{"id":746490,"date":"2023-04-11T07:33:11","date_gmt":"2023-04-11T11:33:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/geopark-announces-first-quarter-2023-operational-update\/"},"modified":"2023-04-11T07:33:11","modified_gmt":"2023-04-11T11:33:11","slug":"geopark-announces-first-quarter-2023-operational-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/geopark-announces-first-quarter-2023-operational-update\/","title":{"rendered":"GeoPark Announces First Quarter 2023 Operational Update"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignc { margin-left: auto; margin-right: auto }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwlistcircle { list-style-type: circle }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwpadl1 { padding-left: 5px }\n.bwpadr0 { padding-right: 0px }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }\n.bwvertalignt { vertical-align: top }\n.bwwidth2 { width: 2% }\n.bwwidth56 { width: 56% }\n.bwwidth60 { width: 60% }\n.bwwidth8 { width: 8% }\n.bwwidth90 { width: 90% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>GeoPark Announces First Quarter 2023 Operational Update<\/b><\/p>\n<p class=\"bwalignc\"><b>Delivering on Shareholder Returns &amp; Strengthening the Balance Sheet<\/b><\/p>\n<p>BOGOTA, Colombia&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nGeoPark Limited (\u201cGeoPark\u201d or the \u201cCompany\u201d) (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 March 31, 2023 (\u201c1Q2023\u201d).<\/p>\n<p>\nAll figures are expressed in US Dollars. Growth comparisons refer to the same period of the prior year, except when otherwise specified.<\/p>\n<p><b>Oil and Gas Production<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nConsolidated average oil and gas production down 4% to 36,578 boepd<sup>1<\/sup>, below its production potential of approximately 39,500-40,500 boepd, as previously announced on March 8, 2023, mainly due to temporarily shut-in production and localized blockades in the CPO-5 block (GeoPark non-operated, 30% WI) in Colombia<\/p>\n<\/li>\n<li>\nCurrently producing approximately 38,000 boepd<\/p>\n<\/li>\n<\/ul>\n<p><b>Llanos Basin<\/b><\/p>\n<p>\nLlanos 34 block (GeoPark operated, 45% WI):<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAverage gross production of 54,799 bopd<\/p>\n<\/li>\n<li>\nFour drilling and four workover rigs currently in operation<\/p>\n<\/li>\n<li>\nGeoPark drilled its first horizontal development well in the block in the Tigana field<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nProduction tests initiated in late March 2023<\/p>\n<\/li>\n<li>\nThe well was drilled within time and budget to a total depth of 13,862 feet and a horizontal lateral length of 1,270 feet<\/p>\n<\/li>\n<li>\nThe well is currently producing over 3,000 bopd with 0.01% water cut from the Mirador formation<\/p>\n<\/li>\n<li>\nBased on these results, GeoPark is evaluating drilling additional horizontal wells in 2023<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\nThe Llanos 34 block is currently producing approximately 57,000 bopd<\/p>\n<\/li>\n<\/ul>\n<p>\nCPO-5 block:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAverage gross production of 16,707 bopd, 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 and to a lesser extent, localized blockades, as previously announced on March 8, 2023<\/p>\n<\/li>\n<li>\nThe operator expects to resume production in the Indico 6 and Indico 7 wells in May 2023<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nThese two wells were drilled in late 2022 and together tested over 11,000 bopd gross (or 3,300 bopd net to GeoPark)<\/p>\n<\/li>\n<li>\nThe two wells remained shut in for most of 1Q2023<sup>2 <\/sup>after the regulator (ANH) requested the operator suspend production until definitive surface facilities are completed<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\nOverall production and operations in the block affected for 9 days in 1Q2023 due to localized blockades<\/p>\n<\/li>\n<li>\nYarico 1 exploration well, targeting an exploration prospect adjacent to the Mariposa field, reached total depth in March 2023<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nAccording to petrophysical logging interpretation, the well encountered reservoir in the Guadalupe formation, with no evidence of hydrocarbons and depending on injectivity evaluations, may be converted to a disposal well in the future<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\nDrilling activities are expected to continue with the Halcon 1 well, targeting an exploration prospect in the northern part of the block, adjacent to the Llanos 34 block, expected to be spudded in 3Q2023<\/p>\n<\/li>\n<\/ul>\n<p>\nLlanos 87 block (GeoPark operated, 50% WI):<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nTororoi 1 exploration well reached total depth in December 2022<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nProduction tests in the Mirador formation started in March 2023 and the well is currently producing 240 bopd of light oil with a 1% water