New Exploration Discovery in the Llanos Basin

Increasing Activity in the Second Half of 2023

Accelerated Shareholder Returns

GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator reports its consolidated financial results for the three-month period ended June 30, 2023 (“Second Quarter” or “2Q2023”). A conference call to discuss 2Q2023 financial results will be held on August 10, 2023, at 10:00 am (Eastern Daylight Time).

All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This release does not contain all of the Company’s financial information and should be read in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the period ended June 30, 2023, available on the Company’s website.

SECOND QUARTER 2023 HIGHLIGHTS

Oil and Gas Production and Operations

• Consolidated average oil and gas production of 36,581 boepd, below production potential of approximately 39,500-40,500 boepd, as previously announced¹, mainly due to temporarily shut-in production in the CPO-5 block (GeoPark non-operated, 30% WI) in Colombia and to a lesser extent, in the Fell block (GeoPark operated, 100% WI) in Chile
• 10 rigs currently in operation (6 drilling rigs and 4 workover rigs), adding 2 more rigs in 3Q2023 (one drilling rig and one workover rig)

Successful Exploration and Development Drilling Activities

Colombia:

• Llanos 123 block (GeoPark operated, 50% WI):
  • First well drilled, Saltador 1, resulted in the first exploration discovery in the block
  • The Saltador 1 exploration well initiated testing in late July 2023 and is currently producing 880 bopd with 5% water cut from the Barco (Guadalupe) formation
  • Drilling rig moving to drill the Toritos 1 exploration well, expected to be spudded in August 2023
• Llanos 34 block (GeoPark operated, 45% WI):
  • The second horizontal development well initiated testing in late July 2023 and is currently producing approximately 2,300 bopd from the Mirador formation
  • This second horizontal well was drilled within budget and ahead of time, 16% faster, with 10% lower drilling costs, and a 32% longer lateral length compared to the first horizontal well
  • Third horizontal well spudded in August 2023, with 2-3 additional horizontal wells expected in 2H2023

Ecuador:

• Perico block (GeoPark non-operated, 50% WI):
  • The Yin 2 well reached total depth in late July 2023. Preliminary logging information confirmed the 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 well is being completed and will start testing in the U-sand formation by mid-August 2023

Revenue, Adjusted EBITDA and Net Profit

• Revenue of $182.3 million
• Adjusted EBITDA of $103.9 million (57% adjusted EBITDA margin)
• Operating profit of $69.5 million (38% operating profit margin)
• Net profit of $33.8 million ($0.59 basic and diluted earnings per share)

Sustained Capital Returns

• Capital expenditures of $43.4 million
• 2Q2023 adjusted EBITDA to capital expenditures ratio of 2.4x
• Last twelve-month return on capital employed (ROCE) of 51%²

Lower Financial Expenses and Strengthened Balance Sheet

• Financial expenses decreased to $11.2 million (from $16.6 million), after reducing gross debt by $275 million from April 2021 to December 2022
• Net leverage of 0.8x and no principal debt maturities until 2027
• Cash in hand of $86.4 million (after paying $88.2 million in cash taxes in 2Q2023)
• New $80 million unsecured committed credit facility in place, with no amounts drawn

Accelerated Shareholder Returns

• Returned $15 million in cash dividends in 1H2023 ($7.5 million on March 31 and May 31, respectively, or an annualized dividend of approximately $30 million, a 5% dividend yield³)
• Acquired 1.7 million shares for $18.7 million in 1H2023 ($7.5 million in 1Q2023 and $11.2 million in 2Q2023), representing approximately 3% of shares outstanding
• Quarterly cash dividend of $0.132 per share, or approximately $7.5 million, payable on September 7, 2023

Enhanced ESG Performance and Reporting

• Installed a photovoltaic solar system in the OBA export pipeline (running from the Platanillo block) that will allow GeoPark to reduce both its GHG emissions and energy and maintenance costs
• Participated in the Carbon Disclosure Project in both Water and Climate, reinforcing GeoPark’s sustainability disclosures

