GeoPark Announces Four New Drilling Successes in Colombia

New Jacamar Oil Field Discovery
Extension of Jacana Oil
Field Boundaries
New Zone Addition in Jacana Oil Field
Additional
Production in Tigana Oil Field

SANTIAGO, Chile–(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, Chile,
Brazil, Argentina, and Peru, today announced new drilling and testing
successes in the Llanos 34 Block (GeoPark operated with a 45% working
interest) in Colombia.

New Jacamar Oil Field Discovery

Exploring a fault trend southeast of the Tigana/Jacana oil field
complex, GeoPark drilled and completed the Jacamar 1 exploration well to
a total depth of 10,627 feet. A test conducted with an electric
submersible pump in the Guadalupe formation resulted in a production
rate of approximately 1,000 bopd of 17.5 degrees API, with 13% water
cut, through a choke of 38/64 mm and wellhead pressure of 79 pounds per
square inch. Additional production history is required to determine
stabilized flow rates of the well. Surface facilities are in place and
the well is already in production. Oil shows during drilling and
petrophysical analysis indicate the potential for hydrocarbon production
also in the shallower Mirador and the deeper Gacheta formations.

Jacana Oil Field Extension

Following the drilling of the Jacana Sur 2 appraisal well in the first
quarter of 2017 to test the northwest boundaries of the Jacana oil
field, a test was conducted with an electric submersible pump in the
Guadalupe formation. It resulted in a production rate of approximately
270 bopd of 16.5 degrees API, with 21% water cut, through a choke of
32/64 mm and wellhead pressure of 48 pounds per square inch. Additional
production history is required to determine stabilized flow rates of the
well. Surface facilities are in place and the well is already in
production.

Jacana Oil Field New Formation Addition

Following the drilling of the Jacana 8 appraisal well in the first
quarter of 2017 to test a channel sand in the Mirador formation, which
had not previously produced oil in the Jacana oil field, a test
conducted with an electric submersible pump resulted in a production
rate of approximately 1,850 bopd of 24.0 degrees API, with 0.4% water
cut, through a choke of 32/64 mm and wellhead pressure of 100 pounds per
square inch. The deeper Guadalupe formation was also tested and oil was
found in an area which previously had no reserves assigned to it.
Additional production history is required to determine stabilized flow
rates of the well. Surface facilities are in place and the well is
already in production.

Tigana Oil Field Production Addition

GeoPark drilled and completed the Tigana Sur 5 development well to a
total depth of 11,310 feet. A test conducted with an electric
submersible pump in the Guadalupe formation resulted in a production
rate of approximately 1,010 bopd of 14.9 degrees API, with a 0.4% water
cut, through a choke of 32/64 mm and wellhead pressure of 85 pounds per
square inch. Additional production history is required to determine
stabilized flow rates of the well. Surface facilities are in place and
the well is already in production.

Current Drilling

Current drilling by GeoPark includes:

• Colombia: Jacana 9 appraisal well to test the northern limits of the
  Jacana oil field and Curucucu 1 exploration well to test a new
  prospect adjacent to the newly-discovered Jacamar oil field – both
  wells in the Llanos 34 Block (GeoPark operated with a 45% WI) in the
  Llanos Basin
• Argentina: Rio Grande Oeste 1 exploration well in the CN-V Block
  (GeoPark operated with a 50% WI) in the Neuquen Basin
• Chile: Kimiri Aike 4 development well in the Fell Block (GeoPark
  operated with a 100% WI) in the Magallanes Basin

GeoPark’s total oil and gas production is continuing to grow with new
drilling results and is currently over 27,900 boepd.

Oil Market Hedge Position

For the period July 2017 to December 2017, GeoPark secured a minimum
Brent price of $51 per barrel for 6,000 bopd through a zero-cost collar
structure that includes a maximum price of $57.5 per barrel.
Approximately 50-60% of GeoPark’s production is hedged through the third
quarter of 2017 at a floor of $51-$53 per barrel and 25-30% is hedged
through the fourth quarter of 2017 at a floor of $51.

James F. Park, CEO of GeoPark, commented: “Congratulations to our team
for being able to execute and deliver such impressive results across our
assets in such a compressed period. We continue to find more oil and
grow production in the Llanos 34 Block as we work to extend limits, add
new formations and explore new accumulations. We also are now exploring
and developing familiar and reliable rocks in Argentina and Chile.
GeoPark has always grown by the drill bit and continues to demonstrate
an exceptional drilling success rate with world-beating finding and
development costs.”

GeoPark can be visited online at www.geo-park.com

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 2017 production growth, payback timing, IRR and
capital expenditures plan. 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 U.S.
Securities and Exchange Commission.

Contacts

INVESTORS:
Stacy Steimel, +562 2242 9600
Shareholder
Value Director
Santiago, Chile
[email protected]
or
Dolores
Santamarina, +5411 4312 9400
Investor Manager
Buenos Aires,
Argentina
[email protected]
or
MEDIA:
Sard
Verbinnen & Co
Jared Levy, +1 212-687-8080
New York, USA
[email protected]
or
Sard
Verbinnen & Co
Kelsey Markovich, +1 212-687-8080
New York,
USA
[email protected]