cut<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\nZorzal 1 exploration well reached total depth in February 2023<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nPreliminary logging information indicates hydrocarbons in the Barco formation<\/p>\n<\/li>\n<li>\nInitial production tests flowed light oil from the Barco formation<\/p>\n<\/li>\n<li>\nResults so far are inconclusive, additional production tests are expected to continue in the next few weeks<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\nPicabuey 1 and Koala 1 exploration wells reached total depth in 1Q2023<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nThe wells encountered reservoirs in the Barco and Ubaque formations with no evidence of hydrocarbons and the wells were abandoned<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\nLlanos 123 and Llanos 124 blocks (GeoPark operated, 50% WI):<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nCivil works and other activities currently underway in order to spud 2-3 exploration wells in 2Q2023<\/p>\n<\/li>\n<\/ul>\n<p><b>Putumayo Basin<\/b><\/p>\n<p>\nPlatanillo block (GeoPark operated, 100% WI):<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nPlatanillo Norte 1 development well reached total depth in February 2023<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nPreliminary logging information indicated hydrocarbons in the U and N formations<\/p>\n<\/li>\n<li>\nProduction tests in the U formation started in February 2023, currently producing 400 bopd<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\nAverage gross production of 2,277 bopd<\/p>\n<\/li>\n<\/ul>\n<p>\nPut-8 block (GeoPark operated, 50% WI):<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nCurrently working on environmental licensing for the Bienparado exploration prospect<\/p>\n<\/li>\n<\/ul>\n<p><b>Enhanced ESG Performance and Recognition<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\n2022 emissions intensity decreased by 34% to 12.1 kg CO2e\/boe<sup>3 <\/sup>(or a 40% decrease to 9.7 kg CO2e\/boe in core Llanos 34 block) due to the interconnection of the Llanos 34 block to Colombia\u2019s national power grid and the start of operations of the solar plant<\/p>\n<\/li>\n<li>\nLaunched a biodiversity data management training program for local companies in Colombia to provide valuable inputs for flora and fauna restoration and preservation<\/p>\n<\/li>\n<li>\nMulti-year improvement on key safety indicators: Lost Time Injury Rate, Total Recordable Injury Rate, and Motor Vehicle Crash Rate decreased by an average of 50% in the past four years<\/p>\n<\/li>\n<\/ul>\n<p><b>Delivering on Shareholder Returns and Strengthening the Balance Sheet<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nQuarterly dividend of $0.13 per share, or $7.5 million, paid on March 31, 2023 (or an annualized dividend of approximately $30 million, a 4.4% dividend yield<sup>4<\/sup>)<\/p>\n<\/li>\n<li>\nAcquired 0.6 million shares (over 1% of shares outstanding) for $7.5 million in 1Q2023<\/p>\n<\/li>\n<li>\nCash-in-hand of $145 million<sup>5 <\/sup>as of March 31, 2023 ($129 million as of December 31, 2022)<\/p>\n<\/li>\n<\/ul>\n<p><b>2023 Work Program: Growing Production, Drilling More Wells and Giving Back to Shareholders<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\n2023 production guidance of 39,500-41,500 boepd (assuming no production from the exploration drilling program)<\/p>\n<\/li>\n<li>\nSelf-funded 2023 capital expenditures program of $200-220 million to drill 50-55 gross wells (including 10-15 low-risk high-potential exploration and appraisal wells)<\/p>\n<\/li>\n<li>\nAt $80-90 per bbl Brent, GeoPark expects to generate an Adjusted EBITDA of $510-580 million and a free cash flow of $120-140 million<sup>6<\/sup><\/li>\n<li>\nTargeting to return approximately 40-50% of free cash flow after taxes to shareholders<\/p>\n<\/li>\n<\/ul>\n<p><b>Upcoming Catalysts<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nDrilling 10-12 gross wells in 2Q2023, targeting development and exploration projects in the Llanos basin in Colombia<\/p>\n<\/li>\n<li>\nExploration drilling includes 2-3 new gross wells in the Llanos basin (Llanos 123 and Llanos 124 blocks)<\/p>\n<\/li>\n<\/ul>\n<p><b>Breakdown of Quarterly Production by Country<\/b><\/p>\n<p>\nThe following table shows production figures for 1Q2023, as compared to 1Q202<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignc bwwidth90\">\n<tr>\n<td class=\"bwvertalignb bwtopsingle bwpadl0 bwwidth56\" style=\"height:16px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwtopsingle bwpadl0 bwpadr0 bwalignc\" style=\"height:16px\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>1Q2023<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" style=\"height:16px\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwvertalignb bwtopsingle bwpadl0 bwpadr0 bwalignc\" style=\"height:16px\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>1Q2022<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Total<br \/>\n<br \/>(boepd)<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Oil<br \/>\n<br \/><\/b><b>(bopd)<sup>a<\/sup><\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Gas<br \/>\n<br \/><\/b><b>(mcfpd)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Total<br \/>\n<br \/>(boepd)<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwvertalignm\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Chg.