GeoPark Announces First Quarter 2025 Operational Update

Published: 2025-04-23 16:55:04 ET GPRK

Strong Performance Through Focused Execution of 2025 Work Program Profitable and Sustainable Results New Exploration Discovery in the Llanos Basin

GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, announces its operational update for the three-month period ended March 31, 2025 (“1Q2025”).

The Company’s 1Q2025 operational update includes pro forma production and activity figures from four unconventional hydrocarbon blocks in Vaca Muerta, Argentina, the acquisition of which became effective on July 1, 2024, but has not closed and remains subject to regulatory approvals from the respective provincial governments. GeoPark continues to work diligently with its partner and regulatory authorities to complete the approval process.

GeoPark’s profitable, dependable, and sustainable platform continued to deliver in 1Q2025, supported by the focused execution of its 2025 Work Program. The Company’s strategic commitment to disciplined capital allocation, portfolio resilience and competitiveness has positioned GeoPark to manage the current lower Brent price environment and higher market volatility, while retaining the capability to pursue value-accretive growth.

Oil and Gas Production and Operations

Strong Operational Delivery Underpins Resilient and Profitable Business Model

Llanos 34 Block: Secondary Recovery Underway

CPO-5 Block: Successful Workover Campaign Results

Vaca Muerta: Another Production Record in 1Q2025

Llanos Exploration: New Discovery and Record Quarterly Production

- Drilled and completed Currucutu-1 exploration well during April 2025, finding 79 feet of net pay and currently producing 1,360 bopd gross with a 0.6% water cut - Tested Bisbita Oeste-1 well, currently producing 585 bopd gross

- Workover on the Zorzal Este-2 appraisal well was carried out in January 2025, delivering initial production over 450 bopd and currently averaging 285-300 bopd

Putumayo: Exploration Campaign Underway

- The Bienparado Norte-1 exploration well spudded in December 2024 and reached total depth in the first week of January 2025. After completing testing, the well was deemed dry - The Bienparado Sur-1 exploration well was put on production in March 2025, delivering 350 bopd during short-term testing. The well is currently shut in and under evaluation for a potential long-term testing request

Portfolio Optimization and Cost Efficiency

Upcoming Catalysts 2Q2025

- Llanos 34 Block: Drilling 6 infill wells in the Tigui area and continuing the workover campaign - Mata Mora Norte Block: Completing and putting on production 4 wells on PAD-12 - Confluencia Sur Block (GeoPark non-operated, 50% WI): Spudding PAD-1 (4 wells of 3,000m lateral length each) - Llanos 123 Block: Drilling 1 appraisal well - Llanos 104 Block (GeoPark operated, 50% WI): Drilling 1 exploration well

Breakdown of Quarterly Production by Country

The following table shows production figures for 1Q2025, as compared to 1Q2024:

1Q2025

1Q2024

Total (boepd)

Oil (bopd)a

Gas (mcfpd)

Total (boepd)

% Change

Colombia

27,610

27,506

624

32,832

-16%

Ecuador

1,466

1,483

-1%

Brazil

893

-100%

Chileb

264

-100%

Total (As Reported)

29,076

28,972

624

35,473

-18%

Argentinac

7,203

6,784

2,517

Total Pro Forma

(Including Argentina)

36,279

35,756

3,141

35,473

Includes royalties and other economic rights paid in kind in Colombia for approximately 4,869 bopd in 1Q2025. No royalties were paid in kind in Ecuador, Chile or Brazil. Production in Ecuador is reported before the Government’s production share of approximately 420 bopd.

Divestment transaction closed in January 2024.

Production data from Vaca Muerta is presented on a pro forma and informative basis. The acquisition has not closed and remains subject to regulatory approval.

Quarterly Production

(boepd)

1Q2025

4Q2024

3Q2024

2Q2023

1Q2024

Colombia

27,610

29,740

31,429

33,045

32,832

Ecuador

1,466

1,749

1,786

634

1,483

Brazil

1,212

893

Chilea

1,690

264

Totalb

29,076

31,489

33,215

36,581

35,473

Oil

28,972

31,354

33,091

33,672

34,255

Gas

104

135

124

2,909

1,218

Divestment transaction closed in January 2024.

In Colombia, production includes royalties paid in kind, and in Ecuador it is shown before the Government’s production share.

Reporting Date for 1Q2025 Results Release, Conference Call and Webcast

GeoPark will report its 1Q2025 financial results on Wednesday, May 7, 2025, after market close.

GeoPark management will host a conference call on May 8, 2025, at 10:00 am (Eastern Daylight Time) to discuss the 1Q2025 financial results.

To listen to the call, participants can access the webcast located in the Invest with Us section of the Company’s website at www.geo-park.com, or by clicking below:

https://events.q4inc.com/attendee/757847686

Interested parties can join the conference call by using the following dial-in information:

United States Participants: +1 404-975-4839 Global Dial-In Numbers: https://www.netroadshow.com/events/global-numbers?confId=72342 Passcode: 360481

Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.

An archive of the webcast replay will be made available in the Invest with Us section of the Company’s website at www.geo-park.com after the conclusion of the live call.

NOTICE

Additional information about GeoPark can be found in the “Invest with Us” section on the website at www.geo-park.com.

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentages included in this press release have not in all cases been calculated on the basis of such rounded amounts, but on the basis of such amounts prior to rounding. For this reason, certain percentages in this press release may vary from those obtained by performing the same calculations on the basis of the amounts in the financial statements. Similarly, certain other amounts included in this press release may not sum due to rounding.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, drilling campaign, reductions in drilling completion time and costs, production guidance, closing of acquisition transaction and cost efficiency savings. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).

Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days.

1 Production data from Vaca Muerta is presented on a pro forma and informative basis. The acquisition has not closed and remains subject to regulatory approval. 2 GeoPark owns 100% of the shares in Amerisur Exploración Colombia Limited, which is the official contractor and operator of the block with a 100% WI. 3 Llanos 32 Block: GeoPark had a private WI of 25% in the Azogue field. 4 Unaudited and including $152.0 million withdrawn under an offtake and prepayment agreement with Vitol. 5 Production data from Vaca Muerta is presented on a pro forma and informative basis. The acquisition has not closed and remains subject to regulatory approval. 6 GeoPark owns 100% of the shares in Amerisur Exploración Colombia Limited, which is the official contractor and operator of the block with 50% WI.

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