In Colombia: 2P Reserves Increased 31% to
88.2 mmboe Equal to a Net Debt-Adjusted Value of $15.8 Per
Share
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a
leading independent Latin American oil and gas explorer, operator
and consolidator with operations and growth platforms in Colombia,
Chile, Brazil, Argentina, and Peru, today announced its independent
oil and gas reserves assessment, certified by DeGolyer and
MacNaughton Corp. (D&M), under PRMS methodology, as of December
31, 2017.
This press release features multimedia. View
the full release here:
http://www.businesswire.com/news/home/20180205005429/en/
2P Net Reserves Growth (mmboe) (Photo:
Business Wire)
All figures are expressed in US Dollars. Definitions of terms
used herein, are provided in the Glossary on page 13.
Year-End 2017 D&M Certified Oil and Gas Reserves and
Highlights:
Consolidated Reserves Growth
- After producing 10.2 million barrels of
oil equivalent in 2017, D&M certified reserves are:
- Net proven developed producing (PDP)
reserves increased 47% to 28.5 mmboe
- Net proven reserves (1P) increased 24%
to 97.0 mmboe
- Net proven and probable reserves (2P)
increased 11% to 159.2 mmboe
- Invested $106 million and increased 1P
NPV10 by $430 million
- Finding & Development (F&D)
costs for 2017 remained low at just $3.6 per boe for 1P reserves
and $4.0 per boe for 2P reserves
- 2P reserve replacement index (RRI) of
261%
- New year-end Argentina asset
acquisition (with closing targeted for 1Q2018) may add another
12-14 mmboe 2P reserves (uncertified internal estimate)
Colombia Reserves Growth
- After producing 8.0 million barrels of
oil equivalent in Colombia in 2017, D&M certified reserves are:
- Net PDP reserves increased 89% to 21.6
mmboe
- Net 1P reserves increased 64% to 66.1
mmboe
- Net 2P reserves increased 31% to 88.2
mmboe
- F&D costs were just $2.4 per boe
for 1P and $2.8 per boe for 2P reserves
- 2P RRI of 360%
- Tigana/Jacana oil fields complex
certified with 164 mmboe 2P reserves gross, with field delineation
continuing
Higher Per-Share Value
- 2017 work and investment program
created more value per share:
- Consolidated net debt-adjusted 2P NPV10
of $29.2 per share
- Colombia net debt-adjusted 2P NPV10 of
$15.8 per share
James F. Park, Chief Executive Officer of GeoPark, said: “Our
business is to economically find, develop and produce oil and gas
reserves – and the independent reserve certification is the
scorecard of how efficiently we invest our capital to continue
growing and becoming a more valuable company every year. Our
results this year demonstrate that, even following record high oil
and gas production, we continue building our Company with record
high oil and gas reserves and a record high net asset value. For
every barrel produced, we replaced it with almost three proven
barrels. And all was paid for from internally generated cash from
our own operations – which also had a big increase from the year
before. We invested $106 million of our cash flow and were able to
increase our proven reserve value by $430 million – taking our
total 2P net present value to over $2 billion. Congratulations to
the GeoPark team for another successful year of delivering results
and value creation – and extending our 15 year track-record of
growth across our unique Latin American platform.”
2P Net Reserves Growth (mmboe)
2017 Year-End Reserves Summary
GeoPark engaged D&M to carry out an independent appraisal of
reserves as of December 31, 2017, covering 100% of the current
assets in Colombia, Chile, Brazil, Peru and Argentina.
Following oil and gas production of 10.2 mmboe in 2017, D&M
certified 2P net reserves of 159.2 mmboe (composed of 85% oil and
15% natural gas) as of December 31, 2017. By country, 55% were in
Colombia, 21% in Chile, 20% in Peru, 3% in Brazil and 1% in
Argentina.
