Geopark Ltd · NYSE:GPRK
Geopark — Investor Day (October 2025)
52 slides from Geopark's investor day presentation, October 2025
Slide 1: Investor Day 2025: Protecting What We Have, Returning to Growth
rt. — 20 Investor Day a Protecting What We Have, NEW YORK
Slide 2: Management Team
Management Team Felipe Jaime Rodrigo Martin Maria Catalina Bayon Caballero Dalle Fiore Terrado Escobar Chief Executive Officer Chief Financial Officer Chief Exploration & Chief Operating Officer Shareholder Value & Development Officer Capital Markets Director I N V E S T O R D A Y , 2 0 22 5 | 2
Slide 3: Agenda
8:30 Opening Remarks Maria Catalina Escobar Shareholder Value and Capital Markets Director 8:35 Built to Perform, Ready to Scale Felipe Bayon Chief Executive Officer 8:55 Maximizing our Assets’ Potential Rodrigo Dalle Fiore Chief Exploration and Development Officer 9:25 World Class Execution: Safe
Slide 4: Disclaimer
Disclaimer The information contained herein has been prepared by GeoPark solely for informational purposes. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein and nothing shall be relied
Slide 5: Built to Perform, Ready to Scale
Built to Perform, Ready to Scale F EL I PE BAYO N C HI EF EX E CU TI V E OF F IC E R I N V E S T O R D A Y , 52 0 2 5
Slide 6: Protecting What We Have, Returning to Growth
Protecting Returning What We Have to Growth I N V E S T O R D A Y , 2 062 5 | 6
Slide 7: Building Enduring Value
C E O PR E S E NT A T I O N Building Enduring Value INITIAL STAGES SCALE UP PROFITABILITY GROWTH RESET Diversified Exploration Growth and Consistent Shareholder Growth Focus, Production (Production Success, Multiple Countries Cash Generation Returns and Cash Flow Longevity kboepd) 70 $0.4 B $1.7 B $
Slide 8: Leveraging Core Strengths to Power the Future
C E O PR E S E NT A T I O N Leveraging Core Strengths to Power the Future SAFETY EFFICIENCY RESILIENCE Decades of Best-in-Class Cost Proven Ability to Operate Industry-Leading HSE Performance Through Volatile Local and International Environments STABILITY FOCUS RIGHT PEOPLE Proven Creditworthiness S
Slide 9: Growing Business Underpinned by Conventional and Unconventional Assets
C E O PR E S E NT A T I O N Growing Business Underpinned by Material Conventional and Unconventional Assets in Colombia and Argentina PRODUCTION (KBOEPD) ADJUSTED EBITDA ($ MM) 42 - 46 541 520 - 550 38 39 452 37 34 32 - 36 417 345 - 375 ~ 30* 301 ~ 300* 2021 2022 2023 2024 2025F Average Average 2021
Slide 10: 2025 Strategic Reset
C E O PR E S E NT A T I O N 2025 Strategic Reset LLANOS RESHAPE PRESERVE CASH STABILITY COST BASE & FLEXIBILITY Disciplined Execution Structural Efficiency Liquidity Optimized Recovery Transformation Hedging Disciplined Balance Sheet I N V E S T O R D A Y , 2 0 2 10 5 | 10
Slide 11: Returning to Growth: Vaca Muerta as Proven De-risked Opportunity
C E O PR E S E NT A T I O N Returning to Growth: Vaca Muerta as a Proven De-risked Opportunity for GeoPark STRATEGIC FIT Already Delivering Potential to Triple Growth Again in Six Years 5x Production <10% Increase Since 2019 Developed Infrastructure Proven In Place Ecosystem Pipelines, Synergies and
Slide 12: Argentina: Transformational and Strategic in Our Long-Term Vision
