GeoPark Announces 3Q:24 Operational Update

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(GeoPark, 9.Oct.2024) — GeoPark Limited announces its operational update for the three-month period ended 30 Sep. 2024 (“3Q:24”).

Oil and Gas Production and Operations

  • 3Q:24 consolidated average oil and gas production of 33,2151 boepd, 7% lower than 2Q2024 due to the continued closure of the Manati gas field in Brazil (GeoPark non-operated, 10% WI), performance in the Llanos 34 Block (GeoPark operated, 45% WI) not offsetting the natural base decline, and continued blockades affecting operations in the Llanos 34 Block and the CPO-5 Block (GeoPark non-operated, 30% WI). These factors were previously identified as risks, and their realization has impacted production within the anticipated 1,500-2,500 boepd range
  • Production from Llanos Exploration increased 28% vs 2Q:24 (1,581 boepd net; 3,162 boepd gross), mainly driven by the Toritos 2 and the Toritos Norte wells in the Llanos 123 Block (GeoPark operated, 50% WI)
  • Production at the Mata Mora Norte Block (GeoPark non-operated, 45% WI) in Argentina reached a record of 15,418 boepd gross during Aug. 2024. GeoPark will consolidate production from its Argentina acquisition at the closing of the transaction, expected in 4Q:24
  • 9 rigs currently in operation (5 drilling rigs and 4 workover rigs), including one drilling rig in Argentina

Llanos 34 Block: Secondary Recovery Continues

  • 3Q:24 average production of 20,445 boepd net (45,437 boepd gross), 11% lower than 2Q:24 and in line with the associated risks described above and in the 2Q:24 Results Release
  • Horizontal wells are currently contributing 16% of total production in the block (7,400 boepd gross). First horizontal well to the Guadalupe Formation put on production on Jul. 2024, and first short radius horizontal well to the Mirador Formation put on production on Sep. 2024
  • Waterflooding projects continued performing above plan, delivering around 5,000 boepd in 3Q:24, 11% of total production in the block
  • The Curucucu 4 appraisal well reached total depth in Sep. 2024, with completion expected by mid-Oct. 2024

CPO-5 Block: Production Remains Close to Record Levels

  • 3Q:24 average production of 7,721 boepd net (25,738 boepd gross), within 3% of record quarterly production achieved in 2Q:24
  • The Cante Flamenco-2 exploration well was spudded in Aug. 2024, targeting the Lower Mirador Formation, with the Ubaque Formation as the secondary objective
  • Prospects are being identified from 232 km2 of new 3D seismic

Argentina: Mata Mora Norte Block in the Vaca Muerta Top 10

  • Mata Mora Norte Block average production in 3Q:24 was 12,621 boepd gross, 1% higher than 2Q:24, following the put-on production of Pad-4
  • Production record of over 3,200 boepd gross at the Mata Mora Norte 2223 well makes it one of the highest producing wells in Vaca Muerta
  • Transaction effective date was 1 Jul. 2024. Regulatory closing of acquisition is expected in 4Q:24

Llanos Exploration: Drilling Success Increases Production by 28%

  • Llanos 123 Block:
    • The Toritos 2 appraisal well drilled in 2Q:24 found pay in the Barco and Lower Mirador formations and is currently producing 790 bopd gross
    • The Toritos Norte 1 appraisal well drilled in 2Q:24, testing the Barco Formation, is currently producing 430 bopd gross
  • Llanos 86 and Llanos 104 Blocks (GeoPark operated, 50% WI):
    • Interpretation of seismic data continues, exploratory projects being defined

Ecuador: Intervention Increases Production

  • Perico Block (GeoPark non-operated, 50% WI):
    • Production increased 8% versus 2Q:24 to 3,570 gross bopd in 3Q2024, due to increased workovers and well services
    • Performed 2 workovers (Perico Norte 5 and Perico Norte 3) and 1 well service (Perico Norte 2), delivering above plan
  • Espejo Block (GeoPark operated, 50% WI):
    • The Espejo Sur B3 and Espejo Sur B1 wells currently producing 675 bopd gross
    • The Espejo Norte A1 exploration well reached total depth in August 2024, targeting the Napo formation. After a few weeks of testing, the well was deemed non-economic and is currently under evaluation

Upcoming Catalysts 4Q:24

  • Drilling 3-6 gross wells in 4Q:24 for the base business and 4 gross wells in Argentina, targeting conventional, unconventional, appraisal and exploration projects
  • Key projects include:
    • Llanos 34 Block: Drilling one infill well in the Tigui area and an additional well in the Curucucu field. Incorporating four additional waterflooding injection patterns
    • Mata Mora Norte Block: Developing Pad-9 (four wells), expecting to complete all four horizontal sections in Nov. 2024 and to start production in 1Q:25
    • Confluencia Norte Block (GeoPark non-operated, 50% WI): First exploration pad (three wells) to start production during 4Q:24
    • Llanos 123 Block: Drilling 2 appraisal wells
    • PUT-8 (GeoPark operated, 50% WI): Expected to spud the Bienparado Norte 1 (previously Machaca 1) exploratory well in Nov. 2024

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ENERGY ANALYTICS INSTITUTE (EAI) https://energy-analytics-institute.org

Energy Analytics Institute (EAI), formerly LatinPetroleum.com, is a Houston-established private organization with a satellite presence in Calgary, Mexico City and Venezuela where it operates under Editores LatinPetroleum SA. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.

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