GeoPark Announces Third Quarter 2019 Operational Update - GeoPark
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Bogotá, 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, Peru, Argentina, Brazil, Chile and Ecuador, today announced its operational update for the three-month period ended September 30, 2019 (“3Q2019”).

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

Third Quarter 2019 Highlights

Oil and Gas Production Growth (16 Straight Years of Continuous Growth)
• Consolidated oil and gas production up 6% to 39,619 boepd – adjusting for divested blocks, consolidated production increased by 9% (3% higher compared to 2Q2019)
• Oil production increased by 8% to 33,693 bopd
• Colombian oil production increased by 8% to 31,394 bopd (12% increase adjusting for divested blocks)
• Chilean production increased by 27% to 3,358 boepd

New Exploration and Development Successes
In Colombia on the Llanos 34 block (GeoPark operated, 45% WI)
• New Guaco oil field discovered along the most western fault trend in block potentially opening-up new trend
• Five new wells were tested and put on production in block
• New wells drilled and tested are currently producing more than 3,600 bopd gross
In Brazil on the REC-T-128 block (GeoPark operated, 70% WI)
• New discovered Praia dos Castelhanos oil field initiated long-term testing at rate of approximately 200220 bopd

High Potential Acreage Expansion, including New Partnership with Ecopetrol/Hocol in Colombia
• Acquired three low-cost, low-risk exploration blocks in the Llanos basin in Colombia in partnership with Hocol (a 100% subsidiary of Ecopetrol) – with GeoPark selected as Operator – and adding 86-155 mmbbl of gross unrisked exploration resources¹
• Acquired four new attractive low-risk, low-cost blocks in Brazil, strengthening GeoPark’s existing portfolio in the Reconcavo and Potiguar basins and adjacent to existing producing fields

Continued Returning Value to Shareholders
• Accelerated share buyback program, having acquired 4,404,000 shares (7% of total outstanding shares) for $72.0 million since December 2018, while executing self-funded growth work programs

Catalysts: 4Q2019
• Drilling seven new exploration and development wells and testing three wells across GeoPark’s Latin American portfolio.

→ Read the full press release


¹ Independently audited by Gaffney, Cline and Associates