C E O PR E S E NT A T I O N Argentina: Transformational and Strategic in Our Long-Term Vision TWO ATTRACTIVE OPERATED BLOCKS IN TOP NEIGHBORHOOD LOMA JARILLOSA ESTE PUESTO SILVA OESTE • 6,054 acres • 6,301 acres (gross) • 6 producing wells • 1 producing well • YTD Production: ~2,000 BOEPD* • NEW Unc
Slide 13: Key Takeaways
C E O PR E S E NT A T I O N Key Takeaways Protecting Returning What We Have to Growth Cost Reset Disciplined Organic and Inorganic Growth Production Stability Financial Discipline Sustainability I N V E S T O R D A Y , 2 0 2 13 5 | 13
Slide 14: Maximizing our Assets' Potential
Maximizing our Assets’ Potential RO DR I GO DA L L E F I O RE C HI EF EX P LO RAT IO N AN D DE V EL O PM EN T OF F I CE R I N V E S T O R D A Y ,14 2 0 2 5
Slide 15: Llanos Basin: Colombia's Leading and Proven Oil Play
C E DO P R E SE N T A T I O N Llanos Basin: Colombia’s Leading and Proven Oil Play PROVEN EXTENSIVE FULLY PETROLEUM SUBSURFACE DEVELOPED SYSTEM UPSIDE INFRASTRUCTURE Giant Foreland Basin Recovery Optimization and Low-Cost Multiple Reservoirs of Near-Field Potential Operations Exceptional Quality I N
Slide 16: Llanos Blocks: Strategically Positioned in the Heart of the Basin
C E DO P R E SE N T A T I O N Llanos Blocks: Strategically Positioned in the Heart of the Basin UNLOCKING INCREMENTAL CUSIANA RESERVES BY PRODUCTION AND RECOVERY OPTIMIZATION LLA 87 DELIVERING RESILIENT LLA 123 LLA 34 MARGINS THROUGH HIGH-EFFICIENCY OCELOTE LLA 104 CARACARA OPERATIONS & COST CPO-4-1
Slide 17: Llanos Basin: GeoPark's Assets Among Top 10 in the Basin
C E DO P R E SE N T A T I O N Llanos Basin: GeoPark’s Assets Among Top 10 in the Basin Oil Rate (BOEPD) Aug 2025 Extra Heavy Oil Fields 100,000 80,000 60,000 40,000 20,000 0 Rubiales Castilla Chichimene Caño Sur Este Jacana & Tigana Llanos 34 Quifa Akacias Indico Indico Caño Limon Rex NE (Llanos 34)
Slide 18: Focused Development Across Core Llanos Assets
C E DO P R E SE N T A T I O N Focused Development Across Core Llanos Assets LLANOS 34: CPO-5: LLANOS 123: MAXIMIZE PRODUCTION STABILITY & GREEN & RECOVERY FACTOR EXPLORATION UPSIDE NEAR FIELD Infill Wells Reservoir & Water Development Waterflooding Management in Indico Waterflooding Workovers Near-F
Slide 19: Llanos 34: Proven Performance and Continuous Optimization
C E DO P R E SE N T A T I O N Llanos 34: Proven Performance and Continuous Optimization > 1B Boe OOIP* HIGH-QUALITY MULTI-RESERVOIR +200 Mmbbl RECOVERY Cumulative Production OPTIMIZATION DISCIPLINED DEVELOPMENT EXPANDING OPTIONALITY NEXT PHASE: EOR** IMPLEMENTATION *Original Oil in Place. I N V E S
Slide 20: Llanos 34: Scaling Enhanced Recovery
C E DO P R E SE N T A T I O N Llanos 34: Scaling Enhanced Recovery 3X INJECTION 60 - 70 WATER Guadalupe Formation CAPACITY INJECTORS Current WF DEVELOPMENT 100 NEW Ongoing PROGRAM WELLS delineation POLYMER 30 POLYMER EXPANSION PATTERNS POLYMER EXPANSION I N V E S T O R D A Y , 2 0 2 20 5 | 20
Slide 21: CPO-5 | Indico Field: Exceptional Subsurface Quality
C E D O P R E SE N T A T I O N CPO-5 | Indico Field: Exceptional Subsurface Quality 35 MMBO CUMULATIVE PRODUCTION Indico Field Full Field Development Top Ubaque Structural Map WORLD-CLASS DISCIPLINED FIELD STRATEGIC LIGHT OIL DEVELOPMENT WATER RESERVOIR SUCCESFULY MANAGEMENT COMPLETED INDICO-3 PRODU
Slide 22: Llanos 123: From Discovery to >5,000 boepd in 2 Years
