GeoPark Announces Second Quarter 2024 Operational Update
New Quarterly Production Record in CPO-5
Consolidated Pro Forma Production Over 41,000 boepd as of
Oil and Gas Production and Operations
- 2Q2024 consolidated average oil and gas production of 35,608 boepd, up slightly versus 1Q2024
-
Production increased 11% in
Ecuador and 3% inColombia , offsetting suspended production at the Manati gas field inBrazil (GeoPark non-operated, 10% WI) due to unscheduled maintenance -
As of
July 1, 2024 ,1GeoPark is producing over 41,000 boepd, adding approximately 5,700 boepd on a proforma basis from the Mata Mora Norte Block (GeoPark non-operated, 45% WI) inArgentina -
11 rigs currently in operation (7 drilling rigs and 4 workover rigs), including one drilling rig in
Argentina
Llanos 34 Block (
- 2Q2024 average production of 23,039 bopd net (51,198 boepd gross), 3% lower than 1Q2024 due to sporadic blockades and weather-associated flooding
-
Three horizontal wells were drilled in 2Q2024, including the first two in the Jacana field which initiated testing in April and
June 2024 , respectively - Eight horizontal wells in aggregate have been put on production since the beginning of the horizontal well drilling program in early 2023, currently contributing 16% of total production in the block
- Waterflooding projects performing above plan, delivering around 3,700 bopd in 2Q2024, 13% of total production in the block
CPO-5 Block (
- 2Q2024 record average production of 7,921 boepd net (26,403 boepd gross) after putting the Indico-3 development well on production
-
The Lark 1 exploration well in the northern part of the block reached total depth in
July 2024 and will delineate hydrocarbon potential in the Ubaque and the Guadalupe Formations, initiating testing by the end of July - Increased seismic coverage to 85% after completing the acquisition of 232 sq. km of 3D seismic,2 currently being processed
Llanos Exploration: Drilling Success Continues
-
Llanos 123 Block (
GeoPark operated, 50% WI):-
Drilled the Toritos Norte 1 appraisal well during
June 2024 , testing the Barco Formation and currently producing 520 bopd gross -
The Toritos 2 appraisal well reached total depth in
July 2024 , and will initiate testing in the Barco Formation inAugust 2024
-
Drilled the Toritos Norte 1 appraisal well during
-
Llanos 86 and Llanos 104 Blocks (
GeoPark operated, 50% WI):- Processing 650+ sq. km of 3D seismic, targeting exploration drilling in 1Q2025
-
Perico Block (GeoPark non-operated, 50% WI):-
Production increased 11% compared to 1Q2024, reaching 1,652 bopd net during the quarter due to the contribution from the Perico Centro 2 appraisal well in
May 2024
-
Production increased 11% compared to 1Q2024, reaching 1,652 bopd net during the quarter due to the contribution from the Perico Centro 2 appraisal well in
-
Espejo Block (GeoPark operated, 50% WI):-
Drilled the Espejo Sur 3 exploration well in
June 2024 , testing the U-Sand Formation, currently producing 400 bopd gross
-
Drilled the Espejo Sur 3 exploration well in
- 2Q2024 average production of 12,508 bopd gross from the Mata Mora Norte Block
-
Encouraging initial results of
Mata Mora Norte 2223 well, producing an average of 2,136 boepd gross during 2Q2024, in line with the best producing well in the block -
Transaction effective date
July 1, 2024 . Regulatory closing of acquisition is expected by end of 3Q2024
Upcoming Catalysts 3Q2024
-
Drilling 8-10 gross wells in 3Q2024 for the base business and 6-8 gross wells in
Argentina , targeting conventional, unconventional, short-cycle development, injector, appraisal and exploration projects -
Key projects include:
- Llanos 34 Block: Drilling the first well with short radius design, the first horizontal well targeting the Guadalupe Formation and two additional waterflooding injection patterns
- CPO-5 Block: Drilling one appraisal well
- Llanos 123 Block: Drilling one appraisal well
Perico Block : Executing workover campaignEspejo Block : Drilling one exploratory wellMata Mora Norte Block : Drilling four unconventional horizontal wells-
Confluencia Norte Block (
GeoPark non-operated, 50% WI): Drilling three unconventional exploration wells
Breakdown of Quarterly Production by Country
The following table shows production figures for 2Q2024, as compared to 2Q2023:
|
2Q2024 |
2Q2023 |
|||||
|
Total
|
Oil
|
Gas
|
|
Total
|
% Change |
|
|
33,956 |
33,852 |
623 |
33,045 |
3 |
% |
|
|
1,652 |
1,652 |
- |
634 |
161 |
% |
|
|
- |
- |
- |
1,212 |
-100 |
% |
|
|
- |
- |
- |
1,690 |
-100 |
% |
|
Total |
35,608 |
35,504 |
623 |
36,581 |
-3 |
% |
a) |
Includes royalties and other economic rights paid in kind in |
|
b) |
Closing of the divestment transaction in |
Quarterly Production
(boepd) |
2Q2024 |
1Q2024 |
4Q2023 |
3Q2023 |
2Q2023 |
|
33,956 |
32,832 |
34,154 |
31,780 |
33,045 |
|
1,652 |
1,483 |
1,419 |
659 |
634 |
|
- |
893 |
1,101 |
774 |
1,212 |
|
- |
264 |
1,41 |
1,565 |
1,690 |
Totalb |
35,608 |
35,473 |
38,315 |
34,778 |
36,581 |
Oil |
35,504 |
34,255 |
35,842 |
32,510 |
33,672 |
Gas |
104 |
1,218 |
2,473 |
2,268 |
2,909 |
a) |
Closing of the divestment transaction in |
|
b) |
In |
Reporting Date for 2Q2024 Results Release, Conference Call and Webcast
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/332625400
Interested parties may participate in the conference call by dialing the numbers provided below:
United States Participants: +1 404-975-4839
Global Dial-In Numbers:
https://www.netroadshow.com/conferencing/global-numbers?confId=68476
Passcode: 027838
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
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentages included in this press release have not in all cases been calculated on the basis of such rounded amounts, but on the basis of such amounts prior to rounding. For this reason, certain percentages in this press release may vary from those obtained by performing the same calculations on the basis of the amounts in the financial statements. Similarly, certain other amounts included in this press release may not sum due to rounding.
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, drilling campaign, production guidance and capital expenditures. 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
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.
1 Vaca Muerta transaction effective date.
2 Seismic area represented as full fold.
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