GeoPark Announces Second Quarter 2024 Operational Update

GeoPark release

Bogota, Colombia – July 22, 2024 – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announces its operational update for the three-month period ended June 30, 2024 (“2Q2024”).

Oil and Gas Production and Operations

• 2Q2024 consolidated average oil and gas production of 35,608 boepd, up slightly versus 1Q2024
• Production increased 11% in Ecuador and 3% in Colombia, offsetting suspended production at the Manati gas field in Brazil (GeoPark non-operated, 10% WI) due to unscheduled maintenance
• As of July 1, 2024,[1] GeoPark is producing over 41,000 boepd, adding approximately 5,700 boepd on a proforma basis from the Mata Mora Norte Block (GeoPark non-operated, 45% WI) in Argentina
• 11 rigs currently in operation (7 drilling rigs and 4 workover rigs), including one drilling rig in Argentina

Llanos 34 Block (GeoPark operated, 45% WI): Secondary Recovery Underway

• 2Q2024 average production of 23,039 bopd net (51,198 boepd gross), 3% lower than 1Q2024 due to sporadic blockades and weather-associated flooding
• Three horizontal wells were drilled in 2Q2024, including the first two in the Jacana field which initiated testing in April and June 2024, respectively
• Eight horizontal wells in aggregate have been put on production since the beginning of the horizontal well drilling program in early 2023, currently contributing 16% of total production in the block
• Waterflooding projects performing above plan, delivering around 3,700 bopd in 2Q2024, 13% of total production in the block

CPO-5 Block (GeoPark non-operated, 30% WI): Record High Quarterly Production

• 2Q2024 record average production of 7,921 boepd net (26,403 boepd gross) after putting the Indico-3 development well on production
• The Lark 1 exploration well in the northern part of the block reached total depth in July 2024 and will delineate hydrocarbon potential in the Ubaque and the Guadalupe Formations, initiating testing by the end of July
• Increased seismic coverage to 85% after completing the acquisition of 232 sq. km of 3D seismic,[2] currently being processed 

Llanos Exploration: Drilling Success Continues

• Llanos 123 Block (GeoPark operated, 50% WI):
• Drilled the Toritos Norte 1 appraisal well during June 2024, testing the Barco Formation and currently producing 520 bopd gross
• The Toritos 2 appraisal well reached total depth in July 2024, and will initiate testing in the Barco Formation in August 2024
• Llanos 86 and Llanos 104 Blocks (GeoPark operated, 50% WI):
• Processing 650+ sq. km of 3D seismic, targeting exploration drilling in 1Q2025

Ecuador: Stepping up Production and Exploration

• Perico Block (GeoPark non-operated, 50% WI):
• Production increased 11% compared to 1Q2024, reaching 1,652 bopd net during the quarter due to the contribution from the Perico Centro 2 appraisal well in May 2024
• Espejo Block (GeoPark operated, 50% WI):
• Drilled the Espejo Sur 3 exploration well in June 2024, testing the U-Sand Formation, currently producing 400 bopd gross

Argentina: Vaca Muerta Adds Pro forma Production

• 2Q2024 average production of 12,508 bopd gross from the Mata Mora Norte Block
• Encouraging initial results of Mata Mora Norte 2223 well, producing an average of 2,136 boepd gross during 2Q2024, in line with the best producing well in the block
• Transaction effective date July 1, 2024. Regulatory closing of acquisition is expected by end of 3Q2024

Upcoming Catalysts 3Q2024

• Drilling 8-10 gross wells in 3Q2024 for the base business and 6-8 gross wells in Argentina, targeting conventional, unconventional, short-cycle development, injector, appraisal and exploration projects
• Key projects include:
  • Llanos 34 Block: Drilling the first well with short radius design, the first horizontal well targeting the Guadalupe formation and two additional waterflooding injection patterns
  • CPO-5 Block: Drilling one appraisal well
  • Llanos 123 Block: Drilling one appraisal well
  • Perico Block: Executing workover campaign
  • Espejo Block: Drilling one exploratory well
  • Mata Mora Norte Block: Drilling four unconventional horizontal wells
  • Confluencia Norte Block (GeoPark non-operated, 50% WI): Drilling three unconventional exploration wells

The full release is available here.