2023 Work Program: Strong Free Cash Flow Generation

• 2023 annual production guidance of 38,000-40,000 boepd
• Fully-funded 2023 capital expenditures program of $180-200 million
• At $80-90 per bbl Brent⁴, GeoPark expects to generate an adjusted EBITDA of $450-520 million and a free cash flow of $90-120 million⁵
• Targeting to return approximately 40-50% of free cash flow after taxes to shareholders

Upcoming Catalysts

• Drilling 20-25 gross wells in 2H2023, targeting attractive conventional, short-cycle exploration projects
• Key projects include:
  • Llanos 34 block: Drilling 3-4 horizontal wells (including a third horizontal well already spudded)
  • CPO-5 block: Resuming production in the Indico 6 and Indico 7 development wells (expected in August 2023) and drilling two wells (the Halcon 1 exploration well and the Indico 3 development well)
  • Perico block: Testing the Yin 2 well and drilling one additional exploration well
  • Llanos 87 block (GeoPark operated, 50% WI): Drilling the Zorzal Este 1 well (subject to joint venture approval)
  • Llanos 123 block: Drilling the Toritos 1 exploration well
  • Llanos 124 block (GeoPark operated, 50% WI): Reaching total depth in the Cucarachero 1 exploration well, expected in August 2023

  • Llanos 86 and Llanos 104 blocks (GeoPark operated, 50% WI): Preliminary activities underway targeting the acquisition of over 650 square kilometers of 3D seismic to expand the inventory of exploration prospects

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Andrés Ocampo, Chief Executive Officer of GeoPark, said: “Congratulations to our exploration team for a new discovery in the Llanos basin, as well as a promising new pay zone in the Oriente basin. Our operations team is also bringing great results from our horizontal drilling campaign in our core Llanos 34 block and we are excited about more wells to come. We look forward to accelerating activities in the second half of the year with more rigs to grow our production and drill low-cost, low-risk exploration targets while continuing to develop our reserves and to return value to our shareholders.”

CONSOLIDATED OPERATING PERFORMANCE

Key performance indicators:

Production: Oil and gas production in 2Q2023 was 36,581 boepd, down by 6% compared to 2Q2022, due to lower production in Colombia, Chile and Brazil, and flat production in Ecuador. Oil represented 92% and 90% of total reported production in 2Q2023 and 2Q2022, respectively.

Compared to 1Q2023, consolidated oil and gas production was flat, resulting from increased production in Colombia and Brazil that was offset by lower production in Chile and Ecuador.

For further details, please refer to the 2Q2023 Operational Update published on July 17, 2023.

Reference and Realized Oil Prices: Brent crude oil prices decreased by 30% to $78.2 per bbl during 2Q2023, and the consolidated realized oil sales price decreased by 35% to $64.3 per bbl in 2Q2023.

A breakdown of reference and net realized oil prices in relevant countries in 2Q2023 and 2Q2022 is shown in the tables below:

Revenue: Consolidated revenue decreased by 41% to $182.3 million in 2Q2023, compared to $311.2 million in 2Q2022, mainly reflecting lower oil and gas prices and lower deliveries.

Sales of crude oil: Consolidated oil revenue decreased by 41% to $173.8 million in 2Q2023, mainly due to a 35% decrease in realized oil prices and 10% lower deliveries. Oil revenue was 95% of total revenue in 2Q2023 and 2Q2022.

