CORPORATE PRESENTATION - CLEANEST & KINDEST HYDROCARBONS BEST & SMARTEST OIL & GAS FINDERS - GEOPARK
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Cleanest & Kindest
Hydrocarbons
Best & Smartest Safest, Lowest Cost
Oil & Gas Finders & Most Efficient
Operator
Consistent Free Cash
Flow & Value Delivery
Corporate Presentation
May 2021
Investment Highlights
42,000
Proven Team and Plan
• Long-term value proposition and approach COLOMBIA
• Right geography with immense opportunity
• Best people and skillsets across full E&P value
chain 37,000
ECUADOR
• Motivated and owner-committed culture
Low Risk High Value Asset Portfolio
• Big profitable low-cost production and reserve base
• High-impact exploration potential BRAZIL 32,000
• Short, medium and long term growth fairway
• Diversified risk-balanced inventory in proven basins
Net Average Daily Production (boepd)
Track Record / Operational Excellence
• 18 years of consistent performance growth and 27,000
delivery
• Technical expertise and muscle to get the job done
• Volatility and risk management champions
• Continuous cost and technical innovations
22,000
Resilient Financial Performance
• Superior and reliable cash generation
• Low-breakeven production
• Rigorous cost and capital allocation management ARGENTINA
• Well-engineered and strong balance sheet
17,000
Foundational ESG+ Proficiency
• In-house permanent SPEED value system
• Defines success by integrated stakeholder results
and impacts
• Balanced across all business needs and benefits ONLY PUBLIC 12,000
ONLY PUBLIC
• Good governance = shareholder / bondholder INDEPENDENT
INDEPENDENT
POSITIONED ACROSS
prosperity POSITIONED ACROSS
LATIN AMERICA - THE
LATIN AMERICA - THE
MOST ATTRACTIVE OIL
MOST ATTRACTIVE
& GAS INVESTMENTOIL
& GAS INVESTMENT
REGION TODAY 7,000
REGION TODAY
2,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
2020E 2021E*
Historical Production -3,000
* Reflects middle-point of 41,000-43,000 boepd guidance. 2
Track Record 18 Years of Value Delivery
RIGOROUS RISK MANAGEMENT = CONSISTENT VALUE CREATION
PRODUCTION (MBOEPD) RESERVES (2P, MMBOE)
40 40
197
CAGR 18% 36 CAGR 14% 184
175
165
159
28 143
122 125
22 22
21
14 70
11 57
50 50
7 8 42
6
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019*
2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019* 2020
Gas Oil Gas Oil
NET PRESENT VALUE** ($BN) FREE OPERATING CASH FLOW ($MM)
237
2.8
2.7
CAGR 20% 2.5 206
2.5 CAGR 41% (2015-2020)
2.3
1.9 142
1.7 1.6
1.3
1.0 70
0.9 0.9
39
25
0.3
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019* 2020 -17 -18
-23 Adjusted EBITDA Minus CAPEX
-35
2P NPV 10 ($Bn) -48
-77
* Excluding Peru and the REC-T-128 block.
