GeoPark Announces Record Certified 2P Oil and Gas Reserves of 159 mmboe Following a 261% Reserve Replacement – With a npv10 Valuation of $2.3 - GeoPark
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GeoPark Announces Record Certified 2P Oil and Gas Reserves of 159 mmboe Following a 261% Reserve Replacement – With a npv10 Valuation of $2.3

February 5, 2018

IN COLOMBIA: 2P RESERVES INCREASED 31% TO 88.2 MMBOE EQUAL TO A NET DEBT-ADJUSTED VALUE OF $15.8 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 Corp. (D&M), under PRMS methodology, as of December 31, 2017.

All figures are expressed in US Dollars. Definitions of terms used herein, are provided in the Glossary on page 13.

Year-End 2017 D&M Certified Oil and Gas Reserves and Highlights:

Consolidated Reserves Growth

•After producing 10.2 million barrels of oil equivalent in 2017, D&M certified reserves are:

  • Net proven developed producing (PDP) reserves increased 47% to 28.5 mmboe o Net proven reserves (1P) increased 24% to 97.0 mmboe
  • Net proven and probable reserves (2P) increased 11% to 159.2 mmboe

•Invested $106 million and increased 1P NPV10 by $430 million

•Finding & Development (F&D) costs for 2017 remained low at just $3.6 per boe for 1P reserves and $4.0 per boe for 2P reserves

•2P reserve replacement index (RRI) of 261%

  • New year-end Argentina asset acquisition (with closing targeted for 1Q2018) may add another 12-14 mmboe 2P reserves (uncertified internal estimate)

Colombia Reserves Growth

•After producing 8.0 million barrels of oil equivalent in Colombia in 2017, D&M certified reserves are:

  • Net PDP reserves increased 89% to 21.6 mmboe
  • Net 1P reserves increased 64% to 66.1 mmboe
  • Net 2P reserves increased 31% to 88.2 mmboe

•F&D costs were just $2.4 per boe for 1P and $2.8 per boe for 2P reserves

•2P RRI of 360%

•Tigana/Jacana oil fields complex certified with 164 mmboe 2P reserves gross, with field delineation continuing

Higher Per-Share Value

  • 2017 work and investment program created more value per share:

•Consolidated net debt-adjusted 2P NPV10 of $29.2 per share

•Colombia net debt-adjusted 2P NPV10 of $15.8 per share

→ Read the full press release.