GeoPark Ltd. Q3 FY2024 earnings call

• Financial performance: Net revenue down 16% but adjusted EBITDA had strong margin, adjusted EBITDA for 9 months up 2%, net profits up, strong cash flow generation, low net leverage, maintained quarterly dividends with $73 million distributed year-to-date. - Colombia operations: Llanos 34 development and appraisal, CPO-5 drilling, exploration in general acreage and Putumayo Basin. - Vaca Muerta: Pad-4 production, Pad-9 drilling, Confluencia exploration pad testing. - Argentina: Secured credit rating and debt authorization. - Plan: On track to release 2025 work program and investment guidelines by year-end, see promise in Vaca Muerta assets and optimizing core operations.

Net revenue for the third quarter was $159 million, down 16% from the second quarter. Adjusted EBITDA for the quarter was close to $100 million, a strong 63% margin. Adjusted EBITDA for the first 9 months of 2024 was $339 million, up ~2% from the same period in 2023. Net profits for the quarter were $25 million. There was significant cash flow generation, with cash building from $66 million on June 30 to $123 million in September and $140 million in October. Net leverage ratio is 0.8 times with no principal debt maturities until 2027. In Colombia: Llanos 34 Block focused on development and appraisal, advanced water flooding and expanded facilities; CPO-5 Block drilled 2 wells; general exploration acreage appraised Toritos and Bisbita fields, currently producing ~4,000 barrels a day gross, with a drilling rig onsite; to start first exploration well in Putumayo Basin in November. In Vaca Muerta: Pad-4 with 4 horizontal wells drilled, completed, and put on production in October, averaging 12,600 bbls of oil per day gross in the quarter and reaching 15,400 bbls equivalent in August; Pad-9 with 4 wells expected to finish in December; Confluencia block in Rio Negro had first exploration pad with 3 horizontal wells tested. In Argentina: Secured AA+ credit rating and authorization to issue up to $500 million in local debt securities.

• On track to release 2025 work program and investment guidelines before year-end. - See particular promise in new assets in Vaca Muerta and continuing to optimize core operations for sustainable growth.

• Market volatility affecting financial performance. - Energy price fluctuations impacting OpEx. - Uncertainty in exploration results affecting reserves and production potential. - OpEx increase due to immature exploration operations.

Q: Regarding Phoenix JV, how do you see results from Confluencia so far, encouraging? Will communicate production results before December? And on Mata Mora Norte output until end of year?

A: Results from Confluencia look encouraging, will share results before December. Mata Mora Norte had similar production in October to September, expect increased production as Confluencia kicks in and Mata Mora wells stabilize, around 13,500 to 14,500 bbls of oil equivalent by end of year.

Q: On Confluencia, what's a good flow expected and gas levels? And production and CapEx for Llanos 34 into next year?

A: IPs for Confluencia expected in order of 750 - 1,500 bbls of oil per day, gas component ~5% of oil equivalent. For Llanos 34, will post work program soon, one rig running, expect ~15% decline in production, focus on infill drilling, appraisal wells, water flooding, and locking energy prices to mitigate OpEx.

Q: On costs, driving factors of OpEx per barrel deterioration and plans to tackle? And on Brazil production update? And on DUPLICAR project in Argentina?

A: OpEx per barrel affected by energy costs (spot price, El Nino impact), immature exploration operations; plan to lock energy prices, review OpEx contracts, purchase facilities. Brazil production restart expected in early March. DUPLICAR project expected to come online around March, secures additional 9,000 bbls per day evacuation capacity for GeoPark.

Q: Current production, 2P reserves at LL34 direction, production growth in Ecuador, Bienparado Norte well, Cante Flamenco, Toritos and Curucucu?

A: Llanos 34 net to us expected ~22,000 - 23,000 bbls of oil per day full year, reserves certification ongoing. Production growth in Ecuador under discussion with partner. Bienparado Norte well to be spudded in second half of November. Cante Flamenco-2 well tested Ubaque with encouraging results, workover program coming. Curucucu 4 well producing well, Llanos 123 production increasing with good results from Toritos and Bisbita wells.