GeoPark Reports Results for the Third Quarter Ended September 30, 2015 - GeoPark
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GeoPark Reports Results for the Third Quarter Ended September 30, 2015

November 10, 2015

CASH PRESERVATION, PRODUCTION MAINTENANCE, NEW INVESTMENT & GROWTH

GeoPark Limited (“GeoPark” or the “Company”) (NYSE: “GPRK”), the Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina, and Peru¹ reports its unaudited consolidated financial results for the three-month period ended September 30, 2015 (“Third Quarter” or “3Q2015”). A conference call to discuss 3Q2015 results will be held on November 11, 2015 at 10 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.

THIRD QUARTER 2015 HIGHLIGHTS

Operational:

  • Consolidated oil and gas production totaled an average of 19,244 boepd from Colombia, Chile and Brazil. (Current 4Q consolidated production is approximately 23,000 boepd)
  • Continuing oil production growth in Llanos 34 Block (GeoPark operated with 45% WI) with average of 29,000 bopd gross
  • Drilling campaign resumed with five new wells drilled in Colombia of which four were successful
  • Two new Colombian oilfield discoveries: GeoPark began drilling again on the Llanos 34 Block (GeoParkoperated with 45% WI) and discovered and put into production the new Chachalaca and Jacana oil fields
  • Two new Colombian appraisal wells: GeoPark drilled the Tilo 2 well with a successful 800 bopd oil test and the Jacana 2 well with a successful 1,000 bopd oil test, both in the Llanos 34 Block (GeoPark operated with 45% WI)
  • New Chile gas field on stream: Construction of Ache gas treatment facility in Fell Block (GeoPark operated with 100% WI) was completed and the field was put into production at a rate of approximately 6.7 mmcfpd
  • Brazil compression plant completed: Pressure maintenance facility to stabilize production and develop remaining Manati gas field reserves (non-operated with 10% WI) was completed and field production resumed at approximately 220 mmcfpd gross. (Temporary shut-in of gas field during the tie-in impacted 3Q2015 net production by approximately 500 boepd)

¹Transaction executed with Petroperu on October 1, 2014 with final closing subject to Peru Government approval

→ Read the full press release.