<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth56\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nColombia<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n32,580<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n32,503<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n461<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n33,738<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-3<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth56\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEcuador<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n990<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n990<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n190<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n+421%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth56\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nChile<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,988<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n292<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10,178<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,279<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-13<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth56\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBrazil<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,020<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,025<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,815<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-44<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nArgentina<sup>b<\/sup><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n604<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total (as reported)<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>36,578<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>33,801<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>16,664<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>38,626<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>-5<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth56\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total (pro forma)<sup>c<\/sup><\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>36,578<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>33,801<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>16,664<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>38,022<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>-4<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\na)<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncludes royalties paid in kind in Colombia for approximately 1,665 bopd in 1Q2023. No royalties were paid in kind in Ecuador, Chile or Brazil. Production in Ecuador is reported before the Government\u2019s production share of approximately 288 bopd.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nb)<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nArgentina blocks were divested on January 31, 2022.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nc)<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPro forma production in 1Q2022 excludes production from divested blocks in Argentina (completed in January 2022).<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Quarterly Production<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwwidth90 bwblockalignc\">\n<tr>\n<td class=\"bwtopsingle bwsinglebottom bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>(boepd)<\/b><\/p>\n<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>1Q2023<\/b><\/p>\n<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>4Q2022<\/b><\/p>\n<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>3Q2022<\/b><\/p>\n<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>2Q2022<\/b><\/p>\n<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>1Q2022<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nColombia<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n32,580<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n33,749<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n33,338<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n34,253<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n33,738<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEcuador<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n990<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,259<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,194<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n634<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n290<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth60\" style=\"height:19px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nChile<