** 2P D&M 2020. 3
Model & Criteria for Success Energy Transitioning World
✓ Best & Smartest Oil
& Gas Finders
✓ Safest, Lowest Cost &
Most Efficient Operator
✓ Consistent Free Cash
Flow & Value Delivery
✓ Cleanest & Kindest
Hydrocarbons
4
Best & Smartest Oil & Gas Finders
5
Asset Base & Excellence
Capabilities Proven Oil & Gas Finder
LOOKING FOR OIL WHERE OIL HAS ALREADY BEEN FOUND LEADING OIL AND GAS FINDING TEAM IN LATIN AMERICA
• Over 25+ year track record (800+ mmboe discovered to date)
• 0 to 175 mmboe 2P net reserve growth consistently increased since 2006
• Growth strategy targets low cost, low risk, high potential exploration projects
and producing assets with upside potential in proven basins
• Continuously investing in attracting the best people and acquiring the best
tools and know-how
SOUTH AMERICAN SEDIMENTARY
BASIN GEOPARK TARGET AREAS
BRAZIL EQUATORIAL MARGIN BASINS
NORTHWEST MATURE BASINS
BRAZIL SOUTHEAST BASINS
SOUTHERN MATURE BASINS
BASINS ON NEW COUNTRIES OF INTEREST
GEOPARK OIL AND GAS FINDING METRICS
2P GROSS MMBOE ORGANIC DRILLING SUCCESS RATE 2P FINDING AND 2P RESERVE LIFE
DISCOVERED 2P RESERVE 2006-2020 DEVELOPMENT CAPEX* INDEX
(2006-2020) REPLACEMENT RATIO (280+ WELLS) (2015-2020) (2020)
(2015-2020)
>440 193% 75+% $4.5 11.9
/boe years
* Total capital expenditures divided by 2P Reserves added (based on D&M 2015-2020). 6
AssetBase
Asset Base Deep Portfolio in the Right Geography
Diversified
LLANOS 34
COLOMBIA
• Second largest operator in Colombia 33,228 boepd*
LLANOS BASIN
• Key Assets: Llanos 34, CPO-5 (Llanos
CPO-5
PUTUMAYO
basin) 141 mmboe
BASIN
• 1.4+ mm strategic acreage added in 2019 2P Net Reserves**
around Llanos 34
C O L O M B I A
23 Blocks
PLATANILLO • RLI: 1P 7.8 years; 2P 11.6 years; 3P 17.8 (19 Operated)
years 3.7 mm gross acres
PERICO ECUADOR
200km
E C U A D O R
• Low-risk exploration areas between Exploratory Assets
ESPEJO
Ecuador’s best producing oil fields
ESPEJO
PERICO 33 k gross acres
• Excellent infrastructure, spare
ORIENTE BASIN
capacity
2 Exploratory Blocks
(1 Operated)
CHILE + ARGENTINA + BRAZIL
A R G E N T I N A
FELL NEUQUEN
BASIN
POTIGUAR BASIN
• Experience in exploring and developing
6,964 boepd*
mature areas
South PARNAIBA BASIN
Atlantic • Upside potential in proven exploration area 34 mmboe
Ocean
C H I L E RECONCAVO MANATI + large unconventional resources 2P Net Reserves**
BASIN
• Vaca Muerta potential
South 18 Blocks
MAGALLANES CAMAMU -
BASIN
Atlantic
Ocean
ALMADA BASIN
South
Atlantic
• Core technical team with strong track (13 Operated)
Ocean record 3.0 mm gross acres
B R A Z I L
* 2020 production. ** 2020 D&M certified 2P Reserves. 7
AssetBase
Asset Base Llanos Llanos
34 Cash34Flow
CoreEngine
Value
Oil fields (3P D&M 2020)
Chachalaca Field
Tilo Field Max Field
Chiricoca Field
Tigana Field
LLANOS 34 BLOCK: GEOPARK
OPERATED WITH 45% WI
Tarotaro Field
Guaco Field • Largest discovery in 20+ years in
Colombia
