GeoPark Announces Fourth Quarter 2021 Operational UpdateJanuary 19, 2022MOST ACTIVE DRILLING PROGRAM IN COMPANY HISTORY WITH NINE RIGS OPERATING IN THREE HIGH-POTENTIAL HYDROCARBON BASINS INCLUDING SPUDDING FIRST WELL IN ECUADORBogota, Colombia – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator today announced its operational update for the three-month period ended December 31, 2021 (“4Q2021”).All figures are expressed in US Dollars. Growth comparisons refer to the same period of the prior year, except when otherwise specified.HighlightsOil and Gas ProductionAnnual average oil and gas production of 37,602 boepd, within 37,000-38,000 boepd guidance and with an exit production of 39,300 boepd (exit production includes approximately 1,800 boepd in Argentina blocks that are being divested with closing expected in late January 2022)Quarterly average oil and gas production of 37,928 boepd, down 4% due to lower gas productionLlanos 34 block (GeoPark operated, 45% WI) production increased by 2% to 58,270 bopd grossCPO-5 block (GeoPark non-operated, 30% WI) production increased by 19% to 12,310 bopd grossColombia OperationsIn the Llanos 34 block – Llanos basin:Three drilling and three workover rigs in operation2021 exit production above 60,000 bopd grossRecent successful results in Tigui and Jacana, opening new drilling opportunities to be tested in 2022 In the CPO-5 block – Llanos basin:Two drilling rigs contracted for two years targeting development, appraisal and high potential near- field exploration projects adjacent to and on trend with core Llanos 34 blockCurrently drilling the Indico 4 development well, with testing expected to start in late January 2022Second rig contracted and expected to spud within 1H2022In the Platanillo block (GeoPark operated, 100% WI) – Putumayo basin:Currently drilling the Platanillo Central 1 development wellEcuador OperationsIn the Perico block (GeoPark non-operated, 50% WI) – Oriente basin:Jandaya 1 exploration well drilled to total depth with testing activities currently underwayTui 1 exploration well, 6 km southwest of Jandaya 1 well to be spudded in February 2022 In the Espejo block (GeoPark operated, 50% WI) – Oriente basin:Ongoing 3D seismic acquisition, targeting to spud first exploration well in 2H2022Chile OperationsIn the Fell block (GeoPark operated, 100% WI) – Magallanes basin:One rig expected to spud two gas wells in the Jauke/Dicky geological structure, starting March 2022Portfolio ManagementDivestment of non-core Aguada Baguales, El Porvenir and Puesto Touquet blocks (GeoPark operated, 100% WI) in Argentina for a total consideration of $16 million currently underway with closing expected in late January 202212022 Work Program: Multiple Catalysts with Superior Free Cash Flow Yields2Self-funded 2022 capital expenditures program of $160-180 million to drill 40-48 gross wells, including 15-20 gross exploration/appraisal wellsAt $65-70/bbl Brent the program would generate $90-140 million free cash flow, or 12-20% free cash flow yieldsAt $75-80/bbl Brent the program would generate $170-210 million free cash flow, or 23-28% free cash flow yieldsAt $80-85/bbl Brent the program would generate $210-250 million free cash flow, or 28-33% free cash flow yieldsGeoPark intends to use free cash flow for continued deleveraging, incremental shareholder returns through cash dividends and share buybacks, and other corporate purposes, subject to prevailing oil pricing conditions during 2022Cash Generation Allows for Net Debt Reduction and Acceleration of Shareholder ReturnsQuarterly Dividend of $0.041 per share, or $2.5 million, paid on December 7, 2021Accelerating share buyback program. Acquired 0.6 million shares, or approximately 1% of total outstanding shares for $7.3 million from September 30, 2021 to dateGeoPark acquired 0 million shares in aggregate under its share buyback program, or approximately 1.6% of total outstanding shares for $12.7 million from January 1, 2021 to date, while executing self- funded work programs, and paying down $105 million of debtCash and cash equivalents of $100 million as of December 31, 20213 (compared to $76.8 million as of September 30, 2021) 1 GeoPark will no longer report production from Argentina after closure of the divestment, expected in late January 2022.2 Free cash flow is calculated as Adjusted EBITDA less capital expenditures, cash taxes and mandatory debt service payments, and does not include potential cash inflows from the 2022 exploration campaign. Free cash flow yields were calculated using GPRK’s market capitalization from January 3 to January 14, 2022. Please refer to the release published on November 10, 2021 for further details.³Unaudited. Read the full press release. SHARE