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" style=\"height:19px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,988<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" style=\"height:19px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,291<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" style=\"height:19px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,425<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" style=\"height:19px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,358<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" style=\"height:19px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,279<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBrazil<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,020<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,134<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,439<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,695<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,815<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwsinglebottom bwwidth60\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nArgentina<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n604<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total<\/b><sup> a<\/sup><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>36,578<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>38,433<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>38,396<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>38,940<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>38,726<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOil<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n33,801<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n35,451<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n34,875<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n35,238<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n34,542<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGas<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,777<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,982<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,521<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,702<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,184<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\na)<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIn Colombia, production includes royalties paid in kind, and in Ecuador it is shown before the Government\u2019s production share.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Oil and Gas Production Update<\/b><\/p>\n<p><b>Consolidated:<\/b><\/p>\n<p>\nOil and gas production in 1Q2023 was 36,578 boepd. Adjusting for divestments in Argentina (completed on January 31, 2022), consolidated oil and gas production decreased by 4% compared to 1Q2022, due to lower production in Colombia, Chile and Brazil, partially offset by higher production in Ecuador. Oil represented 92% and 89% of total reported production in 1Q2023 and 1Q2022, respectively.<\/p>\n<p><b>Colombia:<\/b><\/p>\n<p>\nAverage net oil and gas production in Colombia decreased by 3% to 32,580 boepd in 1Q2023 compared to 33,738 boepd in 1Q2022, resulting from lower production in the Llanos 34 and Platanillo blocks, partially offset by higher production in the CPO-5 block.<\/p>\n<p>\nOil and gas production highlights in GeoPark\u2019s main blocks in Colombia:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nLlanos 34 block net average production decreased by 7% to 24,659 bopd (or 54,799 bopd gross) in 1Q2023 compared to 1Q2022. Production and operations have been gradually normalizing after localized blockades and failures in electric submersible pumps affected overall production and caused delays in completing and testing new wells in 4Q2022. The Llanos 34 block is currently producing approximately 57,000 bopd gross<\/p>\n<\/li>\n<li>\nCPO-5 block net average production increased by 10% to 5,012 bopd (or 16,707 bopd gross) in 1Q2023 compared to 1Q2022. As previously announced on March 8, 2023, production in 1Q2023 was below its production potential of 25,000-26,000 bopd gross due to shut-in production of the Indico 6 and Indico 7 wells and to a lesser extent, localized blockades in early March 2023 that affected production for 9 days in 1Q2023<\/p>\n<\/li>\n<li>\nPlatanillo block average production decreased by 2% to 2,277 bopd in 1Q2023 compared to 1Q2022<\/p>\n<\/li>\n<\/ul>\n<p><span class=\"bwuline\">Recent Activity in the Llanos and Putumayo Basins<\/span><\/p>\n<p><span class=\"bwuline\">Llanos 34 Block<\/span><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nGeoPark drilled its first horizontal development well in the Llanos 34 block in the Tigana field<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nProduction tests started in late March 2023<\/p>\n<\/li>\n<li>\nThe well was drilled within time and budget to a total depth of 13,862 feet and a horizontal lateral length of 1,270 feet<\/p>\n<\/li>\n<li>\nCurrently producing over 3,000 bopd with 0.01% water