The table below provides a breakdown of crude oil revenue in 2Q2023 and 2Q2022:

• Colombia: 2Q2023 oil revenue decreased by 41% to $169.2 million, reflecting lower realized oil prices and lower oil deliveries. Realized prices decreased by 35% to $64.4 per bbl due to lower Brent oil prices while oil deliveries decreased by 10% to 29,956 bopd. Earn-out payments decreased to $6.3 million in 2Q2023, compared to $9.1 million in 2Q2022 in line with lower oil prices.
• Chile: 2Q2023 oil revenue decreased by 90% to $0.5 million, reflecting lower realized prices and lower oil deliveries. Realized prices decreased by 57% to $46.0 per bbl due to lower Brent oil prices while oil deliveries decreased by 80% to 109 bopd, affected by shut-in oil production resulting from ongoing negotiations with ENAP, the oil offtaker in Chile. The Company expects to resume shut-in oil production of approximately 400 bopd in 3Q2023.
• Ecuador: 2Q2023 oil revenue increased by 31% to $4.0 million, reflecting higher deliveries, partially offset by lower realized prices. Oil deliveries increased by 129% to 714 bopd while realized prices decreased by 43% to $62.0 per bbl. Deliveries in Ecuador are net of the Government’s production share.

Sales of purchased crude oil: 2Q2023 sales of purchased crude oil decreased 78% to $1.2 million, which corresponds to oil trading operations (purchasing and selling crude oil from third parties with the cost of the oil purchased being reflected in production and operating costs).

Sales of gas: Consolidated gas revenue decreased by 22% to $7.3 million in 2Q2023 compared to $9.4 million in 2Q2022, reflecting 21% lower gas deliveries and 1% lower gas prices. Gas revenue was 5% of total revenue in 2Q2023 and 2Q2022.

The table below provides a breakdown of gas revenue in 2Q2023 and 2Q2022:

• Chile: 2Q2023 gas revenue decreased by 11% to $3.1 million, reflecting lower gas deliveries, partially offset by higher gas prices. Gas deliveries fell by 13% to 8,813 mcfpd (1,469 boepd). Gas prices were 2% higher, at $3.8 per mcf ($22.9 per boe) in 2Q2023.
• Brazil: 2Q2023 gas revenue decreased by 26% to $4.1 million, reflecting lower gas deliveries, partially offset by higher gas prices. Gas deliveries decreased by 27% from the Manati gas field to 6,718 mcfpd (1,120 boepd). Gas prices increased by 1% to $6.7 per mcf ($40.1 per boe) in 2Q2023.

Commodity Risk Management Contracts: Consolidated commodity risk management contracts amounted to zero in 2Q2023, compared to a $15.5 million loss in 2Q2022.

The table below provides a breakdown of realized and unrealized commodity risk management charges in 2Q2023 and 2Q2022:

In 2Q2023 GeoPark had zero cost collars covering 10,000 bopd including purchased puts with an average price of $69.3 per bbl and sold calls at an average price of $110.6 per bbl.

Please refer to the “Commodity Risk Oil Management Contracts” section below for a description of hedges in place as of the date of this release.

Production and Operating Costs: Consolidated production and operating costs decreased to $60.7 million from $115.1 million, mainly resulting from lower royalties and economic rights due to lower oil prices, partially offset by higher operating costs.

The table below provides a breakdown of production and operating costs in 2Q2023 and 2Q2022:

Consolidated royalties amounted to $3.6 million in 2Q2023 compared to $18.8 million in 2Q2022, in line with lower oil prices and higher volumes of royalties being paid in kind.

Consolidated economic rights (including high price participation, x-factor and other economic rights paid to the Colombian Government) amounted to $23.5 million in 2Q2023 compared to $64.0 million in 2Q2022, in line with lower oil prices.

Consolidated operating costs increased to $32.5 million in 2Q2023 compared to $27.4 million in 2Q2022.

