New Quarterly Production Record in CPO-5
Consolidated Pro Forma Production Over 41,000 boepd as of July 1, 2024
GeoPark Limited (“GeoPark” or the “Company”), a leading independent Latin American oil and gas explorer, operator and consolidator, announces its operational update for the three-month period ended June 30, 2024 (“2Q2024”).
Oil and Gas Production and Operations
2Q2024 consolidated average oil and gas production of 35,608 boepd, up slightly versus 1Q2024
Production increased 11% in Ecuador and 3% in Colombia, offsetting suspended production at the Manati gas field in Brazil (GeoPark non-operated, 10% WI) due to unscheduled maintenance
As of July 1, 2024,1 GeoPark is producing over 41,000 boepd, adding approximately 5,700 boepd on a proforma basis from the Mata Mora Norte Block
(GeoPark non-operated, 45% WI) in Argentina
11 rigs currently in operation (7 drilling rigs and 4 workover rigs), including one drilling rig in Argentina
Llanos 34 Block (GeoPark operated, 45% WI): Secondary Recovery Underway
2Q2024 average production of 23,039 bopd net (51,198 boepd gross), 3% lower than 1Q2024 due to sporadic blockades and weather-associated flooding
Three horizontal wells were drilled in 2Q2024, including the first two in the Jacana field which initiated testing in April and June 2024, respectively
Eight horizontal wells in aggregate have been put on production since the beginning of the horizontal well drilling program in early 2023, currently contributing 16% of total production in the block
Waterflooding projects performing above plan, delivering around 3,700 bopd in 2Q2024, 13% of total production in the block
CPO-5 Block (GeoPark non-operated, 30% WI): Record High Quarterly Production
2Q2024 record average production of 7,921 boepd net (26,403 boepd gross) after putting the Indico-3 development well on production
The Lark 1 exploration well in the northern part of the block reached total depth in July 2024 and will delineate hydrocarbon potential in the Ubaque and the Guadalupe Formations, initiating testing by the end of July
Increased seismic coverage to 85% after completing the acquisition of 232 sq. km of 3D seismic,2 currently being processed
Llanos Exploration: Drilling Success Continues
Llanos 123 Block (GeoPark operated, 50% WI):
Drilled the Toritos Norte 1 appraisal well during June 2024, testing the Barco Formation and currently producing 520 bopd gross
The Toritos 2 appraisal well reached total depth in July 2024, and will initiate testing in the Barco Formation in August 2024
Llanos 86 and Llanos 104 Blocks (GeoPark operated, 50% WI):
Processing 650+ sq. km of 3D seismic, targeting exploration drilling in 1Q2025
Ecuador: Stepping up Production and Exploration
Perico Block (GeoPark non-operated, 50% WI):
Production increased 11% compared to 1Q2024, reaching 1,652 bopd net during the quarter due to the contribution from the Perico Centro 2 appraisal well in May 2024
Espejo Block (GeoPark operated, 50% WI):
Drilled the Espejo Sur 3 exploration well in June 2024, testing the U-Sand Formation, currently producing 400 bopd gross
Argentina: Vaca Muerta Adds Pro forma Production
2Q2024 average production of 12,508 bopd gross from the Mata Mora Norte Block
Encouraging initial results of Mata Mora Norte 2223 well, producing an average of 2,136 boepd gross during 2Q2024, in line with the best producing well in the block
Transaction effective date July 1, 2024. Regulatory closing of acquisition is expected by end of 3Q2024
Upcoming Catalysts 3Q2024
Drilling 8-10 gross wells in 3Q2024 for the base business and 6-8 gross wells in Argentina, targeting conventional, unconventional, short-cycle development, injector, appraisal and exploration projects
Key projects include:
Llanos 34 Block: Drilling the first well with short radius design, the first horizontal well targeting the Guadalupe Formation and two additional waterflooding injection patterns
CPO-5 Block: Drilling one appraisal well
Llanos 123 Block: Drilling one appraisal well
Perico Block: Executing workover campaign
Espejo Block: Drilling one exploratory well
Mata Mora Norte Block: Drilling four unconventional horizontal wells
Confluencia Norte Block (GeoPark non-operated, 50% WI): Drilling three unconventional exploration wells
Breakdown of Quarterly Production by Country
a)
Includes royalties and other economic rights paid in kind in Colombia for approximately 6,956 bopd in 2Q2024. No royalties were paid in kind in Ecuador, Chile or Brazil. Production in Ecuador is reported before the Government’s production share of approximately 512 bopd
b)
Closing of the divestment transaction in January 2024
Quarterly Production
a)
Closing of the divestment transaction in January 2024
b)
In Colombia, production includes royalties paid in kind, and in Ecuador it is shown before the Government’s production share
Reporting Date for 2Q2024 Results Release, Conference Call and Webcast
GeoPark will report its 2Q2024 financial results on Wednesday, August 14, 2024, after the market close.
GeoPark management will host a conference call on August 15, 2024, at 10:00 am (Eastern Daylight Time) to discuss the 2Q2024 financial results.
To listen to the call, participants can access the webcast located in the Invest with Us section of the Company’s website at www.geo-park.com, or by clicking below:
https://events.q4inc.com/attendee/332625400
Interested parties may participate in the conference call by dialing the numbers provided below:
United States Participants: +1 404-975-4839
Global Dial-In Numbers:
https://www.netroadshow.com/conferencing/global-numbers?confId=68476
Passcode: 027838
Please 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.
An archive of the webcast replay will be made available in the Invest with Us section of the Company’s website at www.geo-park.com after the conclusion of the live call.