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GeoPark Announces Third Quarter 2024 Operational Update

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GeoPark (NYSE: GPRK) announced its operational update for Q3 2024:

  • Consolidated average production of 33,215 boepd, down 7% from Q2 2024
  • Production decline due to closure of Manati gas field in Brazil, performance issues in Llanos 34 Block, and blockades affecting operations
  • Llanos Exploration production increased 28% vs Q2 2024
  • Record production of 15,418 boepd gross at Mata Mora Norte Block in Argentina in August 2024
  • 9 rigs currently in operation across assets
  • Llanos 34 Block production down 11% vs Q2 2024, with horizontal wells contributing 16% of total production
  • CPO-5 Block production close to record levels at 7,721 boepd net
  • Successful drilling increasing production in Llanos Exploration and Ecuador assets
  • Plans to drill 3-6 gross wells in Q4 2024 for base business and 4 gross wells in Argentina

GeoPark (NYSE: GPRK) ha annunciato il suo aggiornamento operativo per il Q3 2024:

  • Produzione media consolidata di 33.215 boepd, in calo del 7% rispetto al Q2 2024
  • Il calo della produzione è dovuto alla chiusura del giacimento di gas Manati in Brasile, a problemi di performance nel Blocco Llanos 34 e a blocchi che influenzano le operazioni
  • La produzione in Llanos Exploration è aumentata del 28% rispetto al Q2 2024
  • Produzione record di 15.418 boepd lordi nel Blocco Mata Mora Norte in Argentina ad agosto 2024
  • Attualmente sono in funzione 9 impianti su vari asset
  • Produzione nel Blocco Llanos 34 in calo dell'11% rispetto al Q2 2024, con i pozzi orizzontali che contribuiscono per il 16% della produzione totale
  • Produzione nel Blocco CPO-5 vicina ai livelli record a 7.721 boepd netti
  • Successi nella perforazione che aumentano la produzione negli asset di Llanos Exploration ed Ecuador
  • Piani per perforare 3-6 pozzi lordi nel Q4 2024 per le attività principali e 4 pozzi lordi in Argentina

GeoPark (NYSE: GPRK) anunció su actualización operacional para el Q3 2024:

  • Producción promedio consolidada de 33,215 boepd, disminuyendo un 7% respecto al Q2 2024
  • El descenso de producción se debe al cierre del campo de gas Manati en Brasil, problemas de rendimiento en el Bloque Llanos 34 y bloqueos que afectan las operaciones
  • La producción de Llanos Exploration aumentó un 28% en comparación con el Q2 2024
  • Producción récord de 15,418 boepd brutos en el Bloque Mata Mora Norte en Argentina en agosto de 2024
  • Actualmente hay 9 plataformas en operación en varios activos
  • Producción en el Bloque Llanos 34 disminuyó un 11% en comparación con el Q2 2024, con pozos horizontales contribuyendo el 16% de la producción total
  • Producción en el Bloque CPO-5 cercana a niveles récord con 7,721 boepd netos
  • Perforaciones exitosas que aumentan la producción en los activos de Llanos Exploration y Ecuador
  • Planes para perforar de 3 a 6 pozos brutos en el Q4 2024 para el negocio base y 4 pozos brutos en Argentina

GeoPark (NYSE: GPRK)는 2024년 3분기 운영 업데이트를 발표했습니다:

