GeoPark Announces Record 2019 Certified 2P Reserves of 197 MMBOE Valued at NPV10 of $2.8 Billion

Bogota, Colombia – February 10, 2020 – 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, Chile and Ecuador, today announced its independent oil and gas reserves assessment, certified by DeGolyer and MacNaughton (D&M), under PRMS methodology, as of December 31, 2019.

D&M’s assessment as of December 31, 2019 does not include reserves or any other information related to the recent acquisition of Amerisur Resources Plc (“Amerisur”) that closed in January 2020. All reserves included in this release refer to GeoPark working interest reserves before royalties paid in kind. All figures are expressed in US Dollars. Definitions of terms are provided in the Glossary on page 11.

Year-End Certified 2019 D&M Oil and Gas Reserves and Highlights:

Colombia Reserves Growth

• •PD Reserves: Proven developed (PD) reserves in Colombia increased 17% to 42.4 mmboe, with a PD reserve life index (RLI) of 3.6 yearsç
• 1P Reserves: Proven (1P) reserves in Colombia increased 15% to 95.9 mmboe, with a 1P RLI of 8.1 years. Net present value after tax discounted at 10% (NPV10) of 1P reserves increased by 15% to $1.6 billion despite using lower price decks
• 2P Reserves: Proven and probable (2P) reserves in Colombia increased 10% to 129.0 mmboe (16% adjusting for divested blocks), with a 2P RLI of 10.9 years. NPV10 of 2P reserves increased by 10% to $2.1 billion
• 3P Reserves: Proven, probable and possible (3P) reserves in Colombia increased 11% to 168.9 mmboe, with a 3P RLI of 14.3 years. NPV10 of 3P reserves increased by 10% to $2.6 billion
• Reserve Additions and Replacement Ratios: After record production of 11.8 mmboe, the Company added 17.9 mmboe of PD reserves, 24.3 mmboe of 1P reserves, 24.0 mmboe of 2P reserves and 28.1 mmboe of 3P reserves, achieving, respectively, a 152%, 206%, 203% and 238% reserve replacement of PD, 1P, 2P and 3P reserves
• Finding and Development Costs: Finding and development costs (F&D Costs) for 2019 in Colombia were $2.9 per boe on a 1P basis and $2.6 per boe on a 2P basis