• Introduced new geological play-type
Tua Field
• Drilled more than 100 profitable wells
Jacana Field
• Grew production from zero to 75,000
bopd since 2012
Aruco Field • 13 new fields discovered with 3P gross
Curucucú Field
reserves of 300+ mmbbl
• Core production with $14-15 per
bbl breakevens
Tigui Field Jacamar Field
1 KM • 2P Reserve Life Index of 10.6 years
NET RESERVES AND PRODUCTION GROWTH IN LLANOS 34
2P RESERVES* (MMBBL) PRODUCTION (BOEPD) 31,540
LLANOS 34 WELL ECONOMICS
122
111 27,219 27,751
108 Costs per well $3.5 mm
87 20,676 EUR/well ~2 mmbbl
65
14,890 IP Rate 1,000-1,700 bopd
11,990
44
33 8,306 IRR** 500+%
12 3,469 Payback** 4-6 Months
0 0
Drilling Locations 50-70 Gross Wells
Acq 2013 2014 2015 2016 2017 2018 2019 2020 Acq 2013 2014 2015 2016 2017 2018 2019 2020
* 2P D&M 2020. ** $40-45/Brent. 8
Asset
AssetBase
Base Llanos BasinBasin
Llanos Growth Fairway
Champion
SYSTEMATIC CONSOLIDATION OF HIGH POTENTIAL ACREAGE AROUND CORE ASSET
LLANOS 87 • 1.4+ MILLION STRATEGIC
LLANOS 32 ACRES ADDED SINCE 2019
• 0.6-1.3 BILLION BBL OF
LLANOS 124 GROSS RECOVERABLE
EXPLORATION RESOURCES
(230–480 MMBOE NET)*
LLANOS 123
LLANOS 34
STRATEGIC PARTNERS
Tigana
Jacana LLANOS 104
Mariposa CPO-5
LLANOS 94
Indico
LLANOS 86
10 Km
GeoPark producing blocks
GeoPark producing oil fields
Other producing oil fields
GeoPark exploration blocks
* GeoPark’s aggregate Mean-P10 unrisked volumes in leads and prospects individually audited by Gaffney & Cline as of December 31, 2020. 9
AssetBase
Asset Base CPO-5 CPO-5
GrowthBig
Fairway
Prize
PRODUCTION & RESERVE GROWTH SINCE ACQUISITION LARGE GROWTH POTENTIAL ADJACENT TO AND ON TREND WITH LLANOS 34
UNDERSCORE PROJECT POTENTIAL
• Most prospective block in GeoPark’s porfolio
• Mid to low-risk exploration prospects
GROSS PRODUCTION (BOPD) • Two discovered oil fields with breakevens of ~$6-7 /bbl*
13,142 • Light oil, 36-41º API
+62% • 400-900 mmbbl gross recoverable exploration resources (120-270 mmbbl net)**
8,116
RECENT & UPCOMING ACTIVITY
• Drilled Indico 2 well in November 2020, currently producing 6,200+ bopd
• Accelerating activity in 2021 with 5-6 gross wells (including 3-4 exploration wells) and
3D seismic acquisition to unlock additional leads and prospects
December 2019 December 2020 MULTI-PLAY POTENTIAL
LLANOS 34 Four Mapped Geological
CPO-5 Play Types
GROSS RESERVES (MMBBL) Stratigraphic
Column Overview
167
Mariposa Mirador
270 Km2
+123/236% Índico 3D seismic Guadalupe Structural &
in 2021- Stratigraphic
Gacheta Potential
2022
Ubaque
71
Acquiring 300
50 km2
32 3D seismic in
2021
Prospects expected to be drilled 2021
Leads and prospects expected to be
drilled after 2021
July 2019 2020 Year-end Discovered oil fields
10 Km
3D seismic acquisition
2P Certified Gross Reserves 3P Certified Gross Reserves
* Vasconia oil price. ** GeoPark’s aggregate Mean-P10 unrisked volumes in leads and prospects, individually audited by Gaffney & Cline as of December 31, 2020.
