazil:

  • Oil and gas production up 1% to 3,546 boepd (up 18% compared to 3Q2015)
  • Compression plant installed to stabilize production and fully develop Manati gas field reserves

Strategic Developments:

  • Entered into offtake and $100 million funding agreement with Trafigura to improve crude oil sale prices and netbacks, reduce transport costs and operational risks, and strengthen the Company’s balance sheet
  • Participated with new strategic partner, Grupo Alfa, in Mexico Bid Round 1.3, with no blocks awarded

¹Transaction executed with Petroperu on October 1, 2014 with final closing subject to Peru Government approval

Read the full press release.