Short-Cycle Projects Driving Production Growth

High-Impact Exploration Drilling Underway in the Llanos Basin in Colombia

Delivering on Emissions Reduction Targets

Accelerating Deleveraging & Shareholder Returns

BOGOTA, Colombia--(BUSINESS WIRE )--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator today announces its operational update for the three-month period ended June 30, 2022 (“2Q2022”).

All figures are expressed in US Dollars. Growth comparisons refer to the same period of the prior year, except when otherwise specified.

Llanos Basin: Exploration Drilling Underway in High-Potential Prospects

In the Llanos 87 block (GeoPark operated, 50% WI):

Oriente Basin: Three Drilling Successes in 1H2022

In the Perico block (GeoPark non-operated, 50% WI):

In the Espejo block (GeoPark operated, 50% WI):

Putumayo Basin: Drilling Attractive Short-Cycle Prospects

In the Platanillo block (GeoPark operated, 100% WI):

Fast, Immediate and Aggressive Actions to Minimize Emissions

2022 Work Program: Strong Cash Flow Generation

Debt Reduction and Balance Sheet Strengthening

Returning More Value to Shareholders

Strengthened Corporate Governance and Expertise

Breakdown of Quarterly Production by Country

The following table shows production figures for 2Q2022, as compared to 2Q2021:

Argentina blocks were divested on January 31, 2022.

Pro forma production in 2Q2022 excludes production from recently divested blocks in Argentina (completed in January 2022).

In Colombia, production is shown before royalties paid in kind, and in Ecuador it is shown before the Government’s production share.

Oil and Gas Production Update

Oil and gas production in 2Q2022 was 38,940 boepd. Adjusting for recent divestments in Argentina, consolidated oil and gas production increased by 14% compared to 2Q2021, due to higher production in Colombia and recent exploration successes in Ecuador, partially offset by lower production in Chile and Brazil.

Oil represented 90% and 85% of total reported production in 2Q2022 and 2Q2021, respectively.

Average net oil and gas production in Colombia increased by 16% to 34,253 boepd in 2Q2022 compared to 29,571 boepd in 2Q2021, resulting from increased production in the Llanos 34, CPO-5 and Platanillo blocks.

Production growth resulted from successful development drilling activities. Production in Colombia in 2Q2021 was partially impacted by protests and demonstrations against the Government that affected overall logistics, causing the Company to manage production curtailments in May and June 2021.

Oil and gas production highlights in GeoPark’s main blocks in Colombia:

Ongoing Activity in the Llanos Basin

Average net production in Chile decreased by 9% to 2,358 boepd in 2Q2022 compared to 2,584 boepd in 2Q2021, resulting from lower gas production due to limited drilling activities combined with the field’s natural decline, partially offset by increased oil production resulting from successful well intervention activities. The production mix was 78% natural gas (vs 89% in 2Q2021) and 22% light oil (vs 11% in 2Q2021).

Average net production in Brazil decreased by 19% to 1,695 boepd in 2Q2022 compared to 2,080 boepd in 2Q2021. The production mix was 99% natural gas and 1% oil and condensate in both 2Q2022 and 2Q2021.

The Perico block is currently producing over approximately 3,000 bopd gross, or 1,500 bopd net from the recent Jandaya, Tui and Yin discoveries, before considering the Government’s production share. Net production after the Government’s production share currently equals approximately 900 bopd. The Government’s production share varies with oil prices and is approximately 30-40% considering an Oriente crude oil price of $70-100 per bbl.

In 2Q2022 average net oil production in Ecuador reached 634 bopd before the Government’s production share and 363 bopd after the Government’s share, with the quarter only partially reflecting production from the recent Yin 1 well that started testing activities in late June 2022.

During 2Q2022 the operator put on production the Yin 1 exploration well:

In the Espejo block, GeoPark completed the acquisition of 60 sq km of 3D seismic. The Company recently obtained environmental license approval and civil works are currently underway, targeting to spud the Pashuri 1 exploration well in September 2022.

Reporting Date for 2Q2022 Results Release, Conference Call and Webcast

GeoPark will report its 2Q2022 financial results on Wednesday, August 10, 2022 after the market close.

In conjunction with the 2Q2022 results press release, GeoPark management will host a conference call on August 11, 2022 at 10:00 am (Eastern Daylight Time) to discuss the 2Q2022 financial results.

To listen to the call, participants can access the webcast located in the Investor Support section of the Company’s website at www.geo-park.com, or by clicking below:

https://event.on24.com/wcc/r/3875109/9264F1764F6E53CCCC198B684E51209A

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

United States Participants: 844-200-6205

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 Investor Support section of the Company’s website at www.geo-park.com after the conclusion of the live call.

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

Certain amounts included in this press release have been rounded for ease of presentation.

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 expected future financial performance and free cash flow generation, expected production growth, drilling activities, demand for oil and gas, oil and gas prices, our work program and investment guidelines, regulatory approvals, reserves and exploration resources. 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).

1 Percentages are calculated adjusting for divestments in Argentina in 2Q2021 and 1Q2022, respectively.

2 Based on latest available information on Colombia’s oil production per field during May 2022, as published by the ANH.

3 Colombian Ministry of Energy and Mines, Report to Congress, p. 14.

4 Free cash flow is used here as Adjusted EBITDA less income tax, capital expenditures and mandatory interest payments.

5 Calculated using GeoPark’s average market capitalization from July 1 to July 19, 2022.

7 Annualized and calculated using GeoPark’s market capitalization from July 1 to July 19, 2022.

8 $3.0 million acquired in 1Q2022 and $10.6 million acquired from April 1, 2022, to July 19, 2022.

9 Colombian Ministry of Energy and Mines, Report to Congress, p. 14.

INVESTORS: Stacy Steimel Shareholder Value Director T: +562 2242 9600 ssteimel@geo-park.com Miguel Bello Market Access Director T: +562 2242 9600 mbello@geo-park.com Diego Gully Investor Relations Director T: +5411 4312 9400 dgully@geo-park.com MEDIA: Communications Department communications@geo-park.com

INVESTORS: Stacy Steimel Shareholder Value Director T: +562 2242 9600 ssteimel@geo-park.com Miguel Bello Market Access Director T: +562 2242 9600 mbello@geo-park.com Diego Gully Investor Relations Director T: +5411 4312 9400 dgully@geo-park.com MEDIA: Communications Department communications@geo-park.com