10Safest, Lowest Cost & Most Efficient Operator
11Capabilities
Capabilities&&
Efficiencies
Excellence Low-Cost
Low Cost Operator
DRIVING DOWN EACH AND EVERY COST
OPERATING COSTS DOWN BY 56% STRUCTURE COSTS DOWN BY 43%
OPEX ($/boe) G&A/G&G Costs ($/boe)
56% 43%
Decrease Decrease
16
11
8 8
7 7 7 7 7
6 6 5 6
4
2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020
GEOPARK OPERATOR METRICS
GROSS OPERATED OPERATED PRODUCTION OPEX/BOE DRILLING & COMPLETION
PRODUCTION AS PERCENTAGE OF TOTAL 2020 COST PER WELL ($MM)
(BOEPD) NET PRODUCTION 2012 2020
2020 2020
GeoPark GeoPark GeoPark GeoPark
Consolidated Colombia Llanos 34 Llanos 34
~70,000 89% $7 $5.4 $6.6 $3.5
/boe /boe
12Capabilities
Capabilities&&
Efficiencies
Excellence Big Margins at Almost Any Operator
Low Cost Oil Price
COST EFFICIENCIES INCREASE EBITDA AND MARGINS
Adjusted EBITDA ($mm)
Adjusted EBITDA Margin 58%
55%
363
331
55%
53%
218
176
35% 41%
74 78
2015 2016 2017 2018 2019 2020
Brent
($/bbl)
54 45 55 72 64 43
90% OF PRODUCTION IS CASH LOW COST TO DEVELOP AND PRODUCE DISCOVERED RESERVES
FLOW POSITIVE AT $20-$30 BRENT
Future Development CAPEX ($/boe) – D&M 2020
100%
Oil ($40-50 /bbl) 90%
2.1 2.2
1.9
1.7
Oil ($20-30 /bbl)
15%
Gas 1P Reserves 2P Reserves
(Unaffected by oil price)
GeoPark Colombia Total GeoPark
13Consistent Free Cash Flow & Value Delivery
14Resilient
Capabilities
Cash&Flow
Excellence Superior Value
Returns
Generation
on Capital
& Invested
Delivery
CASH GENERATION 2-3X CAPEX IN EVERY OIL PRICE ENVIRONMENT
Operating Netback and Capital Expenditures (CAPEX) ($mm)
3x+
3x+
447
398
3x+
2x+
276
228
2x+ 3x+
118 122 125 126
106
75
49 39
2015 2016 2017 2018 2019 2020
Operating Netback CAPEX
Brent
54 45 55 72 64 43
($/bbl)
COST & CAPITAL EFFICIENCY LEAD TO SIGNIFICANT RETURNS
Recycle Ratio (Operating Netback / Finding & Development (F&D) CAPEX)
7x+ 7x+
31.9 32.5
5x+
4x+
23.9
3x+ 3x+
19.9
16.9 15.9
4.5 4.5 4.5 4.5 4.5 4.5
2015 2016 2017 2018 2019 2020
Operating Netback ($ /boe) Average 2P F&D (2015-2020) ($ /boe)
15Resilient
Capabilities
Cash &Flow
Excellence
Self-Funded & Flexible2021
2021Work
WorkProgram
Program
CAPITAL ALLOCATION DISCIPLINE ACCOMMODATES OIL PRICE VOLATILITY
DISCIPLINED CAPITAL ALLOCATION METHODOLOGY
$40-45 /bbl $50-55 /bbl
• Self-Funded work program
- OIL PRICE (BRENT)* + • Allocating capital to most value-adding projects based on four criteria:
40,000-42,000 41,000-43,000 - Technical upside, strategic value, economic return and
PRODUCTION boepd boepd environmental & social Impact
CAPEX $100-120 MM $130-150 MM PROVEN FLEXIBILITY
MARCH 2021 • Work program designed to accommodate oil price volatility
$330-370
BUDGET INCREASE 350
Brent 100 120
$280-330 ($/bbl)
300 72
64
$210-280 54 55 50-55 70
250 45 43
$55-60 MM $130-150 MM 200
20
$75-90 MM 150
238
100
CAPEX -30
125 126 130-150
50
($MM) 106
49 75
39
0 -80
1 2014 2015 2016 2017 2018 2019 2020 2021
2021 WORK PROGRAM HIGHLIGHTS
MAINTENANCE OPERATING CAPITAL GROSS EXPLORATION
CAPEX NETBACK* EFFICIENCY WELLS CAPEX
$60-70 $330-370 +3x 37-42 35-40%
MILLION MILLION Operating netback to 7-8 gross wells, 400 km2 3D
development CAPEX ratio. seismic Production not included
in 2021 guidance.
