 GEOPARK ANNOUNCES FOURTH QUARTER 2019 OPERATIONAL UPDATE
RECORD QUARTERLY AND ANNUAL OIL AND GAS PRODUCTION
17-YEAR PRODUCTION GROWTH TRACK RECORD
CONTINUED DRILL BIT SUCCESS WITH NEW OILFIELD DISCOVERY AND FIELD EXTENSIONS
NEW COMPANY AND ACREAGE ACQUISITIONS SIGNIFICANTLY EXPANDING
PRODUCTION, RESERVES, RESOURCES AND GROWTH FAIRWAY
Bogota, Colombia – January 7, 2020 – 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 December 31, 2019 (“4Q2019”).All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when otherwise specified.
Fourth Quarter 2019 Highlights
Production: Hitting New Records and Reaching a 17-Year Consistent Growth Track Record
- Consolidated oil and gas production up 8% to 41,786 boepd, or 10% adjusting for divested blocks[1] (5% higher compared to 3Q2019)
- Production in Colombia increased by 9% to 33,311 boepd (12% increase adjusting for divested blocks)
- Production in Chile increased by 17% to 3,292 boepd
- Full Year 2019 average production of 40,046 boepd, 11% higher than 2018 annual average levels, or 13% higher adjusting for divested blocks
Operations: Strong Execution with New Exploration, Appraisal and Development Drilling SuccessesIn Colombia:
- New oil field extension in the Llanos 34 block (GeoPark operated, 45% WI), following successful drilling and testing of the Tigui 18 well, evaluating a zone to the southeast, outside the 2018 DeGolyer and MacNaughton (“D&M”) certified 3P reserve area. Tigui 12 appraisal well, delineating the northeastern part of the field is currently being tested
- New Azogue light oil field discovery (GeoPark non-operated, 25% WI) in the Llanos 32 block, located in the southern part of the block adjacent to the Llanos 34 block
- Six new wells were tested and put on production in the Llanos 34 block
In Chile:
- Jauke Oeste 1 exploration well was drilled in the Fell Block (GeoPark operated, 100% WI), with testing activities currently underway
Full Year 2019 Drill Bit Success:
- GeoPark’s 2019 work program included 36 gross wells drilled (33 operated with a success rate of over 85%), including development, appraisal and exploration wells
Portfolio Growth: Strategic Expansion in Colombia with New Company and Acreage Acquisitions
- Amerisur Resources Plc[2] (“Amerisur”) acquisition, providing reserves, production and cash flow growth and enriching GeoPark’s inventory of short, medium and long-term exploration opportunities
- Acquired new low-cost, low-risk exploration blocks in the Llanos basin near core Llanos 34 block in partnership with Hocol (a 100% subsidiary of Ecopetrol)
Catalysts: 1Q2020
- Drilling nine new exploration and development wells and testing three wells across GeoPark’s portfolio
- Closing of Amerisur acquisition expected in January 2020
- New independent reserves certification expected to be released in early February 2020
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[1] La Cuerva and Yamu blocks sold on July 1, 2019.
[2] On November 15, 2019, GeoPark announced that it will acquire the entire issued and to be issued share capital of Amerisur with closing expected in January 2020, subject to customary regulatory approvals.
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