  • 통합 평균 생산량이 33,215 boepd로, 2024년 2분기 대비 7% 감소했습니다.
  • 생산 감소는 브라질의 마나티 가스전 폐쇄, Llanos 34 블록의 성과 문제, 그리고 운영에 영향을 미치는 차단 때문에 발생했습니다.
  • Llanos Exploration 생산량은 2024년 2분기에 비해 28% 증가했습니다.
  • 2024년 8월 아르헨티나 마타 모라 노르테 블록에서 총 15,418 boepd의 기록적인 생산량을 달성했습니다.
  • 현재 여러 자산에서 9개의 굴착기가 운영 중입니다.
  • Llanos 34 블록 생산이 2024년 2분기 대비 11% 감소했으며, 수평 유정이 전체 생산의 16%를 차지하고 있습니다.
  • CPO-5 블록의 생산은 7,721 boepd 순으로 기록적인 수준에 가까워지고 있습니다.
  • Llanos Exploration 및 에콰도르 자산에서 생산 증가를 위한 성공적인 굴착이 있었습니다.
  • 2024년 4분기에 기본 비즈니스를 위한 3-6개의 총 굴착 유정을 굴착하고, 아르헨티나에서 4개의 총 유정을 굴착할 계획입니다.

GeoPark (NYSE: GPRK) a annoncé sa mise à jour opérationnelle pour le 3e trimestre 2024 :

  • Production moyenne consolidée de 33 215 boepd, en baisse de 7 % par rapport au 2e trimestre 2024
  • La diminution de la production est due à la fermeture du champ de gaz Manati au Brésil, à des problèmes de performance dans le Bloc Llanos 34 et à des blocages affectant les opérations
  • La production de Llanos Exploration a augmenté de 28 % par rapport au 2e trimestre 2024
  • Production record de 15 418 boepd bruts au Bloc Mata Mora Norte en Argentine en août 2024
  • Actuellement, 9 forages sont en opération sur plusieurs actifs
  • La production du Bloc Llanos 34 a baissé de 11 % par rapport au 2e trimestre 2024, les puits horizontaux contribuant à hauteur de 16 % de la production totale
  • La production du Bloc CPO-5 est proche de niveaux record à 7 721 boepd nets
  • Des forages réussis augmentent la production dans les actifs de Llanos Exploration et Équateur
  • Prévisions de forer de 3 à 6 puits bruts au 4e trimestre 2024 pour les activités de base et de 4 puits bruts en Argentine

GeoPark (NYSE: GPRK) hat sein operatives Update für das 3. Quartal 2024 bekannt gegeben:

  • Konsolidierte durchschnittliche Produktion von 33.215 boepd, ein Rückgang um 7% im Vergleich zum 2. Quartal 2024
  • Der Produktionsrückgang ist auf die Schließung des Manati-Gasfeldes in Brasilien, Leistungsprobleme im Llanos 34 Block und Blockaden zurückzuführen, die die Operationen beeinträchtigen
  • Die Produktion in der Llanos Exploration ist im Vergleich zum 2. Quartal 2024 um 28% gestiegen
  • Rekordproduktion von 15.418 boepd brutto im Mata Mora Norte Block in Argentinien im August 2024
  • Aktuell sind 9 Bohranlagen in Betrieb in verschiedenen Vermögenswerten
  • Die Produktion im Llanos 34 Block ist um 11% im Vergleich zum 2. Quartal 2024 gesunken, wobei horizontale Bohrungen 16% der Gesamtproduktion ausmachen
  • Die Produktion im CPO-5 Block liegt mit 7.721 boepd netto nahe an Rekordhöhen
  • Erfolgreiches Bohren erhöht die Produktion in Llanos Exploration und Ecuador-Assets
  • Pläne, im 4. Quartal 2024 3-6 Brutto-Bohrungen für das Kerngeschäft und 4 Brutto-Bohrungen in Argentinien durchzuführen
Positive
  • Record production of 15,418 boepd gross at Mata Mora Norte Block in Argentina
  • Llanos Exploration production increased 28% vs Q2 2024
  • CPO-5 Block production close to record levels at 7,721 boepd net
  • Successful drilling increasing production in Llanos Exploration and Ecuador assets
  • Plans to drill 3-6 gross wells in Q4 2024 for base business and 4 gross wells in Argentina
Negative
  • Consolidated average production down 7% from Q2 2024 to 33,215 boepd
  • Production decline due to closure of Manati gas field in Brazil
  • Performance issues and blockades affecting operations in Llanos 34 Block
  • Llanos 34 Block production down 11% vs Q2 2024

