GeoPark Announces Record Certified 2P Oil and Gas Reserves of 143 mmboe - Valued at npv10 $1.9 Billion - GeoPark
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GeoPark Announces Record Certified 2P Oil and Gas Reserves of 143 mmboe – Valued at npv10 $1.9 Billion

February 6, 2017

IN COLOMBIA: 2P RESERVES INCREASED 45% TO 67.4 MMBOE WITH AN

NPV10 OF $1 BILLION, EQUIVALENT TO NET DEBT ADJUSTED NPV10 OF $10.2 PER SHARE

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 Peru, today announced its independent oil and gas reserves assessment, certified by DeGolyer and MacNaughton (D&M), under PRMS methodology, as of December 31, 2016.

All figures are expressed in US Dollars. Definitions of terms used herein, are provided in the Glossary on page 10.

Year-End 2016 D&M Certified Reserves and Company Highlights

  • Per Share Value: Net debt adjusted 2P NPV10 increased by 19% to $23.6 per share, mainly resulting from increased net debt adjusted 2P NPV10 in Colombia (up 112%) to $10.2 per share
  • PDP Reserves: Net proven developed producing (PDP) reserves increased 12% (by 2.1 MMBOE) to 19.4 MMBOE, with a PDP reserve replacement index (RRI) of 126%
  • 1P Reserves: Net proven (1P) reserves increased 10% (by 7.1 MMBOE) to 78.3 MMBOE, with 1P reserve life index (RLI) of 9.5 years and a 1P RRI of 187%. Total NPV10 of 1P reserves increased by $228 million (up 26%) to $1.1 billion
  • 2P Reserves: Net proven and probable (2P) reserves increased 14% (by 17.5 MMBOE) to 142.8 MMBOE, with a 2P RLI of 17.4 years and a 2P RRI of 312%. Total NPV10 of 2P reserves increased by $241 million (up 15%) to $1.9 billion
  • Colombia 2P Reserves: Net 2P reserves in Colombia increased 45% (by 20.9 MMBOE) to 67.4 MMBOE with a 2P RLI of 11.8 years and a 2P RRI of 468%. Total NPV10 of 2P reserves in Colombia increased by $351 million (up 54%) to $1.0 billion
  • F&D Costs: Net finding and development costs (F&D Costs) for 2016 were $2.9 per boe on a 1P basis and $1.7 per boe on a 2P basis, including F&D Costs for Colombia of $1.8 per boe on a 1P basis and $0.9 per boe on a 2P basis, following unaudited capital expenditures in 2016 of $44 million for the total Company, and $25 million in Colombia

James F. Park, Chief Executive Officer of GeoPark, said: “Oil and gas reserves are up. Total asset value is up. Per share value is up. Costs are down. Opportunities are expanding. Coming out of two years of industry turbulence, our important certified gains demonstrate the strength and quality of our people, assets and plan to be able to continuously create and deliver big value across our rich asset portfolio in any price environment. A salute to our relentless team for adding another impressive year to a proud track record of finding oil and gas and increasing reserves every year since our founding in Latin America nearly 15 years ago. GeoPark can look forward to a meaningful and rewarding 2017, with one of the most compelling new land-based oil plays in Latin America today – our Tigana/Jacana fields in Colombia – and backed by a forceful drilling and work program this year across our high potential project inventory.”

→ Read the full press release.