Consolidated Reserve Life Index and
Replacement Ratio
Reserves Category December 2017
December 2016
Consolidated
(years)
RLI PDP
2.8
2.4
RLI 1P 9.5 9.5 RLI 2P 15.6 17.4 RLI 3P
23.7
28.6
(percent) RRR PDP
189%
126%
RRR 1P
284%
187% RRR 2P 261%
312%
RRR 3P
166%
346%
Reserves Summary by Country and
Category
Country
Reserves Category
December 2017 (mmboe)
% Oil
December 2016 (mmboe)
% Change Colombia
1P 66.1 100%
40.4 64% 2P 88.2 100% 67.4 31%
3P 101.7
100% 94.9
7% Chile 1P 7.9 54% 13.9 -43% 2P 34.0 40% 38.3 -11%
3P 66.6 30%
73.2 -9% Brazil 1P 4.3 2%
5.4 -20% 2P 4.4 2% 5.6 -21% 3P
4.6 2% 5.9
-22% Peru 1P 18.7 100% 18.6 1% 2P 31.5 100%
31.5 0% 3P 62.2
100% 60.8
2% Argentina 1P 0.0 100% - - 2P 1.1 100% - -
3P
6.4
100% -
-
Total
PDP
28.5
79%
19.4
47%
(D&M Certified)
PDNP
9.5
100%
9.6
-1%
PUD
59.1
97%
49.3
20%
1P
97.0
92%
78.3
24%
2P
159.2
85%
142.8
11%
3P
241.6
79%
234.8
3%
Analysis by Business Segment
Colombia
After record production of 8.0 mmboe in 2017 (up 40% compared to
2016), GeoPark’s 2P D&M certified reserves increased by 31% to
88.2 mmboe compared to 2016. Net additions of 33.7 mmbbl and 28.8
mmbbl, respectively, of 1P and 2P reserves resulted from the
successful exploration, development and appraisal drilling in the
Llanos 34 block (GeoPark operated, 45% WI), partially offset by
2017 production.
The table below details GeoPark’s Colombian D&M certified
net oil reserves by category as of December 31, 2017, as compared
to the previous year:
Reserves Category
December 20171
(mmboe)
% Oil
December 2016 (mmboe)
% Change PDP 21.6
100% 11.4
89% PUD 44.5 100%
29.0 53% 1P 66.1 100%
40.4 64% 2P 88.2 100% 67.4 31% 3P 101.7
100% 94.9
7%
1P reserves in Colombia represent 75% of 2P D&M certified
reserves (vs. 60% in 2016). 2P reserves in Colombia represent 87%
of 3P D&M certified reserves (vs. 71% in 2016).
For each barrel of oil extracted in Colombia, 4.2 barrels of 1P
reserves were added, resulting in a 1P RRI of 421%. Similarly, 3.6
barrels of 2P reserves were added, resulting in a 2P RRI of 360%.
The 1P RLI increased from 7.1 in 2016 to 8.3 years, while 2P RLI
decreased slightly from 11.8 to 11.0 years.
As of December 31, 2017, D&M certified 2P gross reserves of
164 mmbbl in the Tigana/Jacana oil fields in the Llanos 34 block,
including approximately 50-60 future development drilling locations
(2P, gross). The Llanos 34 block represented 94% of GeoPark’s
Colombian 2P D&M certified reserves as of December 31,
2017.
GeoPark’s 2018 work program in Colombia is focused on the Llanos
34 block with an expected investment of approximately $90 million,
which includes the drilling of 20+ gross wells to continue
developing and appraising the Tigana/Jacana oil fields and
targeting new exploration prospects within and adjacent to the
Llanos 34 block. The program also includes construction of a new
flowline and facilities to continue reducing transport and
operating costs. These represent low-cost, low-risk, quick cash
flow generating projects with high-expected economic returns.
Chile
After producing 1.1 mmboe in 2017, GeoPark’s 2P D&M
certified reserves in Chile decreased by 11% to 34.0 mmboe compared
to 2016.
