GeoPark and Hocol confirm findings and announce progress in exploration and block development in the Llanos Basin

The following is a machine translation of a GeoPark release

Bogotá, Colombia, November 12, 2024 – GeoPark, a leading independent Latin American oil and gas exploration, operation and consolidation company, shares the achievements it has obtained during 2024 together with its partner Hocol, a subsidiary of the Ecopetrol Group, in the joint exploration of the Llanos 86, Llanos 87, Llanos 104, Llanos 124 and Llanos 123 blocks in the Llanos basin.

Discoveries and delimitation campaign in the Llanos 123 block

In the Llanos 123 block located in the department of Meta, discoveries have been made since August 2023 associated with the Saltador-1, Toritos-1 and Pisbita wells, whose structures continue to progress in their delimitation:

• Toritos Norte 01, an appraisal well, began a short test in the first half of 2024 and found oil in the Barco formation. By the end of October, it reported an extended test production of 326 BOPD.

• During the second half of the year, the campaign progressed with the drilling of three advance wells: Toritos 02, Toritos Sur 01 and Pisbita Este 01, all producing tests of the Barco formation of interest.

• Toritos-02: started production at the beginning of August 2024. By the end of October it reported 757 BOPD in tests.

• Toritos Sur-01: began extensive test production in September 2024. By the end of October, it reported 426 BOPD in tests.

• Pisbita Este-01: started production in October 2024, ending the month with 405 BOPD.

By the end of October, the Llanos 123 block reached a production of 3950 BOPD gross.

During the second half of 2024, the companies will advance drilling in the area to continue outlining the play and defining its potential.

• Saltador 2: Currently drilling. Production testing is expected to begin in mid-November.

• Toritos Sur 2: Currently drilling. Production testing is expected to begin in late November.

Third largest seismic acquisition in the history of Colombia

One of the main milestones in the joint development of these blocks in the Llanos basin was the completion in the first half of the year of the acquisition of 653 km2 of 3D seismic in the Llanos 86 and Llanos 104 blocks, in the department of Meta.

This project, the third largest seismic acquisition in the history of Colombia, represented the creation of nearly a thousand local jobs and more than a million hours worked without labor or environmental incidents, which confirms the commitment of both companies to social development, environmental care, operational excellence and safety.

The Llanos 86 and Llanos 104 blocks are adjacent to the CPO-5 block (operated by ONGC and in which GeoPark has a 30% non-operated interest), which includes the Índico field, one of the 10 fields with the greatest contribution to Colombia's production. With this seismic acquisition, which is being processed with a view to starting drilling in the first quarter of 2025, GeoPark and Hocol expect to add more prospects to their exploration inventory.

Andrés Ocampo, CEO of GeoPark, stated: “The positive results obtained in the exploratory blocks that we have been developing in partnership with Hocol since 2019 are proof of the solidity of our alliance and the successful work of our technical teams that continue to identify low-risk exploration targets and unleash the potential of these promising areas in the Llanos basin.”

“During this year, our efforts have focused on delimiting these findings, which are proof of the dedication, technical capacity and experience of the teams of both companies, which reaffirms our interest in continuing with the exploratory campaign in this part of the Llanos basin, visualizing a promising future. This alliance between GeoPark and Hocol shows the importance of collaborative work to obtain great results. This work should be an example for all oil and gas exploration and production companies and all industries in the country,” said Luis Enrique Rojas, President of Hocol.

In the coming weeks, the companies will announce their work plan for 2025, focused on continuing to incorporate more reserves and more barrels of oil to guarantee the country's energy security and the prosperity of the territories where they carry out their activities.