GeoPark Announces First Quarter 2018 Operational Update

Continued Drilling Success and Record Production Growth, New
Argentina Project Closing and New Large-Scale Acquisition Partnership

BOGOTA, Colombia–(BUSINESS WIRE)–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, Peru,
Argentina, Brazil and Chile, today announced its operational update for
the three-month period ended March 31, 2018 (“1Q2018”).

All figures are expressed in US Dollars and growth comparisons refer to
the same period of the prior year, except when otherwise specified.

First Quarter 2018 Highlights

28% Growth in Oil and Gas Production

• Consolidated oil and gas production up 28% to 32,195 boepd (up 5%
  compared to 4Q2017)
• Oil production increased by 33% to 27,345 bopd (up 8% compared to
  4Q2017)
• Colombian oil production increased by 37% to 26,303 bopd (up 8%
  compared to 4Q2017)
• Gas production increased by 3% to 29.1 mmcfpd (down 9% compared to
  4Q2017)
• Current production of 35,000 boepd, including new production from
  Argentina acquisition

Continued Drilling and Operational Successes

Colombia:

• Tigana Norte 6, Tigana Norte 7 and Jacana 20 development wells
  drilled, tested and put on production, adding approximately 3,000 bopd
  gross in the Llanos 34 block (GeoPark operated, 45% WI), bringing
  current gross production to 58,000 bopd
• Chachalaca Sur 1 exploration well, Tigana Norte 9 appraisal well, and
  Tigana Sur Oeste 5 and Jacana 21 development wells drilled and
  currently being tested
• Coming catalysts: testing of four wells above, and drilling of seven
  new wells which include five development wells and one exploration
  well in the Llanos 34 block, and a new exploration well in the Tiple
  exploration acreage
• Project to construct flowline to connect the Llanos 34 block to nearby
  regional pipeline underway

Chile:

• Uaken 1 exploration well, tested and put on production from a new
  shallow gas play in El Salto formation

New Argentina Project Closed and New Latin American Acquisition
Partnership

• Argentina: closing of low-cost, cash flow producing acquisition with
  development and exploration potential in the prolific Neuquen basin
• Strategic Alliance: ONGC Videsh (India’s national oil company) and
  GeoPark formed a long-term Latin American acquisition partnership for
  large-scale projects

Breakdown of Quarterly Production by Country

The following table shows production figures for 1Q2018, as compared to
1Q2017:

Quarterly Production Evolution

Oil and Gas Production Update

Consolidated:

Colombian oil production contributed significantly to overall oil and
gas production which grew by 28% to 32,195 boepd in 1Q2018 from 25,180
boepd in 1Q2017. New production from the Tigana/Jacana oil fields in the
Llanos 34 block explain the increase. On a consolidated basis, gas
production in Chile and Brazil increased by 3% compared to 1Q2017.

Oil represented 85% of the total reported production in 1Q2018 (vs. 81%
in 1Q2017).

Colombia:

Average net production in Colombia grew 37% to 26,405 boepd in 1Q2018
compared to 19,330 boepd in 1Q2017, primarily attributed to appraisal
and development drilling successes in the Tigana/Jacana oil fields in
the Llanos 34 block, which represented 96% of Colombian production in
1Q2018.

The Llanos 34 block drilling campaign had the following results in
1Q2018:

Tigana oil field:

• Tigana Norte 6 development well was drilled to a total depth of 11,596
  feet. A production test conducted with an electric submersible pump in
  the Guadalupe formation resulted in a production rate of 1,360 bopd of
  14.3 degrees API, with 0.6% water cut. The well is currently producing
  2,000 bopd.
• Tigana Norte 7 development well was drilled to a total depth of 12,050
  feet. A production test conducted with an electric submersible pump in
  the Guadalupe formation resulted in a production rate of 424 bopd of
  13.5 degrees API, with 15% water cut.
• Tigana Norte 9 appraisal well was drilled to a total depth of 11,581
  feet, outside the 3P outline defined in the 2017 DeGolyer and
  MacNaughton reserve certification. The well is currently being tested.
• Tigana Sur Oeste 5 development well was drilled to a total depth of
  11,803 feet. The well is currently being tested.