The table below details GeoPark’s Chilean D&M certified net
oil and natural gas reserves by category as of December 31,
2017:
Reserves Category
December 2017 (mmboe)
% Oil
December 2016 (mmboe)
% Change PDP 2.6
32% 2.7
-4% PUD 5.3 65%
11.2
-52%
1P 7.9 54% 13.9 -43% 2P 34.0 40% 38.3 -11% 3P
66.6 30% 73.2
-9%
The 1P RLI decreased to 7.2 years versus 9.9 years in 2016.
Total 2P and 3P reserves decreased by 11% and 9%, to 34.0 mmboe
and 66.6 mmboe, respectively, due to reserve reductions in the Fell
block (GeoPark operated, 100% WI). Delays in expected development
plans, technical revisions and, to a lesser extent, the impact of
oil prices on some marginal fields, explained the fall in
reserves.
The Fell block represented 99% of GeoPark’s Chilean 2P D&M
certified reserves and consisted of 40% oil and 60% gas, similar to
2016 levels.
GeoPark’s 2018 work program in Chile, with an expected
investment of $1-2 million, is focused on business optimization in
addition to environmental and unconventional studies in the Fell
block.
Brazil
After production of 1.1 mmboe in 2017, GeoPark’s 2P D&M
certified reserves in Brazil decreased 21% by the amount produced
to 4.4 mmboe compared to 2016.
The table below details GeoPark’s Brazilian D&M certified
net natural gas and condensate reserves by category as of December
31, 2017:
ReservesCategory
December 2017 (mmboe)
% Condensate
December 2016 (mmboe)
% Change
PDP 4.3 2%
5.4 -20% PUD 0.0
0% 0.0
0% 1P 4.3 2% 5.4 -20% 2P 4.4 2% 5.6 -21% 3P
4.6 2% 5.9
-22%
The 2P RLI decreased to 4.0 years compared to 5.2 years in
2016.
The Manati Field (GeoPark non-operated, 10% WI) represented 100%
of GeoPark’s Brazilian D&M certified reserves and is 98%
gas.
GeoPark’s 2018 work program in Brazil, with an expected
investment of $3-4 million, is focused on exploration drilling in
the Reconcavo and Potiguar onshore blocks (GeoPark operated, 70 and
100% WI, respectively). The work program includes two shallow
exploration wells and seismic studies.
Peru
In December 2016, the Peruvian Government approved an agreement
with Petróleos del Perú S.A. (“Petroperu”) for GeoPark to acquire
an interest in and operate the Morona block (GeoPark operated, 75%
WI), located in northern Peru covering an area of 1.9 million acres
in the Marañon basin. The Morona block contains the Situche Central
oil field, which has been delineated by two wells (which tested
approximately 2,400 and 5,200 bopd) and by 3D seismic.
The table below details GeoPark’s Peruvian D&M certified net
oil reserves by category as of December 31, 2017:
Reserves Category
December 2017 (mmboe)
% Oil
December 2016 (mmboe)
% Change PDNP 9.5
100% 9.6
-1% PUD 9.2 100%
9.0 2% 1P 18.7 100% 18.6
1% 2P 31.5 100% 31.5 0% 3P 62.2
100% 60.8 2%
GeoPark’s 2018 work program in Peru, with an estimated
investment of $6-9 million is focused on environmental impact
studies and preliminary engineering works and facilities in the
Morona block, with the goal of producing by the end of 2019.
Argentina
In August 2017, GeoPark announced successful drilling results in
CN-V block (GeoPark operated, 50% WI), that resulted in the
discovery of the Rio Grande Oeste oil field. During 4Q2017, GeoPark
initiated a long-term test in the Rio Grande Oeste 1 exploration
well.
The table below details GeoPark’s D&M certified net oil
reserves in CN-V block by category as of December 31, 2017:
ReservesCategory
December 2017 (mmboe)
% Oil
December 2016 (mmboe)
% Change PDP 0.0
100% -
- PUD 0.0 100%
- - 1P 0.0 100% - - 2P
1.1 100% - - 3P
6.4
100% -
-
GeoPark’s 2018 organic work program in Argentina, with an
expected investment of $5-8 million, is focused on continued
exploration drilling with one exploration well in CN-V block and
six gross exploration wells in Sierra del Nevado and Puelen blocks
(GeoPark non-operated, 18% WI).
