‘For every barrel produced, we replaced it with almost three proven barrels’ – GeoPark CEO James Park
EnerCom Dallas presenter GeoPark Limited (ticker: GPRK) recently received an independent appraisal of reserves covering 100% of the company’s assets in Colombia, Chile, Brazil, Peru and Argentina.
Following GeoPark’s oil and gas production of 10.2 MMBOE in 2017, the company received certified 2P net reserves of 159.2 MMBOE (composed of 85% oil and 15% natural gas). By country, 55% of reserves were in Colombia, 21% in Chile, 20% in Peru, 3% in Brazil and 1% in Argentina.
GeoPark CEO James F. Park said, “For every barrel produced, we replaced it with almost three proven barrels. And all was paid for from internally generated cash from our own operations – which also had a big increase from the year before. We invested $106 million of our cash flow and were able to increase our proven reserve value by $430 million – taking our total 2P net present value to over $2 billion.”
Changes in reserves by country
| (MMBOE) | Colombia | Chile | Brazil | Peru | Argentina | Total | ||||||||||||||||||
| 2P Net Reserves as of Dec. 31, 2016 | 67.4 | 38.3 | 5.6 | 31.5 | – | 142.8 | ||||||||||||||||||
| Production 2017 | -8.0 | -1.1 | -1.1 | – | – | -10.2 | ||||||||||||||||||
| Net Change | 28.8 | -3.2 | -0.1 | – | 1.1 | 26.6 | ||||||||||||||||||
| Acquisitions | – | – | – | – | – | – | ||||||||||||||||||
| 2P Net Reserves as of Dec. 31, 2017 | 88.2 | 34.0 | 4.4 | 31.5 | 1.1 | 159.2 | ||||||||||||||||||
Present reserve value
| Country | Reserves Category |
NPV10 2017 | NPV10 2016 | |||||||||
| ($ MM) | ($ MM) | |||||||||||
| Colombia | 1P | 1,123 | 642 | |||||||||
| 2P | 1,393 | 1,006 | ||||||||||
| 3P | 1,588 | 1,371 | ||||||||||
| Chile | 1P | 120 | 157 | |||||||||
| 2P | 417 | 399 | ||||||||||
| 3P | 707 | 679 | ||||||||||
| Brazil | 1P | 76 | 78 | |||||||||
| 2P | 78 | 81 | ||||||||||
| 3P | 82 | 85 | ||||||||||
| Peru | 1P | 230 | 242 | |||||||||
| 2P | 395 | 401 | ||||||||||
| 3P | 773 | 773 | ||||||||||
| Argentina | 1P | 1 | – | |||||||||
| 2P | 7 | – | ||||||||||
| 3P | 90 | – | ||||||||||
| Total | 1P | 1,549 | 1,119 | |||||||||
| (D&M Certified) | 2P | 2,291 | 1,887 | |||||||||
| 3P | 3,240 | 2,908 | ||||||||||
EnerCom Dallas conference details
GeoPark Limited will be presenting at the EnerCom Dallas investment conference, Feb. 21-22 at the Tower Club in downtown Dallas. Institutional investors, portfolio managers, financial analysts, CIOs and other investment community professionals who invest in the energy space should register now.