The breakdown of operating costs is as follows:

• Colombia: Total operating costs increased to $27.0 million in 2Q2023 from $21.4 million in 2Q2022, mainly due to higher operating costs per boe, partially offset by lower deliveries (deliveries in Colombia decreased by 10%). Increased operating costs per boe in 2Q2023 mainly reflected higher energy costs due to a drought affecting the energy matrix in Colombia with lower availability of hydroelectric power.
• Chile: Total operating costs decreased to $1.8 million in 2Q2023 from $4.4 million in 2Q2022, in line with lower operating costs per boe and lower oil and gas deliveries (deliveries in Chile decreased by 29%).
• Brazil: Total operating costs were flat at $0.8 million in 2Q2023 and 2Q2022, due to lower gas deliveries from the Manati field (deliveries in Brazil decreased by 27%), offset by higher operating costs per boe.
• Ecuador: Total operating costs increased to $2.8 million in 2Q2023 from $0.9 million in 2Q2022, mainly due to higher deliveries (deliveries in Ecuador increased by 129%) and higher operating costs per boe.

Consolidated purchased crude oil charges amounted to $1.0 million in 2Q2023, which corresponds to oil trading operations (purchasing and selling crude oil from third parties with the sale of purchased oil being reflected in revenue).

Selling Expenses: Consolidated selling expenses increased to $2.2 million in 2Q2023 compared to $1.2 million in 2Q2022.

Geological & Geophysical Expenses: Consolidated G&G expenses decreased to $2.5 million in 2Q2023 compared to $3.0 million in 2Q2022.

Administrative Expenses: Consolidated G&A increased to $11.3 million in 2Q2023 compared to $10.8 million in 2Q2022.

Adjusted EBITDA: Consolidated adjusted EBITDA⁶ decreased by 28% to $103.9 in 2Q2023 (on a per boe basis, adjusted EBITDA decreased to $33.9 per boe in 2Q2023 from $41.9 per boe in 2Q2022).

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⁶ See “Reconciliation of Adjusted EBITDA to Profit Before Income Tax” included in this press release.

The table below shows production, volumes sold and the breakdown of the most significant components of adjusted EBITDA for 2Q2023 and 2Q2022, on a per boe basis:

Depreciation: Consolidated depreciation charges increased to $29.4 million in 2Q2023 compared to $23.2 million in 2Q2022.

Write-off of unsuccessful exploration efforts: The consolidated write-off of unsuccessful exploration efforts amounted to $1.6 million in 2Q2023 compared to zero in 2Q2022. Amounts recorded in 2Q2023 correspond mainly to exploration costs incurred in previous years in the Coati block (GeoPark operated, 100% WI) in Colombia.

Other Income (Expenses): Other operating expenses showed a $5.1 million loss in 2Q2023, compared to a $0.9 million gain in 2Q2022.

CONSOLIDATED NON-OPERATING RESULTS AND PROFIT FOR THE PERIOD

Financial Expenses: Net financial expenses decreased to $9.5 million in 2Q2023 from $15.5 million in 2Q2022, mainly resulting from a sustained deleveraging process that started in April 2021 and continued in 2022.

Foreign Exchange: Net foreign exchange losses amounted to $9.6 million in 2Q2023 compared to a $7.1 million gain in 2Q2022. Foreign exchange losses in 2Q2023 reflected the revaluation of the local currency in Colombia (the Colombian Peso revalued by approximately 9% from March 31 to June 30, 2023).

Income Tax: Income taxes totaled $16.7 million in 2Q2023 compared to $67.1 million in 2Q2022, mainly resulting from lower profits before income taxes plus the effect of fluctuations of the Colombian peso on deferred income taxes.

Net Profit: Net profit decreased to $33.8 million in 2Q2023 compared to $67.9 million in 2Q2022.

BALANCE SHEET

Cash and Cash Equivalents: Cash and cash equivalents totaled $86.4 million as of June 30, 2023, compared to $128.8 million as of December 31, 2022.

This net increase is explained by the following:

Cash flows from operating activities of $97.7 million in 2Q2023 included income tax payments of $94.2 million.

Cash flows used in financing activities mainly included $13.7 million related to interest payments, $18.7 million related to executing the Company’s share buyback program and $15.0 million related to dividend payments.