Argentina Acquisition (uncertified
internal estimates)
On December 18, 2017, GeoPark executed an asset purchase
agreement with Pluspetrol to acquire Aguada Baguales, El Porvenir
and Puesto Touquet blocks in Argentina (referenced in this document
as “Argentina acquisition”). Closing of the transaction is expected
in the first quarter of 2018.
The table below details internal GeoPark estimates by category
of net oil and gas reserves corresponding to the pending
acquisition as of December 31, 2017:
Reserves Category
December 2017 (mmboe)
% Oil 2P 12.0-14.0
40%
3P 18.0-20.0
30%
The blocks are currently producing 2,700 boepd (70% light oil
and 30% gas), and in addition to 2P and 3P reserves included in the
table above, GeoPark estimates exploration resources of 15-30
mmboe.
D&M Net Certified Reserves Change by Country
The following table shows the net change in 2P net reserves by
country from December 31, 2016 to December 31, 2017:
(mmboe) Colombia
Chile Brazil
Peru
Argentina Total 2P Net Reserves
as of Dec. 31, 2016 67.4
38.3 5.6 31.5
- 142.8 Production 2017 -8.0
-1.1 -1.1 - - -10.2 Net Change 28.8 -3.2 -0.1 - 1.1 26.6
Acquisitions - - - - - - 2P Net Reserves as of Dec. 31, 2017
88.2 34.0
4.4 31.5 1.1
159.2
Net Present Value Summary
The table below details D&M certified NPV10 by country and
by category of reserves as of December 31, 2017 as compared to
2016:
Country
ReservesCategory
NPV10 2017
NPV10 2016 ($
mm) ($ mm) Colombia 1P 1,123 642 2P
1,393 1,006 3P
1,588 1,371 Chile 1P 120 157 2P 417 399
3P 707
679 Brazil 1P 76 78 2P 78 81 3P
82 85 Peru 1P 230 242 2P
395 401 3P 773
773 Argentina 1P
1
- 2P 7 - 3P
90
-
Total
1P
1,549
1,119
(D&M Certified)
2P
2,291
1,887
3P
3,240
2,908
Lower Oil Price Forecast
Brent oil prices average $65 per barrel over the next five years
in the 2017 D&M report, as detailed in the table below. That is
8% below 2016 prices, and in spite of the reduction, the NPV10 of
1P, 2P and 3P all increased in value compared to 2016.
Brent Oil Price
($/bbl)
2018 2019
2020 2021
2022 2023
2024-2026
2017
Reserves Report 60.0 62.0 65.0 68.1 71.6 74.3 78.1-84.6 2016
Reserves Report 62.6 66.7 71.9 74.7 77.6 79.9 82.2-86.2
After 2026, Brent oil prices in the 2017 D&M report grow 2%
per year.
Total D&M Certified Future Net Revenue (Actual and
Discounted)
The table below sets forth the D&M best estimate of
GeoPark’s future net revenue (both actual and discounted at a 10%
rate) and its unit value per boe, by country and by category of
certified reserves as of December 31, 2017:
($ mm)
Oil and Gas Revenues
Royalties
Operating Costs
Future Development
Capital and Abandonment Costs
Income Tax
Future Net Revenue
after tax
Future Net Revenue after
tax discounted at 10%
Unit Value after tax
discounted at 10%
($/boe)
Colombia2
1P 3,343 302 374 187 811 1,669 1,123 17 2P 4,579 644 472 241 1,058
2,164 1,393 16 3P 5,353
791 512 271
1,244 2,535 1,588
16
Chile 1P 365 16 129 58 6 156 120 15
2P 1,526 64 397 267 103 695 417 12 3P 2,840
114 672
492 220 1,342
707 11
Brazil 1P
169 18 40 8 12 91 76 18 2P 173 19 40 8 12 94 78 18 3P
182 20 40
8 14 100
82 18
Peru 1P
1,491 78 412 236 233 532 230 12 2P 2,598 149 585 428 440 996 395
13
3P 5,297 397
989 858 933
2,120 773
12
Argentina 1P
2
0
1
0
0
1
1
-
2P 74 11 13 33 3 14 7 6 3P
469
70
49
60
98
192
90
14
Total 1P
5,370
414
956
489
1,062
2,449
1,549
16
2P
8,950
887
1,507
977
1,616
3,963
2,291
14
3P
14,141
1,392
2,262
1,689
2,509
6,289
3,240
13
Net Present Value per Share by Country
The table below sets forth GeoPark’s net present value after tax
and non-controlling interest, discounted at a 10% rate per share,
by country, of 2P reserves as of December 31, 2017 and 2016.
