\nGeoPark Limited (\u201cGeoPark\u201d or the \u201cCompany\u201d) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil, and Argentina, today announced its operational update for the three-month period ended June 30, 2021 (\u201c2Q2021\u201d).\n<\/p>\n
\nAll figures are expressed in US Dollars. Growth comparisons refer to the same period of the prior year, except when otherwise specified.\n<\/p>\n
Highlights <\/b><\/p>\n
Oil and Gas Production and Operations <\/b><\/p>\n Ongoing Operations and Revised 2021 Guidance <\/b><\/p>\n Debt Reduction and Cost Savings <\/b><\/p>\n ESG+ Actions<\/b><\/p>\n Corporate Governance Strengthening <\/b><\/p>\n Returning Cash and Value to Shareholders<\/b><\/p>\n Ongoing Portfolio Restructuring <\/b><\/p>\n REVISED 2021 GUIDANCE <\/b><\/p>\n \nAs announced on May 17, June 1 and July 1, extensive protests and demonstrations across Colombia affected overall logistics and supply chains, restricting GeoPark\u2019s crude oil transportation, drilling and the mobilization of personnel, equipment, and supplies. These events caused the Company and its joint venture partners to manage production curtailments and to temporarily suspend or delay drilling and maintenance activities.\n<\/p>\n \nOperations normalized by the end of 2Q2021 and GeoPark is currently producing 38,000-39,000 boepd, with 2H2021 production expected to average 39,000-42,000 boepd.\n<\/p>\n \nRevised 2021 production guidance of 38,000-40,000 average boepd (from previous 41,000-43,000 boepd) results from production curtailments during 2Q2021 related to extensive protests in Colombia (which account for approximately 800-1,000 boepd of the revised estimate), delays in the execution of certain maintenance and capital expenditure projects (mainly in the Platanillo and CPO-5 blocks) and to a lesser extent, due to a combination of field and well performance, including higher downtime due to floods temporarily affecting surface facilities and electrical system failures in the Llanos 34 block.\n<\/p>\n \nDelayed maintenance and drilling activities in the Platanillo block were mainly caused by the blockades in Colombia. In the CPO-5 block, the operator has delayed the spud of the Indico 4 development well to 4Q2021 (originally scheduled for June 2021), targeting drilling of 2-3 wells during 2021 (from previous 5-6 wells, with the remaining 2-3 wells expected to be spudded in 1Q2022).\n<\/p>\n \nCapital expenditures have been revised down to $125-140 million (from $130-150 million), which will compensate a significant portion of the lower operating netbacks that results from lower production and thus reducing its impact on free cash flow.\n<\/p>\n \nThe table below provides further details about GeoPark\u2019s revised 2021 guidance compared to its previous guidance.\n<\/p>\n \n\u00a0\n<\/p>\n\n
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