GeoPark Reports a Business Update - Seite 2

The Saltador 1 well² was the first exploration success in the Llanos 123 block. It continues to produce approximately 765 bopd of 16 degrees API with 3% water cut from the Barco (Guadalupe) formation.

The Llanos 123 block is currently producing over 2,100 bopd gross, and its production is already being delivered to GeoPark’s off-takers.

Based on these positive results, GeoPark is adding a new exploration well in the Llanos 123 block, the Bisbita Centro 1 well, targeting an exploration prospect located 1.5 km south of Saltador 1, to be spudded in early 4Q2023 (subject to joint venture approval).

Current Drilling Activities in the Llanos 87 Block

GeoPark is targeting to spud the Zorzal Este 1 exploration well this week, which is expected to reach total depth in mid-November 2023.

Horizontal Well Drilling Campaign in the Llanos 34 Block

In the Llanos 34 block, GeoPark drilled and completed the third horizontal well which is currently initiating production tests in the Mirador formation.

This well was drilled 36% faster, with 18% lower drilling costs, and a 172% longer lateral length compared to the first horizontal well.

GeoPark already spudded the fourth horizontal well, expected to reach total depth in early-November 2023. A fifth horizontal well is expected to spud by mid-October 2023.

Ecuador

New Exploration Success in the Perico Block

The Perico Centro 1 exploration well reached total depth in September 2023 with preliminary logging information indicating hydrocarbon potential in the U-sand formation. The well was completed and is initiating testing with current production of approximately 800 bopd of 28 degrees API with 1% water cut.

The Yin 2 well reached total depth in late July 2023. Preliminary logging information confirmed development potential in the Hollin formation and also encountered a new zone with 40 feet of potential net pay in the U-sand formation. The Yin 2 well started production tests by mid-August 2023 and is currently producing approximately 767 bopd of 30 degrees API with 1% water cut from the U-sand formation.

Based on these positive results, GeoPark and its joint venture partner are adding a new appraisal well, the Perico Norte-4, to be spudded in early-October 2023.

GeoPark plans to publish its 3Q2023 operational update in mid-October 2023.

Other News

GeoPark Appoints New Chief Exploration Officer

GeoPark is pleased to announce the appointment of James Deckelman to the position of Chief Exploration Officer. James is a highly successful explorer with over 25 years of experience in Latin America, the Middle East, Africa, Southeast Asia and North America, leading projects ranging from ultra-deepwater to unconventional. James added over a billion barrels of recoverable resources for companies including ConocoPhillips, BP and Talisman Energy. In Latin America, James has led projects and transactions in Colombia, Venezuela, Peru, Ecuador, Mexico, Brazil and Argentina.