GeoPark : 2P reserve replacement of 110%, successful FY23drilling campaign

GeoPark Limited announced its independent oil and gas reserves assessment: During 2023, GeoPark added 14.0 mmboe of net 2P reserves, which after producing 12.7 mmboe resulted in 2P reserves of 115.1 mmboe, representing a 110% 2P Reserve Replacement Ratio RRR . The successful 2023 drilling campaign added new 2P reserves in multiple plays, as well as appraisal and delineation drilling opportunities to be tested in 2024. The improved recovery from the horizontal well drilling campaign and waterflooding projects in the Llanos 34 Block also added 2P reserves…The new discoveries were added in the second half of 2023 and targeted exploration prospects that include combined structural/stratigraphic traps in Colombia and Ecuador that are in the early stages of delineation, offering significant potential to grow and de-risk through converting Probable and Possible reserves into Proven reserves. As of December 31 3, D&M certified consolidated 1P reserves of 68.8 mmboe with a 1P NPV10… Andres Ocampo, Chief Executive Officer of GeoPark, said: “2023 marked an inflection point in the delivery of our reserves replacement goals. The certified reserves that we are announcing today demonstrate the successes of our 2023 drilling campaign that added eight new discoveries and the successful results of the horizontal drilling program in our core asset. We added new reserves in multiple plays in Colombia and Ecuador and we plan to build on those results again this year with further development and appraisal drilling.”