* Assuming $50-55 Brent prices and $3-4 /bbl Vasconia differential for 2021. 16Resilient Cash Flow High Return Barrels
2021E OPERATING NETBACKS ($/BOE)
Low Breakevens
Brent $50-55/bbl - Gas $2-3/mcf 1
50
45
(3) (2)
(10) 27 (8)
(5) (3) (5)
(6) (7)
(11)
27 24
10
Colombia Brazil-Argentina-Chile Consolidated
Vasconia Differential
Op. Netback Transportation
OPEX & Commercial Discounts
Selling/Royalties Discounts
Selling/Royalties OPEX Op. Netback
POSITIONED TO GENERATE SIGNIFICANT FREE CASH FLOW
2021E Free Cash Flow * ($MM)
*Excluding working capital changes, debt service and other payments
(75-90)
(55-60)
330-370 (55-60)
(55-65)
90-110
1
Operating Netback 1
150-55/bbl Brent price and $3-4/bbl Vasconia differential for 2021.
17
17Resilient Cash Flow Strong Balance Sheet
LOWER DEBT, LOWER COST & IMPROVED DEBT PROFILE
Debt Amortization Profile ($mm)*
Before and After Strategic Deleveraging (April 2021)
Before Current
500
425
350
170
2021 2022 2023 2024 2025 2026 2027
* Does not include an amortizing debt of $3.5 mm with Santander Brazil.
CONSERVATIVE USE OF DEBT TO GROW THE BUSINESS RESERVE LIFE EXCEEDING DEBT MATURITY
Gross & Net Leverage (Gross and Net Debt / Adjusted EBITDA) Reserve Life Index (Years) – 2020
Long-term Objective: Covenant:
5.1 Net Leverage 16.1
Net LeverageResilient
Capabilities
Cash& Flow
Excellence Maximizing
Downside
the Value
Oil Price
of Every
Protection
Barrel
HEDGES IN PLACE SECURE BASE OIL PRICE* HEDGING STRATEGY
• Provide oil price stability consistent with base budget assumptions
Brent $/BBL 1Q2021 2Q2021 3Q2021 4Q2021 1Q2022
• Secure price floor while retaining exposure to the upside
• No upfront or premium cost instrument
Weighted
52.2 53.6 61.7 64.0 66.9
Average Cap • Continuous monitoring of the market to capture best windows
Weighted
38.8 40.6 43.3 43.8 47.2
Average Floor
TENOR VOLUME STRUCTURE
Total Hedged
25,500 25,500 20,000 19,500 6,500
(bopd)
ZCC
Crude Oil UP TO 12 30-70% OF OIL
(BRENT &
Production 70-75% 70-75% 50-55% 50-55% 15-20% MONTHS OUT PRODUCTION
VASCONIA)
Hedged
DIVERSIFIED HEDGING COUNTERPARTS TOP TIER COMMERCIAL OFFTAKERS
2% 1% (Baa3/BB+/A–)**
(Ba2/BB–/BB–)**
3% 4%
(Ba1/BB/BB)** 4%
(Colombia National
56% Oil Company)
6% (Baa3/BBB–/BBB–)**
21%
(Aa2/NA/A+)**
(Top Tier Crude
Offtaker)
* As of April 5, 2021. ** Moody’s/Fitch/S&P’s. 19Opportunity
Opportunity 2021 Provides
2021 ProvidesUnique
UniqueEntry
Entry Point
Point
SHARE PRICE PERFORMANCE AND VOLUME (2017-20211)
GRPK +130% GRPK -40%
S&P 500 +22% S&P 500 15% $16.35
Brent +18% Brent -21%
S&P Oil&Gas -10% S&P Oil&Gas -39%
GRPK +40% GRPK +60%
-4% S&P 500 +32%
S&P 500
Brent +23%
S&P Oil&Gas -10%
S&P Oil&Gas -11%
Brent -20%
2017 2018 2019 2020 2021
Share Price Performance Volume
SHAREHOLDER VALUE RETURN (2017-2021)
BUYBACKS ($MM) DIVIDENDS ($MM)
6.1
78
0.0
0.0
NEW SHAREHOLDER VALUE STRATEGY
Buyback up to 10% of shares outstanding Quarterly Dividend of $1.25 mm (Totaling $5 mm per year)
1As of 22 April 2021. 20Cleanest & Kindest Hydrocarbons
21Sustainability SPEED == ESG+
SPEED ESG+
FOUNDING PRINCIPLES SINCE DAY ONE IN 2002
22Sustainability Environment
ENVIRONMENT TARGET
LEADING LOW CARBON INTENSITY IN LLANOS 34 MULTI-YEAR CARBON TARGET
30
(kg CO2e/boe)
20-30%
25 Reduction
GHG Intensity (KgCO2e/boe)
(2019-2022E)
Global Industry Average:
18 Kg CO2e/boe
20
13 kg
25-30% BELOW CO2e/boe
15 INDUSTRY AVERAGE
10-11 kg
CO2e/boe
10
5
0 GeoPark Llanos 34 2019 GeoPark Llanos 34
Ecopetrol BP Shell Frontera Total PetrobrasLlanos 34 Equinor Aker BP Lundin 2022E
Global industry average is based on the “International
Association of Oil & Gas Producers: Environmental
Source: NAU Securities Report (March 2021). Performance Data 2018”.
