GeoPark Reports Results for the Second Quarter Ended June 30, 2014 - GeoPark
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GeoPark Reports Results for the Second Quarter Ended June 30, 2014

August 26, 2014

GeoPark Limited (GeoPark) (NYSE: GPRK), the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia, Brazil and Argentina, today reports results for 2Q2014.

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

SECOND QUARTER 2014 HIGHLIGHTS

Operational:

  • Oil and gas production up 57% to 20,441 boepd compared to 2Q2013. On a proforma basis, average production increased by 21%
  • Oil production in Colombia increased by 68% to 10,357 bopd
  • 13 new exploration, development and appraisal wells drilled in Chile and Colombia
  • Exploration drilling (Tigana Norte 1) on the Llanos 34 Block in Colombia indicated that Tigana, Tigana Sur and Tigana Norte fields form part of a single larger combined trap and field
  • New Ache gas field discovery on the Fell Block in Chile
  • New Primavera Sur oil field discovery on the Campanario Block in Chile

 

Financial:

  • Net Revenues up 80% to $131.4 million, driven by increased production and by inventory normalization (please see note below)
  • Adjusted EBITDA up 122% to $76.4 million
  • Adjusted EBITDA per boe improved by 41%
  • Profit for the period up $27.3 million from $4.8 million
  • Cash position of $125.3 million at the close of 2Q2014

 

Strategic / New Business:

  • Expansion of GeoPark’s portfolio with a new hydrocarbon block awarded in Colombia, the VIM-3 Block (GeoPark will operate with a 100% WI), in the Lower Magdalena Basin. Subject to final signature of the contracts with the Agencia Nacional de Hidrocarburos de Colombia (“ANH”), scheduled for 3Q2014

Note: Proforma figures in this release refer to the incorporation in both periods of the acquired interest in the Brazilian Manati Field, which closed on March 31, 2014. In 2Q2014, GeoPark’s Colombian revenues included the inventory normalization from production of the previous quarter, as explained in 1Q2014 Results Release.

→ Read the full press release.