Jacana oil field:

• Jacana 20 development well was drilled to a total depth of 11,521
  feet. A production test conducted with an electric submersible pump in
  the Guadalupe formation resulted in a production rate of 590 bopd of
  16.8 degrees API, with 17% water cut.
• Jacana 21 development well was drilled to a total depth of 12,104
  feet. The well is currently being tested.

Exploration drilling:

• Chachalaca Sur 1 exploration well, located on a fault trend to the
  west of Tigana and Jacana fields, was drilled to a total depth of
  13,062 feet. Petrophysical log analysis during drilling indicated the
  presence of potentially productive hydrocarbons in Guadalupe and
  Mirador formations. A production test conducted with an electric
  submersible pump in the Guadalupe formation resulted in a production
  rate of 350 bopd. The Company plans to test the Mirador formation in
  the following weeks.

Facilities update:

• Construction of a new flowline to connect the Llanos 34 block to
  Oleoducto de los Llanos regional pipeline: continued supply,
  engineering and initial construction activities to have the flowline
  operational by the end of 2018 or early 2019 for total capital
  expenditure of $15-20 million net to GeoPark. This project is expected
  to support future production growth in the Llanos 34 block and to
  continue reducing operating and transportation costs.

For a summary of upcoming drilling activities, please refer to the
2Q2018 drilling schedule below.

Brazil:

Average net production in the Manati gas field (GeoPark non-operated,
10% WI) improved by 11% to 2,775 boepd in 1Q2018 compared to 2,499 boepd
in 1Q2017 but decreased by 17% compared to 4Q2017. The decrease in
1Q2018 compared to 4Q2017 results from increased hydroelectric power
availability that replaced thermoelectric power generation.

Exploration drilling in the Potiguar basin:

• Jet 1 in the POT-T-747 block (GeoPark operated, 70% WI) and 619-AB-1
  in the POT-T-619 block (GeoPark operated, 100% WI) exploration wells
  were abandoned during 1Q2018. Jet 1 resulted in a non-commercial oil
  discovery, while 619-AB-1 was abandoned after logging as there was no
  hydrocarbon production potential. Drilling, completion and abandonment
  costs of these two wells were approximately $1.5-1.7 million.

Chile:

Average net oil and gas production in Chile decreased by 14% to 2,873
boepd in 1Q2018 compared to 3,351 boepd in 1Q2017, due to the natural
declines in the field, but was partially offset by successful drilling
exploration in the Uaken gas field and low-cost well intervention
activities to maintain production levels. The resulting production mix
during 1Q2018 was 69% gas and 31% oil (vs. 66% gas and 34% oil in
1Q2017). The Fell block represented 99% of Chilean production.

Exploration drilling in the Fell block:

• Uaken 1 exploration well was drilled to a total depth of 3,658 feet. A
  production test in El Salto formation resulted in an average
  production rate of 0.8 million standard cubic feet per day of gas (or
  125 boepd). The Uaken gas field discovery in the shallow El Salto
  formation provides additional low-cost production and creates a new
  gas play across the Fell block that can be tested in identified leads
  and prospects, and in already discovered fields within the block that
  can be re-entered to test this formation.

Argentina:

On March 27, 2018 GeoPark closed its previously announced acquisition in
the Neuquen basin to acquire a 100% working interest and operatorship of
the Aguada Baguales, El Porvenir and Puesto Touquet blocks (“the
blocks”).