Financial Debt: Total financial debt net of issuance cost was $499.3 million, all corresponding to the 2027 Notes. Short-term financial debt was $12.5 million as of June 30, 2023, and corresponds to interest accrued on the 2027 Notes.

For further details, please refer to Note 12 of GeoPark’s consolidated financial statements as of June 30, 2023, available on the Company’s website.

FINANCIAL RATIOS^a

Covenants in the 2027 Notes: The 2027 Notes include incurrence test covenants that, among others, require that the Net Debt to Adjusted EBITDA ratio should not exceed 3.25 times and the Adjusted EBITDA to Interest ratio should exceed 2.5 times.

COMMODITY RISK OIL MANAGEMENT CONTRACTS

The table below summarizes commodity risk management contracts in place as of the date of this release:

SELECTED INFORMATION BY BUSINESS SEGMENT

RECENT EVENTS

Blockades in the Llanos 34 Block in July 2023

Localized blockades in the Llanos basin affected production and operations in the Llanos 34 block during July 2023, and the block’s average production in July reached 53,246 bopd gross (compared to 55,307 bopd gross in 2Q2023). As of the date of this release, blockades have been lifted and production and operations are gradually normalizing, with the Llanos 34 block currently producing approximately 55,000 bopd gross.

CONFERENCE CALL INFORMATION

Reporting Date and Conference Call for 2Q2023 Financial Results

In conjunction with the 2Q2023 results press release, GeoPark management will host a conference call on August 10, 2023, at 10:00 am (Eastern Daylight Time).

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/893129503

Interested parties may participate in the conference call by dialing the numbers provided below:

United States Participants: +1 404 975 4839

International Participants: +1 929-526-1599

Passcode: 931988

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. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

This press release contains certain oil and gas metrics, including information per share, operating netback, reserve life index and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

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, production guidance, shareholder returns, Adjusted EBITDA, capital expenditures, cash income taxes and free cash flow, as well as tax obligations to be paid during 2023. 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.

Information about oil and gas reserves: The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proven, probable and possible reserves that meet the SEC’s definitions for such terms. GeoPark uses certain terms in this press release, such as “PRMS Reserves” that the SEC’s guidelines do not permit GeoPark from including in filings with the SEC. As a result, the information in the Company’s SEC filings with respect to reserves will differ significantly from the information in this press release.

NPV10 for PRMS 1P, 2P and 3P reserves is not a substitute for the standardized measure of discounted future net cash flow for SEC proved reserves.

The reserve estimates provided in this release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. Statements relating to reserves are by their nature forward-looking statements.

Non-GAAP Measures: The Company believes Adjusted EBITDA, free cash flow and operating netback per boe, which are each non-GAAP measures, are useful because they allow the Company to more effectively evaluate its operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company’s calculation of Adjusted EBITDA, free cash flow, and operating netback per boe may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA: The Company defines Adjusted EBITDA as profit for the period before net finance costs, income tax, depreciation, amortization and certain non-cash items such as impairments and write-offs of unsuccessful exploration and evaluation assets, accrual of stock options and stock awards, unrealized results on commodity risk management contracts and other non-recurring events. Adjusted EBITDA is not a measure of profit or cash flow as determined by IFRS. The Company excludes the items listed above from profit for the period in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. For a reconciliation of Adjusted EBITDA to the IFRS financial measure of profit, see the accompanying financial tables.

Operating Netback per boe: Operating netback per boe should not be considered as an alternative to, or more meaningful than, profit for the period or cash flow from operating activities as determined in accordance with IFRS or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from operating netback per boe are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure and significant and/or recurring write-offs, as well as the historic costs of depreciable assets, none of which are components of operating netback per boe. The Company’s calculation of operating netback per boe may not be comparable to other similarly titled measures of other companies.

Net Debt: Net debt is defined as current and non-current borrowings less cash and cash equivalents.

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