GeoPark Announces Second Quarter 2016 Operational Update - GeoPark
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GeoPark Announces Second Quarter 2016 Operational Update

July 19, 2016

ACCELERATING DRILLING AND WORK PROGRAM ACROSS LATIN AMERICAN PLATFORM

Santiago, Chile – 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 Peru¹, today announced its operational update for the three month period ended June 30, 2016 (“Second Quarter” or “2Q2016”).

(All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified).

Quarterly Highlights

  • Oil and gas production up 8% to 21,143 boepd

-Oil production up 7% to 15,530 bopd
-Gas production up 11% to 33.7 mmcfpd

  • 2016 Work Program and Investment Plan increased by 60% to $40-$50 million with oil price strengthening and cost efficiency improvements

-Drilling in Colombia expanded to 6-7 wells
-Reopening of temporarily shut-in marginal fields following operating cost reductions with potential 900-1,000 bopd net gain in 2H16

  • Colombia: Successful drilling and extension of Jacana Oil Field

-Jacana 3 well drilled, tested and put on production at 1,650 bopd in Llanos 34 Block (GeoPark operated with 45% working interest (WI))
-Jacana 4 well drilled and currently being completed for testing

  • Argentina: Exploration start-up of Puelen Block in Neuquén Basin

-Seismic and geochemical activities underway on heavy oil shallow exploration play (GeoPark non- operated with 18% WI)

  • Chile: Initiating activities to carry out workover on Ache Este 1 well

-Scheduled workover in 4Q2016 to test extension of Ache gas field in Fell Block (GeoPark operated with 100% WI)

  • Brazil: Initiating activities to begin drilling operations in Renconcavo Basin

-Targeted drilling start-up in 4Q2016 or 1Q2017 on REC-T-94 Block (GeoPark operated with 100% WI)

  • Peru: High potential Morona Block agreement extension1

-Partnership with Petroperu on block with discovered light oil field Situche Central (83 million bbls gross 3P reserves) and large exploration resources (GeoPark operated with 75% WI)

  • New Business: Ongoing new project evaluations and discussions in Colombia, Argentina, Brazil, Peru and Mexico

¹Transaction executed with Petroperu on October 1, 2014 with final closing subject to Peru Government approval. GeoPark and Petroperu recently amended the deadline until March 2017 to obtain regulatory approvals

→ Read the full press release.