GeoPark Announces Fourth Quarter 2022 Operational Update

PROFITABLE PRODUCTION GROWTH & CASH GENERATION

BALANCE SHEET STRENGTHENING & ACCELERATED SHAREHOLDER RETURNS

GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announces its operational update for the three-month period ended December 31, 2022 (“4Q2022”).

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

Growing Production in Core Assets and Achieving Guidance

• Consolidated average oil and gas production up 7% to 38,433 boepd¹
• Annual 2022 average production of 38,620 boepd, within guidance
• 2022 exit production of 37,700 boepd, with approximately 1,700 boepd of net production being deferred due to temporary shut-ins in the CPO-5 block (GeoPark non-operated, 30% WI) in Colombia and lower gas demand in the Manati gas field (GeoPark non-operated, 10% WI) in Brazil
• Llanos 34 block (GeoPark operated, 45% WI) 2022 annual average gross production up 2% to 57,016 bopd
• CPO-5 block 2022 annual average gross production up 50% to 18,600 bopd (up 64% to 20,235 boepd gross average production in 4Q2022)
• GeoPark’s full-year 2022 work program included drilling of 50 gross wells² (40 operated), a record for GeoPark

Llanos Basin: Finding More Oil & Extending Production Growth in the CPO-5 Block

Llanos 34 block:

• Three drilling and three workover rigs in operation
• Average gross production down 6% to 54,610 bopd
• Production and operations were partially affected for 15 days in 4Q2022 due to blockades
• Guaco Sur 1 exploration well was spudded and reached total depth in December 2022

-Preliminary logging information indicated hydrocarbons in the Guadalupe formation

-Testing activities are expected to start in late January 2023.

CPO-5 block:

• Average gross production up 64% to 20,235 bopd
• Two new development wells, Indico 6 and Indico 7, together tested over 11,000 bopd gross, and are expected to continue producing at a restricted rate of approximately 8,000 bopd gross, to continue testing overall reservoir conditions
• These new wells are temporarily shut-in (Indico 6 since mid-December 2022 and Indico 7 since early January 2023) as the operator is obtaining customary regulatory approvals, and are expected to resume production within the next few weeks
• Pre-drilling activities currently underway in the Yarico exploration prospect, located adjacent to the Mariposa field, targeting to spud the Yarico 1 exploration well in January 2023

Llanos 87 block (GeoPark operated, 50% WI):

• Two drilling rigs in operation
• Tororoi 1 exploration well was spudded in October 2022 and reached total depth in December 2022

-Preliminary logging information indicated hydrocarbons in the Ubaque, Guadalupe (Barco) and Miradorformations

-Initial testing activities carried out in the Ubaque formation with further testing planned to continue in 1Q2023

-Currently drilling two exploration wells (Picabuey 1 and Zorzal 1), targeting to reach total depth in 1Q2023

Oriente Basin: New Exploration Success

Espejo block (GeoPark operated, 50% WI):

• Pashuri 1 exploration well was spudded in September 2022 and reached total depth in October 2022

-Preliminary logging information indicated hydrocarbons in the Napo formation

-The well is currently producing 400 bopd gross

Putumayo Basin: Drilling Attractive Short-Cycle Prospects

Platanillo block (GeoPark operated, 100% WI):

• Average gross production up 37% to 2,292 bopd
• Alea NW 1 exploration well was spudded in September 2022

-Preliminary logging information indicated hydrocarbons in the U and N formations

-The well has been producing 225 bopd from the U formation

-Currently testing the N formation, with initial production rates of 245 bopd

Fast, Immediate and Aggressive Actions to Minimize Emissions

• Solar photovoltaic plant in the Llanos 34 block fully operational since November 2022
• The solar plant and the interconnection of the Llanos 34 block to Colombia’s national power grid in July 2022 are key drivers to continue improving the Llanos 34 block’s industry-leading cost and carbon footprint

Powerful Safety Culture

• 2022 annual Lost Time Injury Rate (LTIR) of 35³ (15% lower than last 5-year average)
• 2022 annual Total Recordable Injury Rate (TRIR) of 0.70⁴ (36% lower than last 5-year average)

Balance Sheet Strengthening and Accelerated Shareholder Returns

• Quarterly dividend of $0.127 per share, or $7.5 million, paid on December 7, 2022 (or an annualized dividend of approximately $30 million, a 3.5% dividend yield⁵)
• Acquired 2.7 million shares (or over 4.5% of shares outstanding) for $36.2 million in 2022 (0.9 million shares acquired for $13.1 million in 4Q2022)
• Renewed discretionary share buyback program for up to 10% of shares outstanding until December 2023
• Cash-in-hand of $122 million⁶ as of December 31, 2022 ($93 million as of September 30, 2022)

2023 Work Program: Growing Production, Drilling More Wells and Giving Back to Shareholders

• 2023 production guidance of 39,500-41,500 boepd (assuming no production from the exploration drilling program)
• Self-funded 2023 capital expenditures program of $200-220 million to drill 50-55 gross wells (including 10-15 low-risk high-potential exploration and appraisal wells)
• At $80-90 per bbl Brent, GeoPark expects to generate an Adjusted EBITDA of $510-580 million and a free cash flow of $120-140 million⁷
• Targeting to return approximately 40-50% of free cash flow after taxes to shareholders

Upcoming Catalysts

• Drilling 10-13 gross wells in 1Q2023, targeting development and exploration projects in the Llanos and Putumayo basins in Colombia
• Exploration drilling includes 3-4 new gross wells in the Llanos basin (CPO-5 and Llanos 87 blocks)

→ Read the full press release.

¹ Percentages are calculated adjusting for divestments in Argentina in 4Q2021.

² Five gross wells were drilled in 2022 and will be completed in 2023.

³ Number of lost time injuries per million hours worked for both employees and contractors.

⁴ Number of recordable injuries per million hours worked for both employees and contractors.

⁵ Based on GeoPark’s average market capitalization from October 1, 2022 to January 17, 2023.

⁶ Unaudited.

⁷ Free cash flow is used here as Adjusted EBITDA less capital expenditures, mandatory interest payments and cash taxes. 2023 cash taxes include GeoPark’s preliminary estimates of the full impact of the new tax reform in Colombia, irrespective of the timing of its cash impact, expected in 2023 or early 2024. The Company is unable to present a quantitative reconciliation of the 2023 Adjusted EBITDA which is a forward-looking non-GAAP measure, because the Company cannot reliably predict certain of the necessary components, such as write-off of unsuccessful exploration efforts or impairment loss on non-financial assets, etc. Since free cash flow is calculated based on Adjusted EBITDA, for similar reasons, the Company does not provide a quantitative reconciliation of the 2023 free cash flow forecast.