GeoPark announces second quarter 2023 operational update

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INCREASING ACTIVITY IN THE SECOND HALF OF 2023

ACCELERATING SHAREHOLDER RETURNS

Bogota, Colombia – July 17, 2023 – 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, 2023 (“2Q2023”).

All figures are expressed in US Dollars. Growth comparisons refer to the same period of the prior year, except when otherwise specified.

Oil and Gas Production

Consolidated average oil and gas production of 36,581 boepd, below its production potential of approximately 39,500-40,500 boepd, as previously announced on March 8, April 11 and May 3, 2023, mainly due to temporarily shut-in production in the CPO-5 block (GeoPark non-operated, 30% WI) in Colombia and to a lesser extent, in the Fell block (GeoPark operated, 100% WI) in Chile
9 rigs in operation in June 2023 (5 drilling rigs and 4 workover rigs), with 3 more rigs to be added in 3Q2023 (two drilling rigs and one workover rig)

Colombia – Llanos Basin
Llanos 34 block (GeoPark operated, 45% WI):

Average gross production of 55,307 bopd (up 1% vs 1Q2023)
Three drilling and four workover rigs currently in operation
Spudded a second horizontal development well in the Tigana Field
– The well was drilled to a total depth of 14,030 feet and a horizontal lateral length of 1,680 feet
– Total depth reached in July 2023, expecting to complete the well and initiate testing in late July 2023
– Second horizontal well was drilled within budget and ahead of time. Also, was drilled 16% faster, 10% lower drilling costs, and with 32% longer lateral length as compared to the first horizontal well
– The Company is evaluating drilling 3-4 additional horizontal wells in 2H2023

CPO-5 block:

Average gross production of 17,807 bopd (up 6% vs 1Q2023), below its production potential of approximately 25,000-26,000 bopd gross, due to shut-in production of the Indico 6 and Indico 7 wells
The operator is currently executing civil works and expects to resume production of the Indico 6 and Indico 7 wells in August 2023
– These two wells were drilled in late 2022 and together tested over 11,000 bopd gross (or 3,300 bopd net to GeoPark). The wells are expected to stabilize production at approximately 8,000 bopd gross
– The two wells remained shut in for most of 1H2023¹ after the regulator (ANH) asked the operator to suspend production pending completion of required surface facilities
Resuming drilling activities in 3Q2023 with one drilling rig, targeting to drill two wells in 2H2023
Pre-drilling activities underway for the Halcon 1 well, targeting an exploration prospect in the northern part of the block, close to the Llanos 34 block, expected to be spudded in September/October 2023

Llanos 87 block (GeoPark operated, 50% WI):

Additional drilling activities planned for 2H2023 updip of the Zorzal 1 well discovery, where there is incremental potential identified in the Barco formation (subject to joint venture partner approval)

Llanos 123 block (GeoPark operated, 50% WI):

One drilling rig currently in operation
Saltador 1 exploration well was supdded in late May 2023 and reached total depth in early July 2023
Preliminary logging information indicated hydrocarbons in the Barco and Mirador formation
Testing activities are expected to start in July/August 2023
Pre-drilling activities underway, targeting to spud the Toritos 1 exploration well in August 2023

Llanos 124 block (GeoPark operated, 50% WI):

One drilling rig currently in operation
The Cucarachero 1 exploration well was spudded in July 2023 and is expected to reach total depth in August 2023

Llanos 86 and Llanos 104 blocks (GeoPark operated, 50% WI):

Preliminary activities currently underway targeting to acquire over 650 square kilometers of 3D seismic, expected to start in early 2024
Once executed, this project would be one of the three biggest onshore seismic acquisition projects in Colombia
3D seismic acquisition is expected to add additional exploration prospects to GeoPark’s deep organic exploration inventory in the Llanos basin. The Llanos 86 and Llanos 104 blocks are adjacent to the CPO-5 block

Colombia – Putumayo Basin

Platanillo block (GeoPark operated, 100% WI):

Average gross production of 2,456 bopd (up 8% vs 1Q2023) resulting from successful development drilling activities

Put-8 block (GeoPark operated, 50% WI):

Currently working on environmental licensing for the Bienparado exploration prospect
– Public hearing held in July 2023, the final decision by the regulatory body is pending

Ecuador – Oriente Basin

Perico block (GeoPark non-operated, 50% WI):

Initiated drilling activities in July 2023, targeting to drill the Yin 2 development well and the Yang 1 exploration well in 3Q2023

Chile – Magallanes Basin

Fell block (GeoPark operated, 100% WI):

Ongoing commercial negotiations with ENAP, the oil offtaker in Chile, expecting to resume shut-in production of approximately 400 bopd in 3Q2023
Implemented a restructuring initiative in Chile in April 2023 to provide further cost reductions, in conjunction with a process to evaluate farm-out/divestment opportunities

Enhanced ESG Performance

Installed a photovoltaic solar system in the OBA export pipeline (running from the Platanillo block) that will allow GeoPark to reduce its GHG emissions and reduce energy and maintenance costs

2023 Work Program: Growing Production and Giving Back to Shareholders

2023 annual production guidance of 38,000-40,000 boepd
Fully-funded 2023 capital expenditures program of $180-200 million
At $80-90 per bbl Brent, GeoPark expects to generate an Adjusted EBITDA of $490-560 million and a free cash flow of $120-140 million²
Targeting to return approximately 40-50% of free cash flow after taxes to shareholders

Accelerating Shareholder Returns While Maintaining a Strong Balance Sheet

Returned $15 million in cash dividends in 1H2023 ($7.5 million on March 31 and May 31, respectively, or an annualized dividend of approximately $30 million, a 5% dividend yield³)
Acquired 1.7 million shares for $18.6 million in 1H2023 ($7.5 million in 1Q2023 and $11.1 million in 2Q2023), representing approximately 3% of shares outstanding
Cash and cash equivalents of $86 million⁴ as of June 30, 2023 (after paying approximately $88 million in cash taxes in 2Q2023)

Upcoming Catalysts

Drilling 20-25 gross wells in 2H2023, targeting attractive conventional, short-cycle development and exploration projects
Key projects include:
– Llanos 34 block: Testing a second horizontal well and drilling 3-4 new horizontal wells
– Llanos 87 block: Drilling the Zorzal 2 well (subject to join venture partner approval)
– CPO-5 block: Drilling two wells, including the Halcon 1 exploration well
– Llanos 123 block: Testing the Saltador 1 exploration well and drilling the Toritos 1 exploration well
– Llanos 124 block: Drilling the Cucarachero 1 exploration well
– Perico block: Drilling the Yang 1 exploration well and the Yin 2 development well

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