2P NPV10 per share increased by 20% to $34.0, mainly due to a
31% increase in 2P reserves in Colombia. As a result, net debt
adjusted 2P NPV10 per share increased by 24% to $29.2 from $23.6 in
2016.
2017 Net Present Value per Share
Colombia Chile
Brazil Peru
Argentina Total 2P NPV10
2017 ($ mm) 1,393 417
78 395
7
2,291
Non-controlling Interesta ($ mm) -145
-83 - -
- -228 Subtotal ($ mm)
1,248 334 78 395 7
2,063
Shares Outstanding (mm) 60.6
60.6 60.6 60.6
60.6 60.6 ($/Share) 20.6
5.5 1.3 6.5 0.1 34.0
2016 Net Present Value per
Share Colombia
Chile Brazil
Peru Argentina
Total 2P NPV10 2016 ($ mm)
1,006 399 81
401 -
1,887 Non-controlling Interesta ($ mm)
-104 -80 -
- - -184 Subtotal
($ mm) 902 319 81 401 - 1,703 Shares Outstanding (mm)
60 60 60
60 - 60
($/share) 15.0 5.4 1.4 6.7 - 28.4
Net Debt
Adjusted 2P NPV10 per Share
Total 2017
Total 2016
% Change
2P NPV10 ($ mm)
2,291
1,887 Non-controlling
Interesta ($ mm) -228
-184 Subtotal ($ mm)
2,063
1,703 Shares Outstanding (mm) 60.6
60.0 ($/share) 34.0 28.4
20% Net Debtb/Share ($/share) -4.8
-4.8
Net Debt Adjusted 2P NPV10 /Share
($/share) 29.2
23.6 24%
a) Non-controlling interest refers to LGI participation in
Chilean and Colombian subsidiaries. Estimates of LGI
non-controlling interest in Colombia are calculated considering an
initial 20% stake at the Colombian subsidiary level, but are
expected to be reduced to 8% subsequent to LGI recovering its
initial investment in accordance with the terms of the existing
agreement. b) Net debt adjusted 2P NPV10 per share is shown
on a consolidated basis. Net debt is calculated considering
unaudited financial debt of $426 million, less unaudited $135
million of cash and cash equivalents as of December 31, 2017.
Finding and Development Costs by Reserves Category
The table below sets forth the calculation of F&D costs as
of December 31, 2017:
December
31, 2017 1P
2P
Colombia 1P
Colombia 2P
Capital Expenditures (unaudited) ($
mm)
106 106 80
80 Reserve Additions (mmboe)
28.9
26.6 33.7
28.8 F&D Costs ($/boe) 3.6
4.0 2.4 2.8
OTHER NEWS / RECENT EVENTS
Reporting Date for 4Q2017 Results Release, Conference Call
and Webcast
GeoPark will report its 4Q2017 and Annual 2017 financial results
on Wednesday, March 7, 2018 after the market close.
In conjunction with 4Q2017 results press release, GeoPark’s
management will host a conference call on March 8, 2017 at 10:00 am
(Eastern Standard Time) to discuss these 4Q2017 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.