Insights

GeoPark's Q3 2024 operational update reveals mixed results. The company's consolidated production of 33,215 boepd represents a 7% decrease from Q2 2024, primarily due to challenges in key assets. However, there are positive developments in certain areas:

  • Llanos Exploration production increased 28% quarter-over-quarter
  • Mata Mora Norte Block in Argentina reached a record 15,418 boepd gross in August
  • Secondary recovery efforts in Llanos 34 Block are performing above plan
  • CPO-5 Block production remains near record levels

The company's focus on appraisal drilling and secondary recovery methods in Colombia shows a strategic approach to maintaining production levels. The upcoming catalysts, including 3-6 wells planned for Q4 2024 in the base business and 4 wells in Argentina, could potentially boost production and reserves.

Investors should monitor the closing of the Argentina acquisition, expected in Q4 2024, which could significantly impact GeoPark's production profile and financial performance. The company's diversification across Latin America provides some resilience, but continued operational challenges in Colombia warrant close attention.

GeoPark's operational update highlights both challenges and opportunities in its Latin American portfolio. The 7% production decline is concerning, but it's important to note the company's proactive measures:

  • Horizontal drilling in Llanos 34 Block now contributes 16% of total production
  • Waterflooding projects are delivering 5,000 boepd, 11% of block production
  • Successful appraisal wells in Llanos 123 Block are producing 790 bopd and 430 bopd gross

The company's expansion into Argentina's Vaca Muerta formation through the Mata Mora Norte Block acquisition is a strategic move, with the block already showing impressive results. The Mata Mora Norte 2223 well's production of over 3,200 boepd gross positions it among the top performers in the prolific Vaca Muerta play.

GeoPark's diversified portfolio across Colombia, Ecuador and Argentina provides a buffer against regional risks. However, the continued blockades affecting operations in Colombia remain a concern. The upcoming drilling campaign and potential production start from new projects in Q4 2024 and early 2025 could help offset current production declines.

Appraisal Drilling and Secondary Recovery Support Colombian Production

Mata Mora Norte Posts Records

BOGOTA, Colombia--(BUSINESS WIRE)-- GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, announces its operational update for the three-month period ended September 30, 2024 (“3Q2024”).

Oil and Gas Production and Operations

  • 3Q2024 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 2Q2024 (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 August 2024. GeoPark will consolidate production from its Argentina acquisition at the closing of the transaction, expected in 4Q2024
  • 9 rigs currently in operation (5 drilling rigs and 4 workover rigs), including one drilling rig in Argentina

Llanos 34 Block: Secondary Recovery Continues

  • 3Q2024 average production of 20,445 boepd net (45,437 boepd gross), 11% lower than 2Q2024 and in line with the associated risks described above and in the 2Q2024 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 July 2024, and first short radius horizontal well to the Mirador Formation put on production on September 2024
  • Waterflooding projects continued performing above plan, delivering around 5,000 boepd in 3Q2024, 11% of total production in the block
  • The Curucucu 4 appraisal well reached total depth in September 2024, with completion expected by mid-October 2024

CPO-5 Block: Production Remains Close to Record Levels

  • 3Q2024 average production of 7,721 boepd net (25,738 boepd gross), within 3% of record quarterly production achieved in 2Q2024
  • The Cante Flamenco-2 exploration well was spudded in August 2024, targeting the Lower Mirador Formation, with the Ubaque Formation as the secondary objective
  • Prospects are being identified from 232 sq km of new 3D seismic

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

  • Mata Mora Norte Block average production in 3Q2024 was 12,621 boepd gross, 1% higher than 2Q2024, 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 July 1, 2024. Regulatory closing of acquisition is expected in 4Q2024

Llanos Exploration: Drilling Success Increases Production by 28%

  • Llanos 123 Block:
    • The Toritos 2 appraisal well drilled in 2Q2024 found pay in the Barco and Lower Mirador formations and is currently producing 790 bopd gross
    • The Toritos Norte 1 appraisal well drilled in 2Q2024, 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 2Q2024 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 4Q2024

