{"id":817576,"date":"2025-02-25T08:48:09","date_gmt":"2025-02-25T13:48:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/geopark-announces-pro-forma-2p-reserve-replacement-of-480\/"},"modified":"2025-02-25T08:48:09","modified_gmt":"2025-02-25T13:48:09","slug":"geopark-announces-pro-forma-2p-reserve-replacement-of-480","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/geopark-announces-pro-forma-2p-reserve-replacement-of-480\/","title":{"rendered":"GeoPark Announces Pro Forma 2P Reserve Replacement of 480%"},"content":{"rendered":"

<\/p>\n

GeoPark Announces Pro Forma 2P Reserve Replacement of 480%<\/b><\/p>\n

PRO FORMA 2P RESERVE LIFE INDEX INCREASED 44% TO 13.1 YEARS<\/b><\/p>\n

2P VALUE PER SHARE (NET DEBT-ADJUSTED) OF $27.8<\/b><\/p>\n

BOGOTA, Colombia–(BUSINESS WIRE<\/a>)–
\nGeoPark Limited (\u201cGeoPark\u201d or the \u201cCompany\u201d) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, today announced its independent oil and gas reserves assessment1<\/sup>, certified by D&M under PRMS methodology, as of December 31, 2024.<\/p>\n

\nThe Company\u2019s 2024 year-end reserves, related net present values, and other information included in this press release incorporate pro forma figures reflecting the acquisition of four unconventional hydrocarbon blocks in Vaca Muerta, Argentina. This acquisition became effective on July 1, 2024, and is undergoing customary regulatory approvals from the respective provincial governments.<\/p>\n

2024 Year-End D&M Certified Oil and Gas Reserves and Highlights<\/b><\/p>\n

\nGeoPark\u2019s 2024 year-end reserves reflect the ongoing upgrade and recalibration of the Company\u2019s asset base, driven by the incorporation of the Vaca Muerta blocks and adjustments in its Colombian portfolio. 2P reserves increased 41% year-on-year on a pro-forma basis, supported by the addition of 74.6 mmboe from Vaca Muerta. At December 31, 2024, 1P reserves of 102.0 mmboe and 2P reserves of 162.2 mmboe showed that the Company extended its 1P RLI by 54% to 8.2 years, and its 2P RLI by 44% to 13.1 years.<\/p>\n

\nVaca Muerta\u2019s strong results reflect the quality of the producing Mata Mora Block and the operating execution to date. Strategic decisions such as prioritization of landing zones and optimization of completion design are proving their value, driving continuous performance improvements. Furthermore, an additional 113 mmboe of net 3C contingent resources have been certified in the Confluencia Norte, Confluencia Sur and Mata Mora Sur exploration blocks, partly underpinned by the successful drilling in 2024 of the first pad in Confluencia Norte. Looking ahead, a pad to be drilled in Confluencia Sur in 2025 will be a key milestone for confirming further exploration potential.<\/p>\n

\nOrganic 2P reserves (excluding the Vaca Muerta blocks) decreased by approximately 27.5 mmboe, after producing 12.4 mmboe in 2024, mainly due to technical revisions in mature fields, with the Llanos 34 Block accounting for 48% of the reduction. This decline was driven by updated reservoir performance assessments, well-type revisions, and factors such as reduced drilling activity and suboptimal well performance, and was partially offset by additional reserves from ongoing high-value, low-risk drilling campaigns and reservoir management efficiencies. Looking ahead, GeoPark remains focused on the full optimized development of the Llanos 34 Block, with material net 2P reserves at 64.5 mmboe as estimated by D&M. The strategy includes expanding waterflooding, piloting polymer flooding, targeted workover campaigns, advanced technologies to reduce water production and addressing potential facility bottlenecks to enhance production capacity. The success of these efforts would mitigate decline rates, improve long-term performance, and maximize recovery from the asset.<\/p>\n

\nFollowing 2024\u2019s strategic progress, GeoPark\u2019s portfolio is now strategically balanced and diversified, combining the high growth trajectory and potential of the Vaca Muerta blocks with the established, mature production flows from the Llanos 34 and CPO-5 blocks. Approximately 90% of the Company\u2019s 2P reserves are concentrated in these three core assets, providing a focused platform for delivery going forward. The portfolio\u2019s combination of a world-class unconventional resource and a high-performing mature asset allows GeoPark to leverage growth opportunities while maintaining strong cash flow generation. The Company\u2019s disciplined capital allocation, focus on development and appraisal drilling, and continued technical improvements position it to drive further reserves replacement and long-term value creation.<\/p>\n

Pro Forma Consolidated Reserves Summary<\/b><\/p>\n