GeoPark Announces Business Activity Update

GeoPark Limited (GPRK), a prominent independent Latin American oil and gas explorer, operator, and consolidator, provided an update on its operations and commercial activity.

Production figures refer to the April-May 2022 period. All figures are expressed in US Dollars.

Accelerating Production Growth

- Consolidated oil and gas production of 38,726 boepd (up 2% vs 1Q2022[1])
- Production in Colombia of 34,234 boepd
- CPO-5 block (GeoPark non-operated, 30% WI): gross production of 20,148 boepd (up 33% vs 1Q2022) due to the successful drilling and testing of the Indico 4 and Indico 5 development wells

Llanos Basin: Initiating Exploration Drilling in High Potential Prospects
In the CPO-5 block:

- The operator spudded the Urraca 1 exploration well on April 21, 2022, located 17 km northeast of the Indico field and 8 km southwest of the Llanos 34 block (GeoPark operated, 45% WI)
- The well was drilled and completed to a total depth of 10,956 feet. Preliminary logging information indicated hydrocarbons in the Mirador formation with no reservoir in Guadalupe
- Production tests in the Mirador formation currently show a production rate of 308 bopd of 16 degrees API with a 53% water cut
- The complete testing program is underway and additional production history will be required to determine stabilized flow rates of the well and the extent of the reservoir
- Currently spudding the Flamenco 1 exploration well, located 4 km west of the Urraca 1 well, looking for hydrocarbon potential in the Ubaque and Mirador formations, with Guadalupe as a secondary target
- 2H2022 work program was revised to include 1 additional development well to further accelerate production growth in the Indico field, to be followed by 3-5 high-potential exploration wells (1-2 wells next to Llanos 34 to test the extension of the Jacana field and 2-3 wells in the southeastern part of the block)

In the Llanos 87 block (GeoPark operated, 50% WI):

- Obtained environmental license, allowing exploration and delineation drilling plus related infrastructure
- Pre-drilling activities currently underway to spud the Tororoi exploration prospect in 3Q2022, to be followed by 1-2 exploration wells in 4Q2022

In the Llanos 34 block:
- Adding a third drilling rig, expected to start spudding wells in August 2022

Oriente Basin: Third Drilling Success in 2022
In the Perico block (GeoPark non-operated, 50% WI):
- On May 15, 2022, the operator spudded the Yin 1 exploration well, located to the southwest of the Jandaya oil field that was discovered in January

- The well was drilled and completed to a total depth of 11,345 feet. Preliminary logging information indicated hydrocarbons in the Hollin formation

- Preliminary production tests in the Hollin formation are currently showing a production rate of 1,600 bopd by natural flow of 27 degrees API with a 2% water cut

- The complete testing program is underway and additional production history will be required to determine stabilized flow rates of the well and the extent of the reservoir

- Jandaya, Tui and Yin oil fields are currently producing gross approximately 2,800 bopd

- GeoPark and its partner are evaluating subsequent activities, including a potential development drilling plan for recent discoveries in Jandaya, Tui and Yin fields

In the Espejo block (GeoPark operated, 50% WI):
- Completed the acquisition of 60 sq km of 3D seismic
- Pre-drilling activities underway to spud the Pashuri 1 exploration well in September 2022