  • Drilling 3-6 gross wells in 4Q2024 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 November 2024 and to start production in 1Q2025
    • Confluencia Norte Block (GeoPark non-operated, 50% WI): First exploration pad (three wells) to start production during 4Q2024
    • 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 November 2024

Breakdown of Quarterly Production by Country

The following table shows production figures for 3Q2024, as compared to 3Q2023:

 

3Q2024

3Q2023

Total
(boepd)

Oil
(bopd)a

Gas
(mcfpd)

Total
(boepd)

%
Change

Colombia

31,429

31,305

747

31,780

-1%

Ecuador

1,786

1,786

-

659

171%

Brazil

-

-

-

774

-100%

Chileb

-

-

-

1,565

-100%

Total

33,215

33,091

747

34,778

-4%

a)

Includes royalties and other economic rights paid in kind in Colombia for approximately 6,073 bopd in 3Q2024. No royalties were paid in kind in Ecuador, Chile or Brazil. Production in Ecuador is reported before the Government’s production share of approximately 560 bopd

b)

Closing of the divestment transaction in January 2024

Quarterly Production

(boepd)

3Q2024

2Q2024

1Q2024

4Q2023

3Q2023

Colombia

31,429

33,956

32,832

34,154

31,780

Ecuador

1,786

1,652

1,483

1,419

659

Brazil

-

-

893

1,101

774

Chilea

-

-

264

1,641

1,565

Totalb

33,215

35,608

35,473

38,315

34,778

Oil

33,091

35,504

34,255

35,842

32,510

Gas

124

104

1,218

2,473

2,268

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 3Q2024 Results Release, Conference Call and Webcast

GeoPark will report its 3Q2024 financial results on Wednesday, November 6, 2024, after market close.

GeoPark management will host a conference call on November 7, 2024, at 10:00 am (Eastern Standard Time) to discuss the 3Q2024 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/244911827

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/events/global-numbers?confId=72342
Passcode: 723049

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.

NOTICE

Additional information about GeoPark can be found in the “Invest with Us” section on the website at www.geo-park.com.

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentages included in this press release have not in all cases been calculated on the basis of such rounded amounts, but on the basis of such amounts prior to rounding. For this reason, certain percentages in this press release may vary from those obtained by performing the same calculations on the basis of the amounts in the financial statements. Similarly, certain other amounts included in this press release may not sum due to rounding.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, drilling campaign, production guidance, closing of acquisition transaction and production consolidation. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).

Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days.

1 Not including production from the Mata Mora Norte Block in Vaca Muerta, Argentina

For further information, please contact:

INVESTORS:

Maria Catalina Escobar mescobar@geo-park.com

Shareholder Value and Capital Markets Director

Miguel Bello mbello@geo-park.com

Investor Relations Officer

Maria Alejandra Velez mvelez@geo-park.com

Investor Relations Leader

MEDIA:

Communications Department communications@geo-park.com

Source: GeoPark Limited

FAQ

What was GeoPark's (GPRK) average production in Q3 2024?

GeoPark's consolidated average oil and gas production in Q3 2024 was 33,215 boepd, which was 7% lower than Q2 2024.

How did GeoPark's (GPRK) Llanos Exploration perform in Q3 2024?

GeoPark's Llanos Exploration production increased 28% compared to Q2 2024, reaching 1,581 boepd net (3,162 boepd gross).

What was the production level at GeoPark's (GPRK) Mata Mora Norte Block in Argentina?

The Mata Mora Norte Block in Argentina reached a record production of 15,418 boepd gross during August 2024.

How many rigs does GeoPark (GPRK) currently have in operation?

GeoPark currently has 9 rigs in operation, including 5 drilling rigs and 4 workover rigs, with one drilling rig in Argentina.

GEOPARK LIMITED

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