UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN
PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2024
Commission File Number: 001-36298
GeoPark Limited
(Exact name of registrant as specified in its
charter)
Calle 94 N°
11-30 8° piso
Bogota, Colombia
(Address of principal
executive office)
Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
GEOPARK LIMITED
TABLE OF CONTENTS
| ITEM |
|
| 1. |
Press Release dated July 22, 2024 titled “GeoPark Announces Second
Quarter 2024 Operational Update” |
Item
1
FOR IMMEDIATE DISTRIBUTION
GEOPARK ANNOUNCES SECOND QUARTER 2024 OPERATIONAL
UPDATE
NEW QUARTERLY PRODUCTION RECORD IN CPO-5
CONSOLIDATED PRO FORMA PRODUCTION OVER 41,000
BOEPD AS OF JULY 1, 2024
Bogota, Colombia – July 22, 2024 - GeoPark
Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer,
operator and consolidator, today announces its operational update for the three-month period ended June 30, 2024 (“2Q2024”).
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% in
Colombia, offsetting suspended production at the Manati gas field in Brazil (GeoPark non-operated, 10% WI) due to unscheduled maintenance |
| · | As
of July 1, 2024,1 GeoPark 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) in Argentina |
| · | 11 rigs currently in operation (7 drilling rigs
and 4 workover rigs), including one drilling rig in Argentina |
Llanos 34 Block (GeoPark operated, 45% WI):
Secondary Recovery Underway
| · | 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 (GeoPark non-operated, 30% WI):
Record High Quarterly Production
| · | 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 during August |
| · | 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 in August 2024 |
| · | Llanos 86 and Llanos 104 Blocks (GeoPark operated, 50% WI): |
| - | Processing 650+ sq. km of 3D seismic, targeting exploration drilling in 1Q2025 |
1 Vaca Muerta transaction effective
date.
2 Seismic area represented
as full fold.
Ecuador: Stepping up Production and Exploration
| · | 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 |
| · | 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 |
Argentina: Vaca Muerta Adds Pro forma Production
| · | 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 |
| - | 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 campaign |
| - | Espejo Block: Drilling one exploratory well |
| - | Mata 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
(boepd) |
Oil
(bopd)a |
Gas
(mcfpd) |
|
Total
(boepd) |
% Change |
| Colombia |
33,956 |
33,852 |
623 |
|
33,045 |
3% |
| Ecuador |
1,652 |
1,652 |
- |
|
634 |
161% |
| Brazil |
- |
- |
- |
|
1,212 |
-100% |
| Chileb |
- |
- |
- |
|
1,690 |
-100% |
| Total |
35,608 |
35,504 |
623 |
|
36,581 |
-3% |
| a) | Includes royalties
and other economic rights paid in kind in Colombia for approximately 6,956 bopd in 2Q2024.
No royalties were paid in kind in Ecuador, Chile or Brazil. Production in Ecuador is reported
before the Government’s production share of approximately 512 bopd |
| b) | Closing of the
divestment transaction in January 2024 |
Quarterly
Production
| (boepd) |
2Q2024 |
1Q2024 |
4Q2023 |
3Q2023 |
2Q2023 |
| Colombia |
33,956 |
32,832 |
34,154 |
31,780 |
33,045 |
| Ecuador |
1,652 |
1,483 |
1,419 |
659 |
634 |
| Brazil |
- |
893 |
1,101 |
774 |
1,212 |
| Chilea |
- |
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 January 2024 |
| b) | In Colombia,
production includes royalties paid in kind, and in Ecuador it is shown before the Government’s
production share |
Reporting Date for 2Q2024 Results Release, Conference
Call and Webcast
GeoPark will report its 2Q2024 financial results
on Wednesday, August 14, 2024, after the market close.
GeoPark management will host a conference call
on August 15, 2024, at 10:00 am (Eastern Daylight Time) to discuss the 2Q2024 financial results.
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.
| For further information, please contact: |
|
| |
|
| INVESTORS: |
|
| |
|
| Stacy Steimel
|
ssteimel@geo-park.com |
| Shareholder Value Director |
|
| T: +562 2242 9600 |
|
| |
|
| Miguel Bello |
mbello@geo-park.com |
| Market Access Director |
|
| T: +562 2242 9600 |
|
| |
|
| Diego Gully
|
dgully@geo-park.com |
| Capital Markets Director |
|
| T: +55 21 99636 9658 |
|
| |
|
| MEDIA: |
|
| |
|
| Communications Department |
communications@geo-park.com |
NOTICE
Additional information about GeoPark can be found
in the “Invest with Us” 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. 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 U.S. Securities and Exchange Commission (SEC).
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.
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
| |
GeoPark Limited |
| |
|
| |
|
| |
By: |
/s/ Jaime Caballero Uribe |
| |
|
Name: |
Jaime Caballero Uribe |
| |
|
Title: |
Chief Financial Officer |
Date:
July 22, 2024
GeoPark (NYSE:GPRK)
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