cut from the Mirador formation<\/p>\n<\/li>\n<li>\nGeoPark is evaluating drilling additional horizontal wells in the Llanos 34 block in 2023<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span class=\"bwuline\">CPO-5 Block<\/span><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe operator is currently executing required civil works and expects to resume production in the Indico 6 and Indico 7 wells in May 2023<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nThese two wells were drilled in late 2022 and together tested over 11,000 bopd gross<\/p>\n<\/li>\n<li>\nThe two wells remained shut in for most of 1Q2023<sup>7<\/sup> after the regulator (ANH) requested the operator suspend production until definitive surface facilities are completed<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\nYarico 1 exploration well, targeting an exploration prospect adjacent to the Mariposa field, reached total depth in March 2023<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nAccording to petrophysical logging interpretation, the well encountered reservoir in the Guadalupe formation, with no evidence of hydrocarbons and depending on injectivity evaluations, may be converted to a disposal well in the future<\/p>\n<\/li>\n<li>\nDrilling activities are expected to continue with the Halcon 1 well, targeting an exploration prospect in the northern part of the block, adjacent to the Llanos 34 block.<\/p>\n<\/li>\n<li>\nThe Halcon 1 exploration well is expected to be spudded in 3Q2023<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span class=\"bwuline\">Llanos 87 Block<\/span><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nTororoi 1 exploration well reached total depth in December 2022<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nProduction tests in the Mirador formation started in March 2023, and the well is currently producing 240 bopd of light oil with a 1% water cut<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\nZorzal 1 exploration well reached total depth in February 2023<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nPreliminary logging information indicated hydrocarbons in the Barco formation<\/p>\n<\/li>\n<li>\nInitial production tests flowed light oil from the Barco formation<\/p>\n<\/li>\n<li>\nResults so far are inconclusive and additional production tests are expected to be carried out in the next few weeks<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\nPicabuey 1 and Koala 1 exploration wells reached total depth in 1Q2023<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nThe wells encountered reservoirs in the Barco and Ubaque formations with no evidence of hydrocarbons and the wells were abandoned<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span class=\"bwuline\">Llanos 123 and Llanos 124 Blocks<\/span><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nCivil works and other pre-drilling activities currently underway, targeting to spud 2-3 exploration wells in 2Q2023<\/p>\n<\/li>\n<\/ul>\n<p><span class=\"bwuline\">Platanillo Block<\/span><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nPlatanillo Norte 1 development well reached total depth in February 2023<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nPreliminary logging information indicated hydrocarbons in the U and N formations<\/p>\n<\/li>\n<li>\nProduction tests in the U formation started in February 2023, currently producing 400 bopd<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span class=\"bwuline\">Put-8 block<\/span><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nCurrently working on environmental licensing for the Bienparado exploration prospect<\/p>\n<\/li>\n<\/ul>\n<p><b>Ecuador:<\/b><\/p>\n<p>\nAverage net oil production in Ecuador before the Government\u2019s share reached 990 bopd in 1Q2023 (approximately 702 bopd after the Government\u2019s share), compared to 290 bopd in 1Q2022.<\/p>\n<p>\nThe Government\u2019s production share varies with oil prices and is approximately 30-40% considering an Oriente crude oil price of $70-100 per bbl.<\/p>\n<p>\nGeoPark and its joint venture partner are currently evaluating future development and exploration activities to be carried out in the Perico (GeoPark non-operated, 50% WI) and Espejo (GeoPark operated, 50% WI) blocks.<\/p>\n<p><b>Chile:<\/b><\/p>\n<p>\nAverage net production in Chile decreased 13% to 1,988 boepd in 1Q2023 compared to 2,279 boepd in 1Q2022, resulting from lower oil and lower gas production levels due to the natural decline of the fields and limited drilling activities. The production mix was 85% natural gas (vs 83% in 1Q2022) and 15% light oil (vs 17% in 1Q2022).<\/p>\n<p>\nOil production has been further reduced since early March 2023 due to ongoing commercial negotiations with the Company\u2019s off-taker, and as a result, Chile is currently producing approximately 1,700-1,800 boepd.<\/p>\n<p><b>Brazil:<\/b><\/p>\n<p>\nAverage net production in the Manati field in Brazil decreased 44% to 1,020 boepd in 1Q2023 compared to 1,815 boepd in 1Q2022 due to limited gas demand and the natural decline of the field.