GeoPark Reports a Business Update

GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, provides an update on operations in the CPO-5 (GeoPark non-operated, 30% WI), Llanos 123 (GeoPark operated, 50% WI-Hocol 50% WI), Llanos 87 (GeoPark operated, 50% WI-Hocol 50% WI), Llanos 34 (GeoPark operated, 45% WI) and Perico (GeoPark non-operated, 50% WI) blocks.

Colombia

Production Back Online in the CPO-5 Block

In late September 2023, the operator of the CPO-5 block received approval from the regulator (Agencia Nacional de Hidrocarburos, ANH) to resume production at the Indico 6 and Indico 7 wells.

The Indico 7 well restarted production in late September 2023 and is gradually increasing its production, targeting to reach 4,000 bopd gross in the next few days. The Indico 6 well restarted production on October 1, 2023 and is also expected to gradually increase its production to approximately 4,000 bopd gross.

The Indico 6 and Indico 7 wells have the potential to increase and stabilize their combined production at approximately 9,000 bopd gross before year-end, depending on reservoir performance.

These two wells were drilled in late 2022 and have been shut-in¹ following the ANH request that the operator suspend production until certain required surface facilities were completed.

Current Drilling Activities in the CPO-5 Block

The operator spudded the Halcon 1 exploration well on September 29, 2023, targeting the exploration potential of the Barco (Guadalupe) formation in the northern part of the CPO-5 block, closer to the southern part of the Llanos 34 block.

New Exploration Success in the Llanos Basin

Llanos 123 Block – Second Exploration Success

The Toritos 1 exploration well reached total depth in September 2023 with logging information indicating hydrocarbon potential in the Barco (Guadalupe) and Gacheta formations. Testing activities are ongoing and the well is currently producing approximately 1,400 bopd of 14 degrees API with a 1% water cut from the Barco (Guadalupe) formation. 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.