ACTION PLAN TO REDUCE CARBON INTENSITY IN LLANOS 34
2015-2019 2021 2022E
3% 20-30%
Reduction in Short-Term Reduction in
Colombia Goal Llanos 34
Diesel Corporate Electrification
to gas Decarbonization + Solar
Strategy
23Sustainability Social & Governance
Social
SAFETY PROSPERITY EMPLOYEES COMMUNITY
DEVELOPMENT
COVID-19 440+ mmboe Gender Equality $3.9 million
RESPONSE: Gross 2P reserves discovered
GeoPark Industry Average
In Social Investments
(2006-2020) 3.3% of 2019 CAPEX
- Protocols in place for workers
and contractors 32% vs. 30%
17% CAGR 18% CAGR Workforce Social and
- Closed-loop transport system Workforce
Net asset value Oil & gas production
- Support to local communities Environmental best
per share (2009-2020)
38% vs. 20%
practices
ZERO 1.08 bbls Management Management
Ethics
Serious of oil spilt for every 32,984
accidents million barrels Hotline
Independent 90% Social program beneficiaries
produced
Employees trained
0.61 LTIR 1.84 TRIR 1 Share 100% 376
Lost Time Total Recordable Independent Audit 1.3% Social engagement meetings
Incident Rate Incident Rate Class and Compensation Voluntary turnover rate with communities
Committees
26.5 mmbbl 100% ZERO
No Casting blockades in Llanos Basin
Produced and transported Of employees are
without third party incidents Since 2014 Votes shareholders since 2014
Sustainable
TARGETS
0.40 LTIR 1.70 TRIR Majority ofSustainability Third Party Review and Ratings
ENGAGEMENT WITH ESG RATING PROVIDERS CONSISTENT IMPROVEMENT IN MSCI ESG RATING
6
AAA
• Significant improvement in rating since 2018 AA5
• Improved MSCI rating from B to BBB
A4
• Working on expanding our third-party rating coverage base
• Bloomberg Gender Equality Index:
BBB
3 BBB
- Awarded a 55.32% Index Score – higher than 50%
required to enter BB2 BB
- Excluded because of market cap size at the time
(was not over $1.0 Bn) B 1 B
CCC
0
Dec-18 Dec-19 mar-21
Mar-21
MSCI ESG RATING DISTRIBUTION
31% 31%
13% 13%
6% 6%
0%
CCC B BB BBB A AA AAA
Universe: MSCI ACWI Index constituents, Oil & Gas Exploration & Production, n=16.