C E D O P R E SE N T A T I O N Llanos 123: From Discovery to >5,000 boepd in 2 Years 13 WELLS SUCCESSFUL 40 WELLS TO BE OIL FIELD DRILLED SECONDARY DRILLED PROSPECT 10 Producer Wells RECOVERY Development & & LEAD (77% Success Rate) Delivering Reserve Exploration Growth and Higher SALTADOR Recovery F
Slide 23: Llanos Exploration: Low Risk, Low Cost, Higher Value
C E DO P R E SE N T A T I O N Llanos Exploration: Low Risk, Low Cost, Higher Value, Extended Production KEY PROJECTS: VENCEJO – PREDESTINACION – TIJERETA NEAR-FIELD OPPORTUNITIES IN LLANOS 123 AND CPO-5 Oil Fields 2026 Prospects 2027+ Prospects FOCUSED VALUE-DRIVEN PORTFOLIO 3D Seismic. G rande Merg
Slide 24: Vaca Muerta: Positioned in the Core of a World-Class Shale Play
C E DO P R E SE N T A T I O N Vaca Muerta: Positioned in the Core of a World-Class Shale Play PRIME ACREAGE IN THE CORE OIL WINDOW RESERVOIR QUALITY ON PAR WITH TOP-TIER ASSETS STRONG EARLY RESULTS STRATEGIC POSITION AMONG LEADING OPERATORS INFRASTRUCTURE-READY FOR EFFICIENT SCALE-UP Best-in-class A
Slide 25: Vaca Muerta: Strategically Positioned in Prolific Crude Oil Areas
C E DO P R E SE N T A T I O N Vaca Muerta: Strategically Positioned in One of the Most Prolific Crude Oil Areas LOMA JARILLOSA ESTE (LJE) – TYPE WELL VS NEIGHBORING WELLS* Cum. Oil vs days 1.8 ESTIMATED WELLS EUR (MMBL)* 2.0 ENCOURAGING RESULTS IN NEIGHBORING FIELDS Extends Frontier to the East LJE
Slide 26: Vaca Muerta: Loma Jarillosa Este (LJE)
C E DO P R E SE N T A T I O N Vaca Muerta: Loma Jarillosa Este (LJE) Ga mma Organic Mineral Landing Ray Depth Resistivity Content Zones LJE-03 103 0 ORGANICO LJE-04 Si se p uede dibuja r sobr e lo qu e lla ma mo s mapa de EUR (sweetsp ot) Type Well @3000 m Lateral Length 1,600 EUR: 1.3 MMBO 1,400 Pe
Slide 27: Vaca Muerta: Puesto Silva Oeste (PSO)
C E D O P R E SE N T A T I O N Vaca Muerta: Puesto Silva Oeste (PSO) Ga mma Depth Resistivity Organic Ac Im p Landing Ray Content Zones PSO-01 COCINA Type Well @3000 m Lateral Length 1,600 1,400 1,400 1,200 Peak Oil 1,250 bbl/d EUR: 1.1 MMBO 1,200 1,000 1,000 800 800 600 600 400 400 200 200 - - - 50
Slide 28: Key Takeaways
C E DO P R E SE N T A T I O N Key Takeaways Protecting Returning What We Have to Growth Development of Llanos Exploration Mature Fields Argentina Reserves Unconventional I N V E S T O R D A Y , 2 0 2 28 5 | 28
Slide 29: World Class Execution: Safe, Reliable & Profitable
World Class Execution: Safe, Reliable & Profitable M AR T I N T ERR ADO C HI EF OP ER AT I NG O FF I CE R I N V E S T O R D A Y ,29 2 0 2 5
Slide 30: Operational Excellence as a Core Differentiator
C O O P R ES E N T A T I O N Operational Excellence as a Core Differentiator SAFETY PRODUCTION Deep-Rooted Reliable HS Culture Delivery OPERATIONS PEOPLE & INNOVATION Cost Discipline and Challenge Status Quo Capital Efficiency Develop Workforce I N V E S T O R D A Y , 2 0 2 30 5 | 30
Slide 31: Industry-Leading Safety Performance
C O O P R ES E N T A T I O N Industry-Leading Safety Performance ZERO LOST TIME INCIDENT RATE TOTAL RECORDABLE INCIDENT RATE Process Safety Tier 1 Events (YTD; Most Recent June 2024) 0.35 0.48 0.40 0.32 0.25 ZERO 0.80 0.70 Motor Vehicle 0.67 0.64 Collisions 0.37 (YTD; Most Recent June 2023) 2021 202