The blocks include:

• Current oil and gas production of 2,400-2,500 boepd – 65-70% light oil
  and 30-35% gas
• Low-risk, self-funding development and exploration opportunities to
  increase production
• 2P Reserves of 12-14 mmboe and 3P reserves of 18-20 mmboe (GeoPark
  estimates)
• Exploration resources of approximately 15-30 mmboe (GeoPark
  estimates), plus additional upside potential in the Vaca Muerta
  unconventional play
• 137,000 acres well-positioned in the Neuquen basin
• Production facilities, including hydrocarbons treatment, storage, and
  delivery infrastructure

GeoPark acquired the blocks to strengthen its growing position in
Argentina and has identified attractive development and exploration
projects with the potential to significantly increase production and
reserves – mainly funded with its own cash flow. The acquisition will
also provide tax savings and operational synergies with GeoPark’s
existing platform in Argentina.

The agreed purchase price was $52 million, of which $15.6 million was
paid in December 2017 and the remaining $36.5 million on March 27, 2018.
According to the terms of the agreement, GeoPark will receive net cash
generated from the blocks between the execution of the agreement on
December 18, 2017 to closing date on March 27, 2018, in the amount of
approximately $2-3 million.

Average net production in Argentina in 1Q2018 amounted to 142 boepd,
which reflects five days of production from the recently acquired the
Aguada Baguales, El Porvenir and Puesto Touquet blocks since March 27,
2018.

There were no exploration or development drilling activities in the CN-V
block (GeoPark operated, 50% WI) or in the Sierra del Nevado and Puelen
blocks (GeoPark non-operated, 18% WI) during 1Q2018.

Peru:

GeoPark continued moving forward with environmental impact studies and
preliminary engineering works and facilities on Morona block (GeoPark
operated, 75% WI), with the goal of putting the Situche Central oil
field into production by the end of 2019.

During 1Q2018 the Company continued data collection required for the
environmental impact study and signed an agreement with the Smithsonian
Institute to conduct biodiversity research in the Morona block aimed at
implementing best-practices. GeoPark is currently carrying out
engineering and facility design works at the Situche Central oil field.
The Company expects to present environmental impact studies to local
authorities in late 2Q2018 or early 3Q2018, expecting regulatory
approvals by the end of 2018.

2Q2018 Drilling Schedule

The following is a summary of expected drilling activities scheduled for
2Q2018:

Revisiting 2018 Work Program to Accelerate Production Growth and Cash
Flow Generation

Given the sustained increase in Brent oil prices and increased
performance over the past four months, GeoPark is currently working on
expanding its work program for the remainder of 2018 to accelerate
production and cash flow targets for the year. Revised capital
expenditure and production guidance will be forthcoming.

NOTICE

Additional information about GeoPark can be found in the “Investor
Support” section on the website at www.geo-park.com.

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.

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 expected 2018 production growth, expected schedule, economic
recovery, payback timing, IRR, drilling activities, demand for oil and
gas, capital expenditures plan, regulatory approvals, reserves and
exploration resources. 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. Oil and gas production figures included in this release are
stated before the effect of royalties paid in kind, consumption and
losses, except when specified.

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 U.S.
Securities and Exchange Commission.

Readers are cautioned that the exploration resources disclosed in this
press release are not necessarily indicative of long term performance or
of ultimate recovery. Unrisked prospective resources are not risked for
change of development or chance of discovery. If a discovery is made,
there is no certainty that it will be developed or, if it is developed,
there is no certainty as to the timing of such development. There is no
certainty that any portion of the Prospective Resources will be
discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of the resources. Prospective
Resource volumes are presented as unrisked.

Contacts

INVESTORS:
GeoPark Limited
Stacy Steimel – Shareholder
Value Director
Santiago, Chile
+562 2242 9600
[email protected]
or
MEDIA
Sard
Verbinnen & Co
Jared Levy
New York, USA
+1 (212)
687-8080
[email protected]
or
Sard
Verbinnen & Co
Kelsey Markovich
New York, USA
+1
(212) 687-8080
[email protected]