GeoPark Announces Second Quarter 2021 Operational Update - GeoPark
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Bogota, Colombia – 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, Ecuador, Chile, Brazil, and Argentina, today announced its operational update for the three-month period ended June 30, 2021 (“2Q2021”).

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


Oil and Gas Production and Operations

  • Consolidated oil and gas production of 36,489 boepd, impacted by managed curtailments due to extensive protests and demonstrations that affected overall logistics throughout Colombia1
  • Production restored by the end of 2Q2021, with GeoPark currently producing 38,000-39,000 boepd
  • Drilling and field operations normalized by the end of 2Q2021 and currently fully active with three operated drilling rigs and three workover rigs in Colombia

Ongoing Operations and Revised 2021 Guidance

  • Full-year 2021 average production has been revised to 38,000-40,000 boepd with a work program of $125-140 million and operating netbacks of $340-390 million (assuming Brent at $60-65 per bbl)2
  • 2H2021 production is expected to average 39,000-42,000 boepd (excluding the potential production from the 2H2021 exploration drilling program)
  • 2H2021 drilling program includes exploration prospects in the CPO-5 (GeoPark non-operated, 30% WI) and Llanos 94 (GeoPark non-operated, 50% WI) blocks
  • Flexible work program, quickly adaptable to any oil price scenario

Debt Reduction and Cost Savings

  • Strategic first phase deleveraging process executed in April 2021, resulting in significant debt reduction with extended maturities and lower cost of debt
  • $85 million of cash & cash equivalents as of June 30, 20213
  • Long-term financial debt maturity profile with no principal payments until September 2024

ESG+ Actions

  • National electric grid connection and PV solar projects currently underway to continue improving industry- leading cost and carbon footprint performance in the Llanos 34 block (GeoPark operated, 45% WI)
  • Currently developing strategic medium and long-term greenhouse gas reduction policy
  • GeoPark’s annual sustainability report (SPEED/ESG 2020 report) to be published in August 2021

Corporate Governance Strengthening

  • Shareholders reelected all GeoPark directors at the AGM4 held on July 15, 2021, with every director receiving at least 70% of the shares votedÇ
  • Newly appointed Independent Chair of the Board, Ms. Sylvia Escovar
  • GeoPark’s Board composed of a majority of independent directors and key committees consist solely of independent directors (Nomination and Corporate Governance, Audit, and Compensation committees)
1  Please refer to the Company’s releases on May 17, June 1, and July 1, 2021.
2  Brent price assumption from July to December 2021, assuming $3-4/bbl Vasconia-Brent differential.
3  Unaudited.
4 Annual General Meeting.