Slide 32: Managing Production Decline in the Base Business
C O O P R ES E N T A T I O N Managing Production Decline in the Base Business PRODUCTION (KBOEPD) AVERAGE CAPEX* 2026 – 2030F 38 39 37 Llanos 34 34 CPO-5 20% Llanos Exploration 26 – 28 24 – 28 21 – 25 45% 35% 2021 2022 2023 2024 2025F Average Average 2026 - 2028F 2029 - 2030F Base Business 3 - 4 Rig
Slide 33: Capital Efficiency in Llanos Through Technology and Innovation
C O O P R ES E N T A T I O N Capital Efficiency in Llanos 34 Through Technology and Innovation VERTICAL WELLS* HORIZONTAL WELLS 17 47 16 15 14 37 10 33 4.5 4.1 10.9 3.5 3.7 8.3 2.8 6.9 2021 2022 2023 2024 2025 2021 2022 2023 Drilling Times (days) Drilling & Completion Cost ($MM) New Rigless CBL** Qu
Slide 34: Excelling at Cost Management in Colombia
C O O P R ES E N T A T I O N Excelling at Cost Management in Colombia OPEX* ($/BBL) 2026 – 2030F: <$15/BBL 20 Continuous “Can Do Better” Mindset 18 16 2Q2025 Average: 14.9 14 12.9 Innovative Actions 12.3 12 11.3 • Water Decanter 10 • Water Shut Off WOs 7.5 7.9 • Generation from Solar and Captured Ga
Slide 35: Efficiency Gains Driving Lower Emissions and Water Use
C O O P R ES E N T A T I O N Efficiency Gains Driving Lower Emissions and Water Use GHG EMISSIONS FRESH WATER USAGE REDUCTION INTENSITY (BBL/BOE) (kTons CO2e) (Kg CO2e/boe) 500 25 0.60 0.57 400 20 19.1 300 15 200 13.0 10 10.6 10.3 0.12 0.11 100 5 0.09 0 0 2021 2022 2023 2024 2023 2024 2025 Peers Geo
Slide 36: Vaca Muerta: The Road to 20,000 boepd
C O O P R ES E N T A T I O N Vaca Muerta: PRODUCTION (BOEPD) The Road to 20,000 boepd 24,000 18,000 12,000 6,000 - 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Single Rig 50 - 55 +1B + 20,000 boepd Program Wells Total Capex Plateau Production 2025 2026 2027 2028 2029 PROD OPT ART. LIFT ENV
Slide 37: Key Takeaways
C O O P R ES E N T A T I O N Key Takeaways Protecting Returning What We Have to Growth Safety Execution Readiness Production Stabilization People & Collaboration Cost & Capital Efficiency Scaling Contractor People & Innovation Relationships I N V E S T O R D A Y , 2 0 2 37 5 | 37
Slide 38: Building Enduring Value
Building Enduring Value J AI M E C ABA L L ERO C HI EF FI NA N CI AL OF F I CE R I N V E S T O R D A Y ,38 2 0 2 5
Slide 39: Prepared for Uncertain Market Conditions
C F O P RE S E N T A T IO N Prepared for Uncertain Market Conditions BRENT OUTLOOK IS AT THE CORE OF OUR STRATEGY GEOPARK’S RESPONSE 1. (Brent $/BBL) 120 1. Value-Driven Capital Allocation 106.2 100 2. Cost Discipline 84.6 82.1 79.8 77.6 80 71.7 68.0 65.0 70.0 70.0 3. Strong Balance Sheet 67.3 68.1
Slide 40: Competitive Capital Allocation Drives Focus and Value Delivery
C F O P RE S E N T A T IO N Competitive Capital Allocation Drives Focus and Value Delivery 3 Value Creation TIER 1: Accelerate TIER 2: Net Hold & Optimize Present Value (50%) 2 Breakeven (30%) 1 Capital Efficiency (20%) TIER 3: Fix or Divest 0 0 1 2 3 Strategic Fit Time to Market Risk Scale Bubble:
Slide 41: Resilient Portfolio Across Price Scenarios
C F O P RE S E N T A T IO N Resilient Portfolio Across Price Scenarios RESERVES & RESOURCES* % PRODUCTION VS (MMBOE) BREAKEVEN 57% 39% 2 1 BE < $70/BBL 93% 59% 77 2 BE < $60/BBL 33% 56 2025F Average Average 3 BE < $50/BBL 2026 - 2028F 2029 - 2030F BE <= $50/BBL BE = $50 - 60/BBL BE > $60/BBL ~ 99% O
Slide 42: Vaca Muerta Underpins Growing Value and Returns
C F O P RE S E N T A T IO N Vaca Muerta Underpins Growing Value and Returns CAPEX ($ MM) ADJUSTED EBITDA ($ MM) 68 68 70 520 - 550 290 - 320 220 - 250 345 - 375 ~ 300* 90 – 120* 2025F Average Average 2025F Average Average 2026 - 2028F 2029 - 2030F 2026 - 2028F 2029 - 2030F Base Business Argentina Br
Slide 43: Transformational Cash Generation Post Investment Peak
C F O P RE S E N T A T IO N Transformational Cash Generation Post Investment Peak FREE CASH FLOW ($ MM) FREE CASH FLOW SENSITIVITY* ($ MM) 900 – 950 +/- 1,000 BOEPD -12 12 350 – 380 0 – 20 +/- OPEX -10 10 (20 – 25) +/- Brent -11 11 2025F Cumulative Cumulative Cumulative 2026 - 2028F 2029 - 2030F 203
Slide 44: Solid Balance Sheet and Funding Capacity
C F O P RE S E N T A T IO N Solid Balance Sheet and Funding Capacity NET DEBT ($MM) – NET DEBT/ADJ. EBITDA* (X) Diversified Funding 1.9 Sources 1.6 – 1.8 1.5 – 1.7 0.9 0.8 – 1.0 Low Refinancing Risk 0.8 1P Reserve Life of 7Y 574 0.7 570 – 600 > 4Y Average Debt Maturity 445 - 475 415 - 445 369 368 23
Slide 45: Proactive Hedging Program to Deliver Predictability
C F O P RE S E N T A T IO N Proactive Hedging Program to Deliver Predictability CLEAR ROBUST DISCIPLINED TRACK GOALS METHODOLOGY EXECUTION RECORD Protect Cash Flow Risk-Adjusted Hedge Design Structured and Layered Execution Consistent Market Performance CAPEX: $120 - $315 MM 25+ Top Notch 9 ISDAs in
Slide 46: Balanced Domestic and Export Strategy
C F O P RE S E N T A T IO N Balanced Domestic and Export Strategy Dual-Channel Marketing Approach ODC +$485 MM 8.5 MM bbls Coveñas Pipeline Est. Annual Revenue Annual Volume Sold Port Vasconia Ocensa Pipeline Porvenir Well Head – LL-34 Exports – CPO-5 Cusiana Monterrey 2025 - 2030F Jaguey Commercial
Slide 47: Leveraging Vaca Muerta's Expanding Midstream Capacity
C F O P RE S E N T A T IO N Leveraging Vaca Muerta’s Expanding Midstream Capacity EVACUATION PHASED DIVERSIFIED SECURITY APPROACH MARKET ACCESS PHASE 1: OPERATIONAL CONTINUITY (2025 - 1H2026): • Sell at well-head and/or To • Trucking to nearby treatment facilities Luján To La Plata de Cuyo OTASA/OTC
Slide 48: Ongoing Commitment to Shareholder Returns
C F O P RE S E N T A T IO N Ongoing Commitment to Shareholder Returns PROVEN TRACK RECORD (Cash Distribution $MM) Renewed Growth Trajectory + 74 Potential 71 Long-term Shareholder Value and 61 61 Capital Efficiency Heightened Investment Needs Vaca Muerta Development Program 23 19 4 9 $6.0 MM Twelve-
Slide 49: Key Takeaways
C F O P RE S E N T A T IO N Key Takeaways Protecting Returning What We Have to Growth Unlock More Value Accretive Investments from Current Assets Flexibility / Optionality Predictability & Transparency Balance Sheet Resiliency I N V E S T O R D A Y , 2 0 2 49 5 | 49
Slide 50: Why GeoPark
C E O PR E S E N T A T I O N Why GeoPark Vaca Muerta and Clear Growth Proven Track Proven Senior Team with Llanos: Focused Trajectory Record and Commitment to Ample Global Portfolio Matching Financial Shareholder Experience GeoPark’s Value Discipline Returns Delivery Capabilities I N V E S T O R D
Slide 51: Ω Y ,51
Ω I N V E S T O R D A Y ,51 2 0 2 5
Slide 52: GeoPark: Creating Value and Giving Back
fa aol GEOPARK CREATING VALUE AND GIVING BACK