<\/p>\n<p>\nThe production mix was 99% natural gas and 1% oil and condensate in both 1Q2023 and 1Q2022.<\/p>\n<p><b>OTHER NEWS<\/b><\/p>\n<p><b>Reporting Date for 1Q2023 Results Release, Conference Call and Webcast<\/b><\/p>\n<p>\nGeoPark will report its 1Q2023 financial results on Wednesday, May 3, 2023, after the market close.<\/p>\n<p>\nIn conjunction with the 1Q2023 results press release, GeoPark management will host a conference call on May 4, 2023, at 10:00 am (Eastern Daylight Time) to discuss the 1Q2023 financial results.<\/p>\n<p>\nTo listen to the call, participants can access the webcast located in the \u201cInvest with Us\u201d section of the Company\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.geo-park.com&amp;esheet=53379304&amp;newsitemid=20230410005465&amp;lan=en-US&amp;anchor=www.geo-park.com&amp;index=1&amp;md5=a519837cf7bfb07c7d7e8b5ca95a7be3\">www.geo-park.com<\/a>, or by clicking below:<\/p>\n<p class=\"bwalignc\"><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F236589020&amp;esheet=53379304&amp;newsitemid=20230410005465&amp;lan=en-US&amp;anchor=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F236589020&amp;index=2&amp;md5=d4a0bdbe319ef0eaf1a6df8b4b494bf3\">https:\/\/events.q4inc.com\/attendee\/236589020<\/a><\/p>\n<p class=\"bwalignl\">\nInterested parties may participate in the conference call by dialing the numbers provided below:<\/p>\n<p class=\"bwalignc\">\nUnited States Participants: +1 404 975 4839<\/p>\n<p class=\"bwalignc\">\nInternational Participants: +1 929-526-1599<\/p>\n<p class=\"bwalignc\">\nPasscode: 572781<\/p>\n<p>\nPlease allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.<\/p>\n<p>\nAn archive of the webcast replay will be made available in the \u201cInvest with Us\u201d section of the Company\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.geo-park.com&amp;esheet=53379304&amp;newsitemid=20230410005465&amp;lan=en-US&amp;anchor=www.geo-park.com&amp;index=3&amp;md5=8b6afd939db1d1362d9c8899b371f4af\">www.geo-park.com<\/a> after the conclusion of the live call.<\/p>\n<p class=\"bwalignc\"><b>NOTICE<\/b><\/p>\n<p class=\"bwalignl\">\nAdditional information about GeoPark can be found in the \u201cInvest with Us\u201d section on the website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.geo-park.com&amp;esheet=53379304&amp;newsitemid=20230410005465&amp;lan=en-US&amp;anchor=www.geo-park.com&amp;index=4&amp;md5=9d7929b8f0b260e2f5ad74d239f0eb8d\">www.geo-park.com<\/a>.<\/p>\n<p class=\"bwalignl\">\nCertain amounts included in this press release have been rounded for ease of presentation.<\/p>\n<p class=\"bwalignc\"><b>CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION<\/b><\/p>\n<p>\nThis press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as \u2018\u2018anticipate,\u2019\u2019 \u2018\u2018believe,\u2019\u2019 \u2018\u2018could,\u2019\u2019 \u2018\u2018expect,\u2019\u2019 \u2018\u2018should,\u2019\u2019 \u2018\u2018plan,\u2019\u2019 \u2018\u2018intend,\u2019\u2019 \u2018\u2018will,\u2019\u2019 \u2018\u2018estimate\u2019\u2019 and \u2018\u2018potential,\u2019\u2019 among others.<\/p>\n<p>\nForward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief, or current expectations, regarding various matters, including expected future financial performance, capital expenditures, expected adjusted EBITDA and free cash flow generation, expected production guidance, drilling activities, demand for oil and gas, oil and gas prices, our work program and investment guidelines, regulatory approvals, reserves, exploration resources, the discretionary share buyback program and shareholder returns. Forward-looking statements are based on management\u2019s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.<\/p>\n<p>\nForward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>1<\/sup> Percentages are calculated adjusting for divestments in Argentina in 1Q2022.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>2<\/sup> Indico 6 was shut in in December 2022 and Indico 7 was shut in in early January 2023.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>3<\/sup> Scopes 1 and 2.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>4<\/sup> Based on GeoPark\u2019s average market capitalization during March 2023.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>5 <\/sup>Unaudited.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>6 <\/sup>Free cash flow is used here as Adjusted EBITDA less capital expenditures, mandatory interest payments and cash taxes. 2023 cash taxes include GeoPark\u2019s preliminary estimates of the full impact of the new tax reform in Colombia, irrespective of the timing of its cash impact, expected in 2023 or early 2024. The Company is unable to present a quantitative reconciliation of the 2023 Adjusted EBITDA which is a forward-looking non-GAAP measure, because the Company cannot reliably predict certain of its necessary components, such as write-off of unsuccessful exploration efforts or impairment loss on non-financial assets, etc. Since free cash flow is calculated based on Adjusted EBITDA, for similar reasons, the Company does not provide a quantitative reconciliation of the 2023 free cash flow forecast.