GeoPark Reports Fourth Quarter and Full-Year 2021 Results March 9, 2022 2021 OPERATIONAL DELIVERY & CASH GENERATION FUNDED DEBT REDUCTION & HIGHER SHAREHOLDER RETURNS 2022 WORK PROGRAM DELIVERING RESULTS AND ACCELERATING PROFITABLE GROWTH Bogota, Colombia – March 9, 2022 – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, reports its consolidated financial results for the three-month period (“Fourth Quarter” or “4Q2021”) and for the year ended December 31, 2021 (“Full-year” or “FY2021”). A conference call to discuss 4Q2021 financial results will be held on March 10, 2022, at 10:00 am (Eastern Standard Time). All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This release does not contain all of the Company’s financial information and should be read in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the period ended December 31, 2021, available on the Company’s website. FOURTH QUARTER AND FULL-YEAR 2021 HIGHLIGHTS Consistent Operational Delivery Quarterly oil and gas production of 37,928 boepd / Full-year oil and gas production of 37,602 boepd (or 35,466 boepd pro forma, excluding production from Argentina blocks, divested January 31, 20221) Full-year consolidated gross operated production of 62,270 boepd CPO-5 block (GeoPark non-operated, 30% WI) annual gross production up 55% vs 2020 to 12,407 bopd 32 gross wells drilled in 2021 (29 operated with a success rate of 96%) 350+ sq km of 3D seismic acquisition during 2021 in the Llanos and Putumayo basins in Colombia Improved Capital and Cost Efficiency Capital expenditures of $43.9 million / Full-year capital expenditures of $129.3 million 2021 Adjusted EBITDA to capital expenditures ratio of 3x (3.2x excluding cash hedge losses) Full-year G&G and G&A costs reduced by 16% to $54.7 million (31% lower vs 2019) Growing Cash Generation and Profits Revenue up 90% to $202.4 million / Full-year Revenue up 75% to $688.5 million Adjusted EBITDA up 56% to $87.1 million / Full-year Adjusted EBITDA up 38% to $300.8 million Net Profit of $36.9 million / Full-year Net Profit of $61.1 million Less Debt and Stronger Balance Sheet Cash in hand of $100.6 million $105 million in debt paid down in 2021 Net leverage of 9x (2.7x in December 2020) Bigger Shareholder Returns Direct returns to shareholders during 4Q2021 totaled $8.9 million2 (up 36% vs 3Q2021) Discretionary share buyback program in place for up to 10% of shares outstanding until November 2022 Doubling quarterly cash dividend to $5.0 million ($0.082 per share) payable on March 31, 2022 40-48 Well Drilling Program Underway and Delivering Results Self-funded 2022 capital expenditures program of $160-180 million to drill 40-48 gross wells In Ecuador in the Perico block (GeoPark non-operated, 50% WI): First discovery with the Jandaya 1 well now producing gross 870 boepd (770 light oil and 0.6 mmcfpd of gas) with a 1.7% water cut In Colombia in the CPO-5 block: Indico 4 development well drilled and now producing gross 4,200 bopd of light oil with less than 0.2% water cut. Currently drilling the Indico 5 development well to be followed by high-impact exploration drilling campaign beginning by the end of 1Q2022 In Colombia in the Llanos 34 block (GeoPark operated, 45% WI): 7 new gross development wells drilled in the Tigana, Jacana and Tigui oil fields 2022 Production and Cash Generation Targeted 2022 production increase of 5-10% to 35,500-37,500 boepd – does not include production from Argentina3 and Brazil4 and any potential production from 15-20 exploration wells being drilled At $80-85/bbl Brent, the work program generates $210-240 million free cash flow, a 25-30% yield At $95-100/bbl Brent, the work program generates $260-280 million free cash flow, a 31-33% yield Free cash flow will be used to: (i) fund additional capital opportunities within the portfolio, (ii) partially or fully repay the 2024 Notes ($170 million principal remaining), as well as (iii) increasing shareholder returns (through dividends and buybacks) and other corporate purposes James F. Park, Chief Executive Officer of GeoPark, said: “Thanks again to the incredible GeoPark team for delivering a successful 2021 and for continuing to make us a more-prepared and stronger Company – regardless of a world in constant change. Beginning as always with consistent on-the-ground operational performance and thoroughly working across all our Company to get better in every way, the year ended robustly with more cash generation, lower structure costs, smaller carbon footprint, more bottom-line profits, less debt, and more shareholder returns – including increased dividends. And 2022, building on this big momentum, is already off and running. Supported by our core low cost producing assets, we have 10 rigs working as part of a big 40-48 well drilling program – and with positive results coming in – including from an ambitious exploration drilling program focused on low-risk, quick tie-in opportunities in proven high potential basins. And, of course, there is a powerful wind at our back now with high oil prices and strong demand for the energy we are finding and producing.” Read the full press release. 1 GeoPark no longer reports production from Argentina since closing the transaction on January 31, 2022. 2 $6.4 million in share buybacks plus $2.5 million in quarterly dividends. 3 GeoPark no longer reports production from Argentina since closing the transaction on January 31, 2022. 4 Please refer to section “Manati Gas Field Divestment Process Update in Brazil” included in this release. SHARE