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GeoPark Limited reports news on its Latin American oil and gas exploration and production portfolio, centered on continuing operations in Colombia and Argentina. Updates cover production and drilling in the Llanos 34, CPO-5 and Llanos 123 blocks, waterflooding activity in Colombia, and development work in Vaca Muerta assets including Loma Jarillosa Este and Puesto Silva Oeste.
Company news also includes quarterly financial results, realized pricing, hedging and cash flow trends, debt and liquidity actions, portfolio acquisitions and divestitures, strategic equity investment, and shareholder-governance matters involving board nominations and capital allocation.
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GeoPark Limited (NYSE: GPRK) reported an operational update for the first quarter of 2023, revealing a 4% decline in average oil and gas production to 36,578 boepd, attributed primarily to temporary production shut-ins and localized blockades in Colombia. Current production levels are around 38,000 boepd. Notably, the Llanos 34 block is now producing 54,799 bopd, and GeoPark recently drilled its first horizontal well in the Tigana field, yielding over 3,000 bopd. The company declared a quarterly dividend of $0.13 per share, totaling $7.5 million, and aims to return 40-50% of free cash flow to shareholders. As of March 31, 2023, GeoPark reports cash reserves of $145 million, up from $129 million at year-end 2022.