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>7 <\/sup>Indico 6 was shut in in December 2022 and Indico 7 was shut in in early January 2023.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230410005465r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230410005465\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230410005465\/en\/<\/a><\/span><\/p>\n<p><b>INVESTORS:<br \/>\n<br \/><\/b><br \/>Stacy Steimel <a rel=\"nofollow\" href=\"mailto:ssteimel@geo-park.com\">ssteimel@geo-park.com<br \/>\n<\/a><br \/>Shareholder Value Director<br \/>\n<br \/>T: +562 2242 9600<\/p>\n<p>Miguel Bello <a rel=\"nofollow\" href=\"mailto:mbello@geo-park.com\">mbello@geo-park.com<br \/>\n<\/a><br \/>Market Access Director<br \/>\n<br \/>T: +562 2242 9600<\/p>\n<p>Diego Gully <a rel=\"nofollow\" href=\"mailto:dgully@geo-park.com\">dgully@geo-park.com<br \/>\n<\/a><br \/>Investor Relations Director<br \/>\n<br \/>T: +5411 4312 9400<\/p>\n<p><b>MEDIA:<br \/>\n<\/b><\/p>\n<p>Communications Department <a rel=\"nofollow\" href=\"mailto:communications@geo-park.com\">communications@geo-park.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Florida United States South America Colombia North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Oil\/Gas Energy<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230410005465\/en\/700773\/3\/Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>GeoPark Announces First Quarter 2023 Operational Update Delivering on Shareholder Returns &amp; Strengthening the Balance Sheet BOGOTA, Colombia&#8211;(BUSINESS WIRE)&#8211; GeoPark Limited (\u201cGeoPark\u201d or the \u201cCompany\u201d) (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 March 31, 2023 (\u201c1Q2023\u201d). 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 down 4% to 36,578 boepd1, below its production potential of approximately 39,500-40,500 boepd, as previously announced on March 8, 2023, mainly due to temporarily shut-in production and localized blockades in the CPO-5 block (GeoPark non-operated, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/geopark-announces-first-quarter-2023-operational-update\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;GeoPark Announces First Quarter 2023 Operational Update&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-746490","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GeoPark Announces First Quarter 2023 Operational Update - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/geopark-announces-first-quarter-2023-operational-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GeoPark Announces First Quarter 2023 Operational Update - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"GeoPark Announces First Quarter 2023 Operational Update Delivering on Shareholder Returns &amp; Strengthening the Balance Sheet BOGOTA, Colombia&#8211;(BUSINESS WIRE)&#8211; GeoPark Limited (\u201cGeoPark\u201d or the \u201cCompany\u201d) (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 March 31, 2023 (\u201c1Q2023\u201d). 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 down 4% to 36,578 boepd1, below its production potential of approximately 39,500-40,500 boepd, as previously announced on March 8, 2023, mainly due to temporarily shut-in production and localized blockades in the CPO-5 block (GeoPark non-operated, &hellip; Continue reading &quot;GeoPark Announces First Quarter 2023 Operational Update&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/geopark-announces-first-quarter-2023-operational-update\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-11T11:33:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230410005465r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"13 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/geopark-announces-first-quarter-2023-operational-update\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/geopark-announces-first-quarter-2023-operational-update\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"GeoPark Announces First Quarter 2023 Operational Update\",\"datePublished\":\"2023-04-11T11:33:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/geopark-announces-first-quarter-2023-operational-update\\\/\"},\"wordCount\":2574,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/geopark-announces-first-quarter-2023-operational-update\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230410005465r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/geopark-announces-first-quarter-2023-operational-update\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/geopark-announces-first-quarter-2023-operational-update\\\/\",\"name\":\"GeoPark Announces First Quarter 2023 Operational Update - 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All figures are expressed in US Dollars. Growth comparisons refer to the same period of the prior year, except when otherwise specified. 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