GeoPark Announces Second Quarter 2022 Operational Update

SHORT-CYCLE PROJECTS DRIVING PRODUCTION GROWTH

HIGH-IMPACT EXPLORATION DRILLING UNDERWAY IN THE LLANOS BASIN IN COLOMBIA DELIVERING ON EMISSIONS REDUCTION TARGETS

ACCELERATING DELEVERAGING & SHAREHOLDER RETURNS

Bogota, Colombia – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator today announces its operational update for the three-month period ended June 30, 2022 (“2Q2022”).

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

Accelerating Production Growth

Consolidated oil and gas production up 14% to 38,940 boepd (up 2% vs 1Q2022)¹
Production in Colombia up 16% to 34,253 boepd (up 2% vs 1Q2022)
CPO-5 block (GeoPark non-operated, 30% WI) gross production up 77% to 20,300 boepd (up 34% vs 1Q2022)
Tigana and Jacana fields in the Llanos 34 block (GeoPark operated, 45% WI) and Indico field in the CPO-5 block, rank among the top 10 highest oil-producing fields in Colombia²
Ten rigs in operation in July 2022, increasing to 12-13 (including 8-9 drilling rigs) in 2H2022
On track to reach 2022 full-year guidance of 38,500-40,500 boepd

Llanos Basin: Exploration Drilling Underway in High-Potential Prospects

In the Llanos 34 block:

Adding a third drilling rig, expected to start spudding wells in early August 2022 In the CPO-5 block:
Drilling the Cante Flamenco 1 exploration well, located 4 km west of the Urraca 1 well, looking for hydrocarbon potential in the Ubaque and Mirador formations, with Guadalupe as a secondary target
2H2022 work program targets drilling of 1-2 development wells to further accelerate production growth in the Indico field, to be followed by 3-5 high-potential exploration wells (1-2 wells next to Llanos 34 to test the extension of the Jacana field and 2-3 wells in the southeastern part of the block)

In the Llanos 87 block (GeoPark operated, 50% WI):

Obtained environmental license, allowing exploration and delineation drilling plus related infrastructure
Civil works and other pre-drilling activities underway to spud the Tororoi exploration prospect in 3Q2022, to be followed by 1-2 exploration wells in 4Q2022

Oriente Basin: Three Drilling Successes in 1H2022

In the Perico block (GeoPark non-operated, 50% WI):

Drilled and put on production the Yin 1 exploration well, currently producing approximately 2,000 bopd gross with a 1% water cut
Jandaya, Tui and Yin oil fields are currently producing 3,000 bopd gross In the Espejo block (GeoPark operated, 50% WI):
Completed the acquisition of 60 sq km of 3D seismic
Obtained environmental license, allowing exploration and delineation drilling plus related infrastructure
Civil works currently underway targeting to spud the Pashuri 1 exploration well in September 2022

Putumayo Basin: Drilling Attractive Short-Cycle Prospects

In the Platanillo block (GeoPark operated, 100% WI):

Initiated drilling of the Alea NW 1 exploration well, to be followed by the Platanillo Norte 1 exploration well in 3Q2022
Production and operations affected for 15 days in May 2022 due to local community blockades against the Government

Fast, Immediate and Aggressive Actions to Minimize Emissions

Main fields in Llanos 34 block interconnected to Colombia’s national power grid fully operational

-Tua and Jacana fields interconnected in May/June 2022

-Tigana field interconnected in July 2022

-Tua, Jacana and Tigana fields represent approximately 80% of the Llanos 34 block’s production

The interconnection of Llanos 34 to Colombia’s national power grid (~70% hydroelectric³) is a decisive catalyst to reduce carbon emissions and improve overall operational reliability
Solar photovoltaic plant in the Llanos 34 block to be fully operational by early August-2022

2022 Work Program: Strong Cash Flow Generation

Self-funded 2022 capital expenditures program of $200-220 million targets the drilling of 50-55 gross wells, including 18-22 gross exploration/appraisal wells
Using a $95-100 per bbl Brent base case, GeoPark expects to generate a free cash flow of $250-280⁴ million, equivalent to a 35-40% free cash flow yield⁵
Free cash flow funding incremental capital projects, debt reduction, increased shareholder returns and other corporate purposes

Debt Reduction and Balance Sheet Strengthening

Repurchased $50.3 million principal of the 2024 Notes since January 1, 2022
Redeemed $45.0 million principal of the 2024 Notes in May 2022
Reduced gross debt by $200 million since April 2021, with additional deleveraging expected in 2H2022 at current market conditions
Cash in hand of $122⁶ million as of June 30, 2022 ($114.1 million as of March 31, 2022)

Returning More Value to Shareholders

Quarterly Dividend of $0.082 per share, or $5.0 million, paid on June 10, 2022, representing a 2.9% dividend yield⁷
Accelerating discretionary buyback program, having acquired 1,045,940 shares, or 1.7% of total shares outstanding for $13.6 million⁸ since January 1, 2022, while executing self-funded and flexible work programs, and paying down debt
Obtained consent from 2027 bondholders to reset and rebuild restricted payments baskets, adding significant flexibility to GeoPark’s long-term shareholder return strategy

Strengthened Corporate Governance and Expertise

Shareholders voted for all five Directors standing for reelection and elected four new Directors at the AGM held on July 15, Every Director received at least 77% of the votes, with a total of 65% of shares represented by proxies at the meeting. The two new Independent Directors and the two new Executive Directors were each elected with a 99% majority of the votes cast
World-class, well-known oil and gas finders and developers, Brian Maxted and Carlos Macellari join the Board as Independent Directors jointly with two experienced Executive Directors, Andrés Ocampo and Marcela Vaca, bringing significant expertise to GeoPark’s Board
GeoPark’s Board is now composed of six Independent Directors, representing 7% of the Board. The key Nomination and Corporate Governance, Audit, and Compensation committees continue to be composed exclusively of Independent Directors

Read the full press release.

¹ Percentajes are calculated adjusting for divestments in Argentina in 2Q2021 and 1Q2022, respectively.

² Based on latest available information on Colombia’s oil production per field during May 2022, as published by the ANH.

³ Colombian Ministry of Energy and Mines, Report to Congress, p. 14.

⁴ Free cash flow is used here as Adjusted EBITDA less income tax, capital expenditures and mandatory interest payments.

⁵ Calculated using GeoPark’s average market capitalization from July 1 to July 19, 2022.

⁶ Unaudited.

⁷ Annualized and calculated using GeoPark’s market capitalization from July 1 to July 19, 2022.