We manage our assets

(103-1) We have leveraged our growth through exploring and developing prospects, executing drilling programs, making partnerships and strategic alliances with key players in the industry, and the work of a vastly experienced technical and professional team. As a result, we have a successful track record of finding and producing oil and gas in Latin America.

(103-2) The update of our Business Model in 2020 positioned the management, performance and quality of assets at the center of GeoPark to effectively and profitably manage our portfolio and our people, work productively with our partners, comply fully with regulations and execute the work programs that allow us to explore, develop and produce our oil and gas reserves and resources.

We have a balanced asset portfolio that includes commitments as operator or partner in 44 hydrocarbons blocks, of which 43 are onshore and 10 were producing at end-2020.

(103-3) Our assets give us access to more than 8.6 million acres for exploration and production. The blocks in Colombia, Chile, Brazil and Argentina that we have interests in have 174.7 mmboe of net proven and probable (2P) reserves.

Blocks with operating or economic interests at December 31, 2020

*Morona, Peru: On July 15, 2020, we gave notice of our irrevocable decision to withdraw from this block due to force majeure, which allows the termination of the license agreement.
*BCAM-40 Manati, Brazil: On November 22, 2020, we signed an agreement to sell our 10% non-operated interest in the Manati block in Brazil, subject to certain conditions and obtaining regulatory approval.
*REC-T-128: In July 2020, we started a process to sell our 70% stake in block REC-T-128 in Brazil, which had not become effective by the 20-F filing date. On March 1, 2021, the assignment agreement was signed. The closing of the transaction is scheduled for May 2021 after its regulatory approval.

The most important highlights of our main assets by country in 2020 were the following:

Our average daily production was 40.2 mboepd in 2020. 87% of total production was oil.

Llanos 34 Asset

This asset accounts for 85% of GeoPark production and 89% of our proven reserves.

We connected the Tigana field to the Oleoducto del Casanare oil pipeline (ODCA), reducing the number of truck journeys, emissions, and operating risk, and achieving higher cost efficiency.

We signed a contract with Petroelectrica de los Llanos to connect the block to Colombia’s national power grid, which has 68% installed hydroelectric capacity. We expect the block to receive grid power in 2022, contributing to the important goal of reducing greenhouse gas emissions and energy costs.

Putumayo Asset

We acquired 100% of Amerisur: 12 production, development and exploration blocks in Colombia and the Oleoducto Binacional Amerisur (OBA) cross-border oil pipeline from Colombia to Ecuador.

We updated the exploration portfolio by cross-referencing Amerisur and GeoPark information to identify the most attractive and prospective blocks.

With the Amerisur acquisition we not only managed to enter a new basin and increase production, but also to develop exploration activities that will allow us to increase our production and reserves.

CPO-5 Asset in the Llanos Basin

We made important agreements with our partner in the operation, such as the approval of five of the 12 wells identified, and by year-end we had drilled two of them.

We got to know our partner ONGC Videsh better, improved relations with them and transferred GeoPark knowledge and experience to support the development of the asset, in which we have a 30% stake.

Colombia

In Colombia

We started activities to prepare environmental impact studies and obtain environmental permits for the execution of contractual commitments associated with seismic activities and the drilling of exploratory wells.

We continued reprocessing seismic from Llanos 87, 123 and 124.

We started a 3D seismic program in the PUT-8 block in Putumayo.

Colombia

In Ecuador

In Ecuador we have participation contracts for hydrocarbons exploration and exploitation with our partner Frontera for the Espejo and Perico blocks, with a 50% interest in each. Frontera operates the Perico block and GeoPark operates the Espejo block.

As part of the contractual commitments, we are responsible for the surface geochemistry in both blocks.

We started preparing the environmental impact study for exploratory drilling in the Espejo block and advanced in the 3D seismic program licensing process

Ecuador

SUR Asset

We secured an extension for exploration commitment obligations that we had for 2022, as well as for the co-financing of assets.

In November we signed an agreement to sell our 10% stake in the Petrobras-operated Manati field. The transaction is subject to certain conditions, including the acquisition by the buyer of the remaining stakes and the operation.

We kept production steady despite fields’ natural decline and without well intervention activities.

We discovered the new Jauke Oeste gas field in the Fell block in Chile.