Interested parties may participate in the conference call by
dialing the numbers provided below:
United States Participants: 866-547-1509
International Participants: +1 920-663-6208
Passcode: 6197567
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.
GLOSSARY
1P
Proven
Reserves
2P
Proven plus Probable Reserves
3P
Proven plus Probable plus Possible Reserves
boe
Barrels of oil equivalent (6,000 cf gas
per bbl of oil equivalent)
boepd
Barrels of oil equivalent per day
bopd
Barrels of oil per day
Certified Reserves
Refers to net reserves independently
evaluated by the petroleumconsulting firm, DeGolyer and MacNaughton
Corp. (“D&M”)
F&D Costs
Finding and development costs, calculated
as the unaudited cash flowfrom investing activities divided by the
applicable net reserves additionsbefore changes in Future
Development Capital
FD&A Costs
Finding, development and acquisition
costs, calculated as the unauditedcash flow from investing
activities plus acquisition costs divided by theapplicable net
reserves additions before changes in Future DevelopmentCapital
mboed
Thousands of Barrels of oil equivalent per day
mmboed
Millions of Barrels of oil equivalent per day
mmbbl
Millions of Barrels of oil
mcfpd
Thousands of standard cubic feet per day
mmcfpd
Millions of standard cubic feet per day
NPV10
Net Present Value after tax discounted at 10% rate
PDNP
Proven Developed Non-Producing Reserves
PDP
Proven Developed Producing Reserves
PUD
Proven Undeveloped Reserves
RLI
Reserve Life Index
RRR
Reserve Replacement Ratio
sqkm
Square kilometers
WI
Working Interest
NOTICE
Additional information about GeoPark can be found in the
“Investor Support” section of the website at www.geo-park.com
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.
Gas quantities estimated herein are reserves to be produced from
the reservoirs, available to be delivered to the gas pipeline after
field separation prior to compression. Gas reserves estimated
herein includes fuel gas.
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.
Oil and gas production figures included in this release are
stated before the effect of royalties paid in kind, consumption and
losses.
All evaluations of future net revenue contained in the D&M
Reports are after the deduction of cash royalties, development
costs, operating expenses, production and profit taxes, fees, earn
out payments, well abandonment costs, and country income taxes from
the future gross revenue. It should not be assumed that the
estimates of future net revenues presented in the tables represent
the fair market value of the reserves. The actual production,
revenues, taxes and development, and operating expenditures with
respect to the reserves associated with the Company's properties
may vary, from the information presented herein, and such
variations could be material. In addition, there is no assurance
that the forecast price and cost assumptions contained in the
D&M Report will be attained, and variances could be
material.
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 2018 work program, NPV10 and NPV10/share
estimations, estimated future revenues and oil price forecast.
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 the Company’s filings with the U.S. Securities
and Exchange Commission.
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 flows for SEC
proved reserves.
1 Reserves in Colombia are stated after royalties in kind.
Before royalties in kind (Company gross), PDP reserves totaled 23.6
mmboe (100% oil), PUD reserves totaled 49.2 mmboe, 1P reserves
totaled 72.8 mmboe (100% oil), 2P reserves totaled 92.3 mmboe (100%
oil) and 3P reserves totaled 106.2 mmboe (100% oil).
2Oil and gas revenues in Colombia are shown net of earn-out
expenses, per IFRS rules, of $124 mm (1P), $159 mm (2P) and $184 mm
(3P). D&M reported these expenses as operating costs.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180205005429/en/
Investors:Santiago, ChileGeoPark LimitedStacy Steimel,
+562 2242 9600Shareholder Value
Directorssteimel@geo-park.comorMedia:New York, USASard
Verbinnen & CoJared Levy,
+1-212-687-8080jlevy@sardverb.comorKelsey Markovich,
+1-212-687-8080kmarkovich@sardverb.com
GeoPark (NYSE:GPRK)
Historical Stock Chart
From Feb 2024 to Mar 2024
GeoPark (NYSE:GPRK)
Historical Stock Chart
From Mar 2023 to Mar 2024