25Thank You
Cleanest & Kindest
Hydrocarbons
Best & Smartest Safest, Lowest Cost
Oil & Gas Finders & Most Efficient
Operator
Consistent Free Cash
Flow & Value Delivery
26Disclaimer
The information contained herein has been prepared by GeoPark Limited (“GeoPark“, “we” implied assessment, based on certain estimates and assumptions, that the resources will
or “us”) solely for informational purposes. No representation or warranty, either expressed be discovered and can be profitably produced in the future. Specifically, forward-looking
or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein regarding "resources" may include: estimated volumes and
information contained herein and nothing shall be relied upon as a promise or value of the Company's oil and gas resources and the ability to finance future development;
representation as to performance of any investment or otherwise. The information in this and, the conversion of a portion of resources into reserves.
presentation is current only as of the date on its cover. For any time after the cover date of
this presentation, the information, including information concerning our business, financial The information included in this presentation regarding GeoPark’s estimated quantities of
condition, results of operations and prospects may have changed. The delivery of this proved, probable and possible reserves in Chile, Colombia, Brazil, Argentina and Ecuador
presentation shall not, under any circumstances, create any implication that there have as of December 31, 2020; is derived, in part, from the reports prepared by DeGolyer and
been no changes in our affairs after the date of the Preliminary Offering Memorandum (as MacNaughton, or D&M, independent reserves engineers. Certified reserves refers to net
defined below) or the date of this presentation. reserves independently evaluated by the petroleum consulting firm, D&M. The reserves
estimates in the reports prepared by D&M were prepared in accordance with the definitions
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any and guidelines set forth in the 2007 Petroleum Resource Management System
securities and may not be relied upon in evaluating the merits of any investment. The notes Methodology (the “PRMS”) approved by the Society of Petroleum Engineers, the World
have not been registered under the Securities Act of 1933, as amended (the "Securities Petroleum Council, the American Association of Petroleum Geologists and the Society of
Act"), or any applicable state securities laws. The notes are being offered only to (a) Petroleum Evaluation Engineers. PRMS proved (1P) reserves are estimated quantities of
qualified institutional buyers under Rule 144A under the Securities Act and (b) to persons oil, condensate and natural gas from which there is geological and engineering data that
outside of the United States in compliance with Regulation S under the Securities Act demonstrate with reasonable certainty that they are recoverable in future years from known
pursuant to GeoPark’s confidential Preliminary Offering Memorandum (the “Preliminary reservoirs under existing economic and operating conditions. PRMS probable reserves (2P)
Offering Memorandum”). are those additional reserves which analysis of geoscience and engineering data indicate
are less likely to be recovered than proved reserves but more certain to be recovered than
This presentation includes forward-looking statements. Forward-looking statements can be possible reserves. PRMS possible reserves (3P) are those additional reserves that analysis
identified by the use of forward-looking words such as “anticipate”, “believe”, “could”, of geoscience and engineering data indicates are less likely to be recoverable than
“expect”, “should”, “plan”, “intend”, “will”, “estimate” and “potential,” among others. Forward- probable reserves.
looking statements appear in a number of places in this presentation and include, but are
not limited to, statements regarding our intent, belief or current expectations. Forward- The accuracy of any resource estimate is a function of the quality of the available data and
looking statements are based on our management’s beliefs and assumptions and on of engineering and geological interpretation. Results of drilling, testing and production that
information currently available to our management. Such statements are subject to risks postdate the preparation of the estimates may justify revisions, some or all of which may be
and uncertainties, and actual results may differ materially from those expressed or implied material. Accordingly, resource estimates are often different from the quantities of oil and
in the forward-looking statements due to various factors, including, but not limited to, those gas that are ultimately recovered, and the timing and cost of those volumes that are
identified in the “Forward-Looking Statements” and “Risk Factors” sections of the recovered may vary from that assumed.
Preliminary Offering Memorandum for further information. Forward-looking statements
speak only as of the date they are made, and GeoPark does not undertake any obligation Reserves estimates prepared in accordance with SEC rules and regulations may differ
to update them in light of new information or future developments or to release publicly any significantly from reserves estimates prepared in accordance with PRMS guidelines.
revisions to these statements in order to reflect later events or circumstances or to reflect Therefore, the 1P reserves estimates presented in this presentation may differ significantly
the occurrence of unanticipated events. from the 1P reserves estimates presented in our annual report for the year ended
December 31, 2020.
Statements related to resources are deemed forward-looking statements as they involve the
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