GeoPark Announces Second Quarter 2019 Operational Update - GeoPark
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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 operational update for the three-month period ended June 30, 2019 (“2Q2019”).

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

Second Quarter 2019 Highlights

Oil and Gas Production
• Consolidated oil and gas production up 9% to 39,201 boepd
• Oil production increased by 13% to 34,261 bopd
• Colombian oil production increased by 15% to 32,021 bopd
• Gas production decreased by 12% to 29.6 mmcfpd due to a temporary demand curtailment in Brazil

New Development and Exploration Successes
• In Colombia, four new wells were tested and put on production in the Llanos 34 block (GeoPark operated, 45% WI)
• In Chile, the Jauke 2 well, adding a new productive formation to the Jauke gas field, was successfully tested and put on production in the Fell block (GeoPark operated, 100% WI)
• In Brazil, the Praia dos Castelhanos 1 exploration well was successfully tested in the REC-T-128 block (GeoPark operated, 70% WI)

New Infrastructure in Colombia
• Flowline in place and operational connecting the Llanos 34 block to regional pipeline system

New Significant Acreage Expansion and New Partnership with Ecopetrol/Hocol in Colombia
• Acquired three low-cost, low-risk exploration blocks in the Llanos basin in partnership with Hocol (a 100% subsidiary of Ecopetrol) adding 86-155 mmbbl of gross unrisked exploration resources, as independently audited by Gaffney, Cline and Associates
• Closed divestiture of non-core La Cuerva and Yamu blocks for up to $20 million

New Country Entry: Final Award of the Blocks in Ecuador
• Signed final contracts for the Espejo (GeoPark operated, 50% WI) and Perico (GeoPark non-operated, 50% WI) blocks in the Oriente basin

Continued Returning Value to Shareholders
• Accelerated share buyback program initiated in December 2018, buying 3,193,800 shares (5% of total outstanding shares) for $51.2 million, while executing self-funded growth work programs

Catalysts: 3Q2019
• Drilling eight new exploration and